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USAP Universal Stainless & Alloy Products Inc.

Universal Stainless & Alloy Products, Inc. engages in the manufacture and marketing of semi-finished and finished specialty steels, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. Its products include specialty bar, forging quality billet, ingots, plate, specialty shapes and coil products, which are sold to service centers, forgers, rerollers and original equipment manufacturers. The company was founded in 1994 and is headquartered in Bridgeville, PA.

Company profile

Ticker
USAP
Exchange
NASDAQ
Website
www.univstainless.com
CEO
Dennis M. Oates
Employees
Incorporated
Delaware
Location
Pennsylvania
Fiscal year end
Dec 31
Sector
Non-Energy Minerals > Steel
Industry (SIC)
Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
United States Steel • Nucor • Mechel PAO • Ak Steel Holding • Commercial Metals • Steel Dynamics • SunCoke Energy • Carpenter Technology • TimkenSteel • SunCoke Energy Partners ...
SEC CIK
0000931584
Corporate docs
IRS number
251724540

USAP stock data

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)

Calendar

21 Oct 20
29 Oct 20
31 Dec 20

News

Financial summary

Financial statements Chart USAP financial data
Quarter (USD) Sep 20 Jun 20 Mar 20 Sep 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Recent insider trades

USAP insider ownership history Insider history
Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
26 Oct 20 Zimmer Christopher M Common Stock Buy Aquire P No 5.64 45,823 258.44K 108,460
12 Oct 20 Dennis M Oates Common Stock Grant Aquire A No 0 4,372 0 112,826
12 Oct 20 Zimmer Christopher M Common Stock Grant Aquire A No 0 1,847 0 62,637
12 Oct 20 Graham McIntosh Common Stock Grant Aquire A No 0 1,664 0 35,444
12 Oct 20 Christopher Thomas Scanlon Common Stock Grant Aquire A No 0 1,380 0 5,154
Data from 3, 4 and 5 filings. Stock values as filed, not updated for current price.

Institutional ownership Q2 2020

USAP institutional ownership history Ownership history
73.0% owned by funds/institutions
13F holders
 Current Prev Q Change
Total holders 40 46 -13.0%
Opened positions 0 3 EXIT
Closed positions 6 8 -25.0%
Increased positions 15 13 +15.4%
Reduced positions 16 21 -23.8%
13F shares
 Current Prev Q Change
Total value 55.37M 49.6M +11.7%
Total shares 6.44M 6.43M +0.2%
Total puts 0 0
Total calls 0 0
Total put/call ratio – – –
Largest owners
 Shares Value Change
Royce & Associates 932.19K $8.02M +26.2%
Dimensional Fund Advisors 723.26K $6.22M -2.1%
Russell Investments 614.02K $5.28M +4.6%
RY Royal Bank of Canada 560.07K $4.82M -16.7%
22NW 433.37K $3.73M +170.2%
Minerva Advisors 431.62K $3.7M -0.9%
AMP Ameriprise Financial 417.22K $3.59M +5.5%
Vanguard 411.15K $3.54M 0.0%
Forest Hill Capital 279.64K $2.41M 0.0%
Wittenberg Investment Management 203.06K $1.75M -4.8%
Largest transactions
 Shares Bought/sold Change
22NW 433.37K +272.97K +170.2%
Royce & Associates 932.19K +193.45K +26.2%
RY Royal Bank of Canada 560.07K -112.47K -16.7%
Walthausen & Co. 0 -107.15K EXIT
BEN Franklin Resources 57.71K -95.69K -62.4%
CS Credit Suisse 0 -44.35K EXIT
Monarch Partners Asset Management 0 -40.17K EXIT
Fondren Management 40.35K -39.65K -49.6%
Municipal Employees' Retirement System of Michigan 0 -29.5K EXIT
Russell Investments 614.02K +27.09K +4.6%
Data from 13F filings. Stock values as filed, not updated for current price. Long positions only.

Financial report summary

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Risks
  • A substantial amount of our sales is derived from a limited number of customers.
  • The demand for our products may be cyclical.
  • A substantial amount of our sales is derived from the aerospace industry.
  • Our business may be harmed by failure to develop, commercialize, market and sell new applications and new products.
  • We are dependent on the availability and price of raw materials and operating supplies.
  • Our business requires substantial amounts of energy.
  • We are subject to risks associated with global economic and market factors.
  • Our business depends largely on our ability to attract and retain key personnel.
  • Our business may be harmed by strikes or work stoppages.
  • Our business may be harmed by failures on critical manufacturing equipment.
  • We believe that our international sales and purchases are associated with various risks.
  • If we are unable to protect our information technology infrastructure against service interruptions, data corruption, cyber-based attacks or network security breaches, our operations could be disrupted.
Management Discussion
  • The majority of our products are sold to service centers rather than the ultimate end market customers. The end market information in this Annual Report is our estimate based upon our knowledge of our customers and the grade of material sold to them, which they will in-turn sell to the ultimate end market customer.
  • Net sales for the year ended December 31, 2019 decreased $12.9 million, or 5.0%, compared to 2018. The decrease in our sales reflects approximately a 7% decrease in consolidated tons shipped, partially offset by a 2% increase in sales dollars per shipped ton. The decrease in our shipped tons was due to lower tool steel shipments. The increase in sales dollars per shipped ton was driven by higher aerospace end market sales, partially offset by lower surcharges.
  • Our gross margin, as a percentage of net sales, was 11.4% in 2019, compared to 14.8% in 2018.  The decrease in gross margin is a result of misalignment of melt costs and surcharges for the majority of the year, and increased cost of operations on material sold. The increased operations cost was in part due to a fire at our North Jackson facility at the end of the second quarter, and in part due to product mix.
Content analysis ?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
8th grade Avg
New words: absorption, consecutive, driver, entry, notably, October, revised
Removed: construction, obtained, ton, unit
From filing 10-Q 2020 Q3

