Timkensteel Corp (TMST) reported quarterly earnings results on Wednesday, Jul-27-2016. The company said it had a profit of $-0.24 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.04. Analysts had a consensus of $-0.28. The company posted revenue of $223.10 million in the period, compared to analysts expectations of $234.22 million. The company’s revenue was down -19.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.54 EPS.
Many Wall Street Analysts have commented on Timkensteel Corp. Company shares were Reiterated by Cowen on Jun 1, 2016 to “Market Perform”, Firm has raised the Price Target to $ 13 from a previous price target of $8 .
Timkensteel Corp closed down -1.97 points or -16.57% at $9.92 with 15,68,991 shares getting traded on Thursday. Post opening the session at $11.39, the shares hit an intraday low of $9.83 and an intraday high of $11.39 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.
In a different news, on May 27, 2016, Ward J Jr Timken (CEO) purchased 20,000 shares at $9.00 per share price. According to the SEC, on May 12, 2016, Ronald A Rice (director) purchased 5,000 shares at $11.13 per share price. On Aug 25, 2015, Randall H Edwards (director) purchased 3,650 shares at $16.64 per share price, according to the Form-4 filing with the securities and exchange commission.
TimkenSteel Corporation manufactures alloy steel as well as carbon and micro-alloy steel with an annual melt capacity of approximately two million tons. The Companys portfolio includes special bar quality (SBQ) bars seamless mechanical tubing and precision steel components. It operates in two segments: Industrial & Mobile and Energy & Distribution. In addition it supplies machining and thermal treatment services and manages raw material recycling programs which are used as a feeder system for the Companys operations. Its customers are companies in the market sectors including oil & gas; automotive; industrial equipment; mining; construction; rail; aerospace and defense; heavy truck; agriculture and power generation. The Companys steels are featured in a variety of end products including oil drill pipe; hubs; axles; crankshafts and connecting rods; bearing races and rolling elements; bushings; fuel injectors; wind energy shafts and anti-friction bearings among others.