TimkenSteel (NYSE:TMST) Given New $27.00 Price Target at KeyCorp

TimkenSteel (NYSE:TMSTGet Rating) had its price target hoisted by stock analysts at KeyCorp from $24.00 to $27.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. KeyCorp’s price target would indicate a potential upside of 10.97% from the company’s previous close.

Several other research analysts have also commented on the company. StockNews.com upgraded TimkenSteel from a “buy” rating to a “strong-buy” rating in a research report on Friday, April 8th. Zacks Investment Research upgraded TimkenSteel from a “hold” rating to a “strong-buy” rating and set a $21.00 target price for the company in a report on Wednesday, March 2nd.

TimkenSteel stock opened at $24.33 on Wednesday. TimkenSteel has a 1 year low of $10.52 and a 1 year high of $24.39. The firm’s 50 day moving average price is $19.90 and its 200-day moving average price is $16.63. The stock has a market cap of $1.13 billion, a P/E ratio of 7.63 and a beta of 1.86.

TimkenSteel (NYSE:TMSTGet Rating) last posted its earnings results on Thursday, February 24th. The basic materials company reported $0.80 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.20. The company had revenue of $338.30 million during the quarter, compared to analysts’ expectations of $315.50 million. TimkenSteel had a net margin of 13.33% and a return on equity of 29.15%. TimkenSteel’s quarterly revenue was up 60.2% on a year-over-year basis. During the same period last year, the company posted $0.01 earnings per share. Sell-side analysts expect that TimkenSteel will post 3.55 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of the business. Invesco Ltd. grew its stake in shares of TimkenSteel by 42.0% in the fourth quarter. Invesco Ltd. now owns 1,104,236 shares of the basic materials company’s stock worth $18,220,000 after acquiring an additional 326,697 shares in the last quarter. BlackRock Inc. grew its stake in TimkenSteel by 4.5% during the 4th quarter. BlackRock Inc. now owns 7,270,893 shares of the basic materials company’s stock worth $119,969,000 after purchasing an additional 312,542 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in TimkenSteel by 311.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 343,184 shares of the basic materials company’s stock worth $5,663,000 after purchasing an additional 259,832 shares during the period. Norges Bank acquired a new stake in TimkenSteel in the 4th quarter valued at about $3,605,000. Finally, Millennium Management LLC boosted its stake in shares of TimkenSteel by 301.3% in the 4th quarter. Millennium Management LLC now owns 239,649 shares of the basic materials company’s stock valued at $3,954,000 after buying an additional 179,928 shares during the period. 77.41% of the stock is owned by institutional investors.

About TimkenSteel (Get Rating)

TimkenSteel Corporation manufactures and sells alloy steel, and carbon and micro-alloy steel products in the United States and internationally. It offers carbon, micro-alloy, and alloy steel ingots, bars, tubes, and billets, as well as supplies machining and thermal treatment services. The company's products are used in gears; hubs; axles; crankshafts and connecting rods; oil country drill pipes; bits and collars; bearing races and rolling elements; bushings; fuel injectors; wind energy shafts; anti-friction bearings; and other applications.

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