Morgan Stanley Reduces Position in Timken Steel Corporation (TMST)

Morgan Stanley cut its position in shares of Timken Steel Corporation (NYSE:TMST) by 31.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 134,107 shares of the basic materials company’s stock after selling 60,755 shares during the period. Morgan Stanley owned approximately 0.30% of Timken Steel Corporation worth $2,536,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TMST. Louisiana State Employees Retirement System raised its position in shares of Timken Steel Corporation by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 15,900 shares of the basic materials company’s stock worth $301,000 after buying an additional 300 shares in the last quarter. Arizona State Retirement System raised its position in shares of Timken Steel Corporation by 1.5% in the first quarter. Arizona State Retirement System now owns 20,300 shares of the basic materials company’s stock worth $384,000 after buying an additional 300 shares in the last quarter. Nationwide Fund Advisors raised its position in shares of Timken Steel Corporation by 0.9% in the first quarter. Nationwide Fund Advisors now owns 33,447 shares of the basic materials company’s stock worth $632,000 after buying an additional 310 shares in the last quarter. Mason Street Advisors LLC raised its position in shares of Timken Steel Corporation by 7.0% in the first quarter. Mason Street Advisors LLC now owns 9,100 shares of the basic materials company’s stock worth $172,000 after buying an additional 596 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Timken Steel Corporation by 3.5% in the first quarter. Wells Fargo & Company MN now owns 35,943 shares of the basic materials company’s stock worth $679,000 after buying an additional 1,220 shares in the last quarter. 76.65% of the stock is currently owned by institutional investors and hedge funds.

Shares of Timken Steel Corporation (TMST) traded up 0.593% during mid-day trading on Friday, hitting $14.425. The stock had a trading volume of 124,825 shares. The firm’s market cap is $640.82 million. The firm has a 50 day moving average price of $15.56 and a 200 day moving average price of $16.16. Timken Steel Corporation has a 52-week low of $8.36 and a 52-week high of $23.00.

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A number of research analysts have recently weighed in on the company. Cowen and Company set a $23.00 price objective on Timken Steel Corporation and gave the company a “buy” rating in a report on Wednesday, May 31st. BidaskClub lowered Timken Steel Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. TheStreet lowered Timken Steel Corporation from a “c-” rating to a “d+” rating in a report on Tuesday, June 6th. ValuEngine raised Timken Steel Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Zacks Investment Research lowered Timken Steel Corporation from a “buy” rating to a “hold” rating in a report on Saturday, July 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $18.83.

Timken Steel Corporation Company Profile

TimkenSteel Corporation manufactures alloy steel, as well as carbon and micro-alloy steel. The Company’s portfolio includes special bar quality (SBQ) bars, seamless mechanical tubing and precision steel components. In addition, the Company supplies machining and thermal treatment services, as well as manage raw material recycling programs, which are used as a feeder system for its melt operations.

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