86,516 Shares in Universal Stainless & Alloy Products (USAP) Acquired by Cadence Capital Management LLC

Cadence Capital Management LLC acquired a new position in shares of Universal Stainless & Alloy Products (NASDAQ:USAP) in the 3rd quarter, Holdings Channel reports. The fund acquired 86,516 shares of the basic materials company’s stock, valued at approximately $2,207,000.

Several other institutional investors also recently modified their holdings of the stock. Van ECK Associates Corp acquired a new position in Universal Stainless & Alloy Products in the 2nd quarter valued at $202,000. Engineers Gate Manager LP acquired a new position in Universal Stainless & Alloy Products in the 2nd quarter valued at $246,000. Wells Fargo & Company MN raised its holdings in Universal Stainless & Alloy Products by 49.6% in the 3rd quarter. Wells Fargo & Company MN now owns 10,935 shares of the basic materials company’s stock valued at $279,000 after acquiring an additional 3,625 shares during the last quarter. Schwab Charles Investment Management Inc. acquired a new position in Universal Stainless & Alloy Products in the 2nd quarter valued at $351,000. Finally, Emerald Advisers Inc. PA acquired a new position in Universal Stainless & Alloy Products in the 2nd quarter valued at $414,000. Hedge funds and other institutional investors own 90.20% of the company’s stock.

In other news, VP Christopher M. Zimmer sold 5,000 shares of the business’s stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $27.71, for a total transaction of $138,550.00. Following the completion of the sale, the vice president now directly owns 23,574 shares of the company’s stock, valued at approximately $653,235.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 11.60% of the stock is owned by insiders.

Several brokerages have weighed in on USAP. BidaskClub upgraded Universal Stainless & Alloy Products from a “hold” rating to a “buy” rating in a report on Sunday, July 29th. Zacks Investment Research upgraded Universal Stainless & Alloy Products from a “hold” rating to a “strong-buy” rating and set a $30.00 price target for the company in a report on Wednesday, July 25th. Cowen began coverage on Universal Stainless & Alloy Products in a report on Tuesday, August 14th. They issued an “outperform” rating and a $33.00 price target for the company. Finally, ValuEngine downgraded Universal Stainless & Alloy Products from a “buy” rating to a “hold” rating in a report on Friday, September 28th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. Universal Stainless & Alloy Products currently has a consensus rating of “Hold” and a consensus target price of $30.00.

Shares of NASDAQ USAP opened at $21.94 on Friday. Universal Stainless & Alloy Products has a 52-week low of $18.01 and a 52-week high of $31.20. The firm has a market cap of $190.90 million, a PE ratio of 18.86 and a beta of 1.51. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.07 and a quick ratio of 1.13.

Universal Stainless & Alloy Products (NASDAQ:USAP) last announced its quarterly earnings data on Wednesday, October 24th. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.04). Universal Stainless & Alloy Products had a net margin of 7.20% and a return on equity of 4.50%. The company had revenue of $69.06 million for the quarter, compared to analysts’ expectations of $70.02 million. As a group, sell-side analysts expect that Universal Stainless & Alloy Products will post 1.48 EPS for the current fiscal year.

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About Universal Stainless & Alloy Products

Universal Stainless & Alloy Products, Inc, together with its subsidiaries, manufactures and markets semi-finished and finished specialty steel products in the United States and internationally. The company's products include stainless steel, nickel alloys, tool steel, and various other alloyed steels.

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Institutional Ownership by Quarter for Universal Stainless & Alloy Products (NASDAQ:USAP)

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