Zacks Investment Research Upgrades Universal Stainless & Alloy Products (USAP) to “Hold”

Universal Stainless & Alloy Products (NASDAQ:USAP) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday.

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. “

Separately, KeyCorp restated a “hold” rating on shares of Universal Stainless & Alloy Products in a research report on Thursday, November 16th.

Universal Stainless & Alloy Products (NASDAQ USAP) traded down $0.10 during midday trading on Tuesday, reaching $21.50. 8,200 shares of the company’s stock were exchanged, compared to its average volume of 20,461. The company has a quick ratio of 0.77, a current ratio of 3.41 and a debt-to-equity ratio of 0.40. The company has a market cap of $155.41, a P/E ratio of -82.69 and a beta of 0.89. Universal Stainless & Alloy Products has a 52-week low of $11.60 and a 52-week high of $23.04.

Universal Stainless & Alloy Products (NASDAQ:USAP) last posted its quarterly earnings data on Wednesday, October 25th. The basic materials company reported $0.02 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.02. The firm had revenue of $50.90 million during the quarter, compared to the consensus estimate of $51.19 million. Universal Stainless & Alloy Products had a negative net margin of 1.08% and a negative return on equity of 0.53%. The company’s quarterly revenue was up 28.2% compared to the same quarter last year. research analysts forecast that Universal Stainless & Alloy Products will post 0.2 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its holdings in Universal Stainless & Alloy Products by 301.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 88,445 shares of the basic materials company’s stock worth $1,724,000 after acquiring an additional 66,412 shares in the last quarter. Royce & Associates LP boosted its holdings in shares of Universal Stainless & Alloy Products by 856.2% during the 2nd quarter. Royce & Associates LP now owns 283,999 shares of the basic materials company’s stock worth $5,538,000 after buying an additional 254,299 shares during the period. Northern Trust Corp boosted its holdings in shares of Universal Stainless & Alloy Products by 5.3% during the 2nd quarter. Northern Trust Corp now owns 65,934 shares of the basic materials company’s stock worth $1,286,000 after buying an additional 3,317 shares during the period. EAM Investors LLC bought a new stake in shares of Universal Stainless & Alloy Products during the 2nd quarter worth about $562,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Universal Stainless & Alloy Products by 4.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 526,129 shares of the basic materials company’s stock worth $10,260,000 after buying an additional 24,035 shares during the period. Institutional investors and hedge funds own 85.56% of the company’s stock.

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About Universal Stainless & Alloy Products

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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