market folly

Alan Fournier's hedge fund firm Pennant Capital has been gradually selling down its Universal Stainless & Alloy Products (USAP) position.  Per a recently filed Form 4 with the SEC, this is now the second time in recent months that they've trimmed the stake.

Their latest filing shows activity on August 28th, 31st, and September 1st.  In total, they sold 200,534 shares at prices of $13.01 and $13.02.  After these sales, Pennant still owns 849,069 shares of USAP.

We've also highlighted a stock Pennant has been buying lately.

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)."