Zacks Investment Research upgraded shares of Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) from a hold rating to a buy rating in a research report sent to investors on Thursday. Zacks Investment Research currently has $22.00 price objective on the basic materials company’s stock.

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 18.72 on Thursday. The company has a 50-day moving average of $19.30 and a 200 day moving average of $17.06. The firm’s market capitalization is $135.31 million. Universal Stainless & Alloy Products has a 52 week low of $9.13 and a 52 week high of $20.64.

Universal Stainless & Alloy Products (NASDAQ:USAP) last issued its quarterly earnings data on Wednesday, July 26th. The basic materials company reported $0.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.06. Universal Stainless & Alloy Products had a negative net margin of 1.20% and a negative return on equity of 0.91%. The business had revenue of $52.60 million during the quarter, compared to the consensus estimate of $50.26 million. The firm’s revenue was up 28.3% compared to the same quarter last year. Equities research analysts anticipate that Universal Stainless & Alloy Products will post $0.32 earnings per share for the current year.

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A number of large investors have recently modified their holdings of the company. Russell Investments Group Ltd. bought a new position in Universal Stainless & Alloy Products during the fourth quarter worth $349,000. Royce & Associates LP boosted its position 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 worth $505,000 after buying an additional 15,480 shares during the last quarter. Acadian Asset Management LLC boosted its position 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 worth $534,000 after buying an additional 3,915 shares during the last quarter. Renaissance Technologies LLC boosted its position in 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 worth $659,000 after buying an additional 4,433 shares during the last quarter. Finally, Eidelman Virant Capital boosted its position in Universal Stainless & Alloy Products by 1.6% in the second quarter. Eidelman Virant Capital now owns 103,753 shares of the basic materials company’s stock worth $2,023,000 after buying an additional 1,653 shares during the last quarter. 78.41% of the stock is owned by institutional investors and hedge funds.

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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