Universal Stainless & Alloy Products (NASDAQ:USAP) Lowered to Sell at Zacks Investment Research

Universal Stainless & Alloy Products (NASDAQ:USAP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, Zacks.com reports.

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. “

NASDAQ USAP traded down $0.12 during trading on Wednesday, hitting $6.17. 28,253 shares of the stock traded hands, compared to its average volume of 23,943. The company has a quick ratio of 1.01, a current ratio of 4.44 and a debt-to-equity ratio of 0.23. Universal Stainless & Alloy Products has a 12-month low of $5.84 and a 12-month high of $16.06. The firm has a 50-day simple moving average of $6.99 and a 200-day simple moving average of $7.69. The company has a market capitalization of $54.48 million, a P/E ratio of -14.35 and a beta of 1.41.

Universal Stainless & Alloy Products (NASDAQ:USAP) last announced its quarterly earnings results on Wednesday, July 29th. The basic materials company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.01. Universal Stainless & Alloy Products had a negative net margin of 1.70% and a negative return on equity of 1.32%. The company had revenue of $52.48 million for the quarter, compared to analysts’ expectations of $47.89 million. As a group, research analysts predict that Universal Stainless & Alloy Products will post -1.2 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Fondren Management LP lifted its stake in shares of Universal Stainless & Alloy Products by 56.1% in the 1st quarter. Fondren Management LP now owns 80,000 shares of the basic materials company’s stock valued at $617,000 after purchasing an additional 28,757 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Universal Stainless & Alloy Products by 4.6% in the second quarter. Russell Investments Group Ltd. now owns 614,015 shares of the basic materials company’s stock worth $5,279,000 after buying an additional 27,086 shares during the last quarter. Foundry Partners LLC boosted its stake in Universal Stainless & Alloy Products by 12.3% during the second quarter. Foundry Partners LLC now owns 147,375 shares of the basic materials company’s stock worth $1,267,000 after buying an additional 16,150 shares during the period. Bridgeway Capital Management Inc. increased its position in Universal Stainless & Alloy Products by 23.2% during the second quarter. Bridgeway Capital Management Inc. now owns 84,858 shares of the basic materials company’s stock valued at $730,000 after acquiring an additional 16,000 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Universal Stainless & Alloy Products by 18.8% in the second quarter. Bank of New York Mellon Corp now owns 23,076 shares of the basic materials company’s stock valued at $198,000 after acquiring an additional 3,647 shares during the period. 73.07% of the stock is currently owned by institutional investors.

Universal Stainless & Alloy Products Company Profile

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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