Relational Investors Reveals Positions in Timkensteel Corp. (TMST) and The Timken Company (TKR)

Relational Investors, managed by Ralph V. Whitworth, has revealed stakes in Timkensteel Corp. (NYSE:TMST) and The Timken Company (NYSE: TKR), both companies recently announced the completion of their spinoff. In new filing with the U.S. Securities and Exchange Commission, Relational Investors has disclosed a 2.99% stake in Timkensteel Corp. (NYSE:TMST), containing 1.36 million shares of the company’s common stock.

Ralph V. Whitworth

Relational Investors reported selling 232,784 shares of Timkensteel Corp. (NYSE:TMST) at an average price of around $42.00 per share.  In another filing, the fund has revealed selling 76,315 shares of The Timken Company (NYSE: TKR) at an average price of $43 apiece. According to the filing, the fund still owns 6.38 million shares of The Timken Company, representing 6.99% of common stock. In its latest 13F filing, the fund revealed ownership of 8.26 million shares of the company.

At the end of last month, The Timken Company (NYSE:TKR) announced that it completed its spinoff of Timkensteel Corp. (NYSE:TMST). At the close of business on June 30, Timken shareholders received one common share of TimkenSteel Corporation for every two common shares of Timken they held as of the close of business on June 23, 2014, according to a news release.

TimkenSteel Corporation is engaged in creating tailored steel products and services for demanding applications. The Timken Company designs, engineers, manufactures and markets bearings, transmissions, gearboxes, chain and related products, as well as offers a spectrum of power system rebuild and repair services.

Aside from Relational Investors, Chilton Investment Company, managed by Richard Chilton, holds 1.12 million shares of The Timken Company, and Cliff Asness’ AQR Capital Management owns 911,114 shares. Another investor Gamco Investors, run by Mario Gabelli, disclosed ownership of 616,814 shares of the company.

The value of Relational Investors’ equity portfolio was $5.70 billion. The fund reported its largest stake in Hewlett-Packard Company (NYSE:HPQ), holding around 27.80 million shares. It is followed by SPX Corporation (NYSE:SPW), in which the fund owns 6.27 million shares.

Last month, Relational Investors reported boosting its stake in Manitowoc Company Inc. (NYSE:MTW) to 11.5 million shares, equal to 8.52% of the total number of shares outstanding.

Disclosure: none

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