Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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. “

Universal Stainless & Alloy Products (NASDAQ:USAP) opened at 19.05 on Friday. Universal Stainless & Alloy Products has a 12-month low of $9.13 and a 12-month high of $19.85. The stock’s 50 day moving average price is $18.17 and its 200 day moving average price is $15.98. The stock’s market cap is $137.50 million.

Universal Stainless & Alloy Products (NASDAQ:USAP) last issued its quarterly earnings data on Friday, April 28th. The basic materials company reported ($0.11) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 during the quarter, compared to analysts’ expectations of $42.24 million. The business’s quarterly revenue was up 23.4% compared to the same quarter last year. Analysts forecast that Universal Stainless & Alloy Products will post $0.20 EPS for the current fiscal year.

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Hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC increased its stake in shares of Universal Stainless & Alloy Products by 10.0% in the fourth quarter. Renaissance Technologies LLC now owns 48,800 shares of the basic materials company’s stock valued at $659,000 after buying an additional 4,433 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of 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 in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Universal Stainless & Alloy Products during the fourth quarter valued at about $349,000. Boston Partners increased its stake in shares of Universal Stainless & Alloy Products by 37.8% in the first quarter. Boston Partners now owns 115,908 shares of the basic materials company’s stock valued at $1,970,000 after buying an additional 31,800 shares in the last quarter. Finally, Morgan Stanley increased its stake in shares of 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 in the last quarter. Institutional investors and hedge funds 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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