Alan Fournier's hedge fund firm Pennant Capital has filed an amended 13G with the SEC regarding its position in Universal Stainless & Alloy (USAP). Pennant now owns 9.9% of the company with 703,219 shares.
This is down from the 1.14 million USAP shares they owned at the end of the second quarter. The filing was made due to activity on October 21st.
As we've highlighted previously, Pennant has been slowly trimming its USAP stake for a while now and shares are down around 56% over the past six months.
Per Google Finance, Universal Stainless & Alloy "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)."
Thursday, October 22, 2015
Pennant Capital Reduces Universal Stainless & Alloy Stake
Wednesday, September 2, 2015
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.
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)."
Tuesday, August 4, 2015
Pennant Capital Trims Universal Stainless & Alloy Products Position
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)."
Friday, October 21, 2011
Alan Fournier's Pennant Capital Buys More Universal Stainless & Alloy Products (USAP)
Alan Fournier's hedge fund Pennant Capital filed an amended 13G with the SEC regarding their position in Universal Stainless & Alloy Products (USAP). In it, they disclose a 10.04% ownership stake in USAP with 685,770 shares.
This marks a 27% increase in their position size since the end of the second quarter when Pennant owned 538,400 shares. We've covered the rest of Pennant's holdings in our Hedge Fund Wisdom newsletter.
About Pennant Capital
Prior to founding Pennant Capital, Alan Fournier was responsible for the global equitiy portfolio for David Tepper's Appaloosa Management. He pursues a long/short equity strategy and graduated from Wentworth Institute of Technology's Mechanical Engineering program.
About Universal Stainless & Alloy Products
Per Google Finance, Universal Stainless & Alloy Products is "manufactures and markets semi-finished and finished specialty steel products, including stainless steel, tool steel and certain other alloyed steels. The Company’s manufacturing process involves melting, remelting, heat treating, hot and cold rolling, machining and cold drawing of semi-finished and finished specialty steels. The Company’s products are sold to rerollers, forgers, service centers, original equipment manufacturers (OEMs) and wire redrawers."
