Universal Stainless & Alloy Products (USAP) Stock Rating Lowered by Zacks Investment Research

Universal Stainless & Alloy Products (NASDAQ:USAP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

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. “

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USAP stock opened at $25.82 on Friday. Universal Stainless & Alloy Products has a 12-month low of $14.70 and a 12-month high of $31.20. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.66 and a current ratio of 3.25. The stock has a market capitalization of $187.45, a price-to-earnings ratio of 25.31 and a beta of 1.08.

Universal Stainless & Alloy Products (NASDAQ:USAP) last posted its quarterly earnings results on Wednesday, January 24th. The basic materials company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.07). Universal Stainless & Alloy Products had a return on equity of 0.33% and a net margin of 4.09%. The firm had revenue of $50.30 million for the quarter, compared to the consensus estimate of $47.17 million. During the same period in the previous year, the company posted ($0.22) EPS. Universal Stainless & Alloy Products’s quarterly revenue was up 47.1% compared to the same quarter last year. research analysts forecast that Universal Stainless & Alloy Products will post 1.2 earnings per share for the current fiscal year.

In related news, Chairman Dennis M. Oates acquired 1,059 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were bought at an average price of $23.61 per share, with a total value of $25,002.99. Following the completion of the transaction, the chairman now directly owns 95,369 shares in the company, valued at $2,251,662.09. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.60% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of USAP. Northern Trust Corp boosted its position in Universal Stainless & Alloy Products by 5.3% during the second quarter. Northern Trust Corp now owns 65,934 shares of the basic materials company’s stock valued at $1,286,000 after purchasing an additional 3,317 shares in the last quarter. Nationwide Fund Advisors boosted its position in Universal Stainless & Alloy Products by 154.8% during the third quarter. Nationwide Fund Advisors now owns 6,273 shares of the basic materials company’s stock valued at $131,000 after purchasing an additional 3,811 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Universal Stainless & Alloy Products by 63.8% during the third quarter. Russell Investments Group Ltd. now owns 144,837 shares of the basic materials company’s stock valued at $3,019,000 after purchasing an additional 56,392 shares in the last quarter. Macquarie Group Ltd. bought a new stake in Universal Stainless & Alloy Products during the third quarter valued at about $172,000. Finally, JPMorgan Chase & Co. boosted its position in Universal Stainless & Alloy Products by 1,400.0% during the third quarter. JPMorgan Chase & Co. now owns 7,500 shares of the basic materials company’s stock valued at $155,000 after purchasing an additional 7,000 shares in the last quarter. 86.10% of the stock is currently owned by institutional investors.

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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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