market folly

Alan Fournier's hedge fund firm Pennant Capital has filed a Form 4 with the SEC regarding its position in Universal Stainless & Alloy Products (USAP).  Per the filing, Pennant trimmed its stake in the company slightly on July 30th, 31st, and August 3rd.

In total, the hedge fund sold 60,800 shares at prices of $13.92, $13.74, and $13.06.  After the sales, Pennant still owns 1,082,221 shares of USAP.  Shares of the company are down over 50% year-to-date for 2015.

Per Google Finance, Universal Stainless & Alloy Products "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. The Company's products are sold to service centers, forgers, rerollers, original equipment manufacturers (OEMs) and wire redrawers. The Company also performs conversion services on materials supplied by customers. The Company's products are manufactured in a range of grades and melt qualities, including argon oxygen decarburization (AOD), electro-slag remelted (ESR), vacuum induction melting (VIM) and vacuum-arc remelted (VAR)."