Timkensteel Corp (NYSE:TMST) Sees Large Decrease in Short Interest

Timkensteel Corp (NYSE:TMST) was the recipient of a large decline in short interest during the month of February. As of February 14th, there was short interest totalling 3,940,000 shares, a decline of 31.0% from the January 30th total of 5,710,000 shares. Currently, 11.0% of the company’s shares are sold short. Based on an average daily volume of 334,100 shares, the days-to-cover ratio is presently 11.8 days.

Timkensteel stock traded down $0.03 during mid-day trading on Wednesday, hitting $5.28. The company’s stock had a trading volume of 252,000 shares, compared to its average volume of 244,016. The company has a 50 day moving average of $6.46 and a 200-day moving average of $6.35. The stock has a market cap of $249.20 million, a PE ratio of -2.64 and a beta of 2.54. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.07 and a current ratio of 3.58. Timkensteel has a one year low of $4.86 and a one year high of $12.98.

Timkensteel (NYSE:TMST) last announced its quarterly earnings data on Thursday, February 20th. The basic materials company reported ($0.61) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.52) by ($0.09). Timkensteel had a negative net margin of 7.40% and a negative return on equity of 3.89%. The business had revenue of $226.90 million during the quarter, compared to the consensus estimate of $224.60 million. During the same period last year, the company earned ($0.89) EPS. The business’s revenue was down 44.2% compared to the same quarter last year. On average, equities research analysts forecast that Timkensteel will post -0.25 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. lifted its holdings in shares of Timkensteel by 262.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,224 shares of the basic materials company’s stock worth $56,000 after buying an additional 5,230 shares during the period. Huntington National Bank lifted its stake in shares of Timkensteel by 145.9% during the 3rd quarter. Huntington National Bank now owns 10,955 shares of the basic materials company’s stock worth $69,000 after purchasing an additional 6,500 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of Timkensteel by 139.7% during the 4th quarter. Bank of Montreal Can now owns 9,369 shares of the basic materials company’s stock worth $74,000 after purchasing an additional 5,461 shares during the last quarter. Trexquant Investment LP purchased a new stake in shares of Timkensteel during the 4th quarter worth $84,000. Finally, Stratos Wealth Partners LTD. purchased a new stake in shares of Timkensteel during the 4th quarter worth $102,000. Institutional investors and hedge funds own 71.02% of the company’s stock.

Several equities analysts have commented on TMST shares. Zacks Investment Research downgraded Timkensteel from a “hold” rating to a “sell” rating in a research report on Saturday. JPMorgan Chase & Co. downgraded Timkensteel from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $9.00 to $5.00 in a research report on Monday, November 11th. ValuEngine raised Timkensteel from a “hold” rating to a “buy” rating in a research report on Tuesday, January 28th. Finally, Exane BNP Paribas started coverage on Timkensteel in a research report on Thursday, November 14th. They issued an “underperform” rating and a $5.50 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $7.25.

About Timkensteel

TimkenSteel Corporation manufactures and sells alloy steel, and carbon and micro-alloy steel products worldwide. The company offers carbon, micro-alloy, and alloy steel ingots, bars, tubes, and billets; and precision steel components, as well as supplies machining and thermal treatment services. It also manages raw material recycling programs.

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