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Pennant Capital Cuts Universal Alloy Stake Further

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.

Read more: http://www.marketfolly.com/2015/09/pennant-capital-cuts-univ...