Financial reports

View all
10-Q
2020 Q3
Quarterly report
21 Oct 20
10-Q
2020 Q2
Quarterly report
29 Jul 20
10-Q
2020 Q1
Quarterly report
22 Apr 20
10-K
2019 FY
Annual report
19 Feb 20
10-Q
2019 Q3
Quarterly report
23 Oct 19
10-Q
2019 Q2
Quarterly report
24 Jul 19
10-Q
2019 Q1
Quarterly report
24 Apr 19
10-K
2018 FY
Annual report
20 Feb 19
10-Q
2018 Q3
Quarterly report
24 Oct 18
10-Q
2018 Q2
Quarterly report
25 Jul 18

Current reports

View all
8-K
Universal Stainless Reports Third Quarter 2020 Results
21 Oct 20
8-K
Universal Stainless Reaches Labor Agreement at Its
6 Oct 20
8-K
Designed to Protect the Availability of Its Tax Benefits
24 Aug 20
8-K
Universal Stainless Reports Second Quarter 2020 Results
29 Jul 20
8-K
Submission of Matters to a Vote of Security Holders
11 May 20
8-K
Universal Stainless Reports First Quarter 2020 Results
22 Apr 20
8-K
Departure of Directors or Certain Officers
27 Mar 20
8-K
Universal Stainless Reports Fourth Quarter 2019 Results
22 Jan 20
8-K
Regulation FD Disclosure
6 Nov 19
8-K
Universal Stainless Reports Third Quarter 2019 Results
23 Oct 19

Registration and prospectus

View all
15-12G
Securities registration termination
28 Sep 20
S-8 POS
Registration of securities for employees (post-effective amendment)
28 Sep 20
S-8 POS
Registration of securities for employees (post-effective amendment)
28 Sep 20
S-8 POS
Registration of securities for employees (post-effective amendment)
28 Sep 20
S-8 POS
Registration of securities for employees (post-effective amendment)
28 Sep 20
8-A12B
Registration of securities on exchange
24 Aug 20
425
Business combination disclosure
15 Oct 19
424B5
Prospectus supplement for primary offering
29 May 18
424B5
Prospectus supplement for primary offering
24 May 18
S-8
Registration of securities for employees
8 May 17

Proxies

View all
DEF 14A
Definitive proxy
26 Mar 20
DEF 14A
Definitive proxy
12 Apr 19
DEF 14A
Definitive proxy
13 Apr 18
DEF 14A
Definitive proxy
13 Apr 17
DEF 14A
Definitive proxy
15 Apr 16
DEF 14A
Definitive proxy
15 Apr 15
DEF 14A
Definitive proxy
24 Apr 14
DEF 14A
Definitive proxy
25 Apr 13
PRE 14A
Preliminary proxy
15 Apr 13
DEF 14A
Definitive proxy
25 Apr 12

Other

View all
SD
Conflict minerals disclosure
8 May 20
SD
Conflict minerals disclosure
8 May 19
SD
Conflict minerals disclosure
7 Jun 18
SD
Conflict minerals disclosure
17 May 17
UPLOAD
Letter from SEC
22 Sep 16
CORRESP
Correspondence with SEC
21 Sep 16
UPLOAD
Letter from SEC
31 Aug 16
EFFECT
Notice of effectiveness
9 Aug 16
CORRESP
Correspondence with SEC
5 Aug 16
CORRESP
Correspondence with SEC
2 Aug 16

Ownership

View all
4
UNIVERSAL STAINLESS & ALLOY PRODUCTS / CHRISTOPHER M ZIMMER ownership change
26 Oct 20
4
UNIVERSAL STAINLESS & ALLOY PRODUCTS / John Arminas ownership change
14 Oct 20
4
UNIVERSAL STAINLESS & ALLOY PRODUCTS / Christopher Thomas Scanlon ownership change
14 Oct 20
4
UNIVERSAL STAINLESS & ALLOY PRODUCTS / Graham McIntosh ownership change
14 Oct 20
4
UNIVERSAL STAINLESS & ALLOY PRODUCTS / CHRISTOPHER M ZIMMER ownership change
14 Oct 20
4
UNIVERSAL STAINLESS & ALLOY PRODUCTS / DENNIS M OATES ownership change
14 Oct 20
4
UNIVERSAL STAINLESS & ALLOY PRODUCTS / Judith L Bacchus ownership change
1 Sep 20
4
UNIVERSAL STAINLESS & ALLOY PRODUCTS / UDI TOLEDANO ownership change
1 Sep 20
4
UNIVERSAL STAINLESS & ALLOY PRODUCTS / M. David Kornblatt ownership change
1 Sep 20
4
UNIVERSAL STAINLESS & ALLOY PRODUCTS / CHRISTOPHER L AYERS ownership change
1 Sep 20