Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) was downgraded by Zacks Investment Research from a “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. “

Shares of Universal Stainless & Alloy Products (NASDAQ:USAP) opened at 19.05 on Friday. Universal Stainless & Alloy Products has a 1-year low of $9.13 and a 1-year high of $19.85. The company’s market cap is $137.50 million. The stock has a 50 day moving average of $18.17 and a 200 day moving average of $15.98.

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

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Several institutional investors have recently modified their holdings of USAP. Morgan Stanley increased its stake in 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. Russell Investments Group Ltd. acquired a new stake in Universal Stainless & Alloy Products during the fourth quarter valued at approximately $349,000. Royce & Associates LP increased its stake in Universal Stainless & Alloy Products by 108.9% in the first quarter. Royce & Associates LP now owns 29,700 shares of the basic materials company’s stock valued at $505,000 after buying an additional 15,480 shares during the last quarter. Acadian Asset Management LLC increased its stake in Universal Stainless & Alloy Products by 14.2% in the first quarter. Acadian Asset Management LLC now owns 31,513 shares of the basic materials company’s stock valued at $534,000 after buying an additional 3,915 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in 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 last quarter. Hedge funds and other institutional investors own 78.52% of the company’s stock.

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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