Universal Stainless & Alloy Products, Inc. (USAP) Downgraded by Zacks Investment Research to Hold

Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Saturday, June 10th.

According to Zacks, “UNIVERSAL STAINLESS & ALLOY is a mini-mill that manufactures and markets semi-finished specialty steels, including stainless steel, tool steels and other alloy steels. It also provides conversion services on materials supplied by customers that lack certain of the Company’s production facilities or that are subject to their own capacity constraints. “

Shares of Universal Stainless & Alloy Products (NASDAQ USAP) traded up 1.01% on Friday, hitting $19.05. 32,305 shares of the stock were exchanged. Universal Stainless & Alloy Products has a one year low of $9.13 and a one year high of $19.85. The firm’s market capitalization is $137.50 million. The company has a 50-day moving average price of $18.17 and a 200-day moving average price of $15.98.

Universal Stainless & Alloy Products (NASDAQ:USAP) last announced its earnings results on Friday, April 28th. The basic materials company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.07) by $0.04. The company had revenue of $48.88 million for the quarter, compared to the consensus estimate of $42.24 million. Universal Stainless & Alloy Products had a negative return on equity of 2.03% and a negative net margin of 2.52%. The firm’s revenue for the quarter was up 23.4% on a year-over-year basis. Equities research analysts expect that Universal Stainless & Alloy Products will post $0.20 earnings per share for the current year.

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Several hedge funds have recently made changes to their positions in USAP. Renaissance Technologies LLC increased its stake in shares of Universal Stainless & Alloy Products by 3.9% in the first quarter. Renaissance Technologies LLC now owns 50,700 shares of the basic materials company’s stock valued at $862,000 after buying an additional 1,900 shares during the last quarter. Morgan Stanley increased its stake in shares of Universal Stainless & Alloy Products by 114.8% in the first quarter. Morgan Stanley now owns 8,588 shares of the basic materials company’s stock valued at $146,000 after buying an additional 4,590 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Universal Stainless & Alloy Products by 1.6% in the first quarter. Dimensional Fund Advisors LP now owns 502,094 shares of the basic materials company’s stock valued at $8,536,000 after buying an additional 7,774 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Universal Stainless & Alloy Products by 2.3% in the first quarter. Geode Capital Management LLC now owns 34,065 shares of the basic materials company’s stock valued at $579,000 after buying an additional 778 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Universal Stainless & Alloy Products by 0.5% in the first quarter. Vanguard Group Inc. now owns 267,341 shares of the basic materials company’s stock valued at $4,545,000 after buying an additional 1,428 shares during the period. 78.52% of the stock is owned by institutional investors and hedge funds.

Universal Stainless & Alloy Products Company Profile

Universal Stainless & Alloy Products, Inc manufactures and markets semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. The Company’s manufacturing process involves melting, remelting, heat treating, hot and cold rolling, forging, machining and cold drawing of semi-finished and finished specialty steels.

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