November 26, 2016 - By Hazel Jackson
As announced in a public form that has been filled with the U.S. Security & Exchange Commission on 25-11-2016, Jeffrey Gendell, director of Patrick Industries Inc and an insider, made a sale of 28,247 shares of the company and paid for them close to $1,954,635 U.S. Dollars which is based on a market stock price per share of $69.2. The regulatory filing shows that Jeffrey Gendell now has about 6.66% of the Indiana-based company’s market cap
Out of 2 analysts covering Patrick Industries (NASDAQ:PATK), 2 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Patrick Industries has been the topic of 3 analyst reports since March 31, 2016 according to StockzIntelligence Inc. The stock of Patrick Industries, Inc. (NASDAQ:PATK) earned “Buy” rating by CL King on Wednesday, August 17. CL King downgraded the stock to “Neutral” rating in Thursday, March 31 report. The rating was initiated by Sidoti on Thursday, June 16 with “Buy”.
Insitutional Activity: The institutional sentiment decreased to 1.35 in Q2 2016. Its down 0.28, from 1.63 in 2016Q1. The ratio worsened, as 12 funds sold all Patrick Industries, Inc. shares owned while 42 reduced positions. 32 funds bought stakes while 56 increased positions. They now own 13.07 million shares or 3.13% more from 12.67 million shares in 2016Q1.
Morgan Stanley has 101,258 shares for 0% of their US portfolio. Natl Bank Of Mellon has 161,545 shares for 0% of their US portfolio. Blackrock Group Incorporated Ltd holds 3,984 shares or 0% of its portfolio. Navellier & Associate Inc accumulated 0.11% or 12,566 shares. Zebra Management Ltd Company accumulated 9,887 shares or 0.21% of the stock. Opus Capital Group has 64,930 shares for 0.87% of their US portfolio. Usa Financial Portformulas holds 0.06% or 3,803 shares in its portfolio. Sei owns 130 shares or 0% of their US portfolio. Principal Fincl Gp holds 3,480 shares or 0% of its portfolio. Parametric Port Associates Llc reported 43,337 shares or 0% of all its holdings. Walleye Trading Ltd Liability Co holds 400 shares or 0% of its portfolio. Boothbay Fund Lc accumulated 0.4% or 14,079 shares. State Teachers Retirement, a New York-based fund reported 1,100 shares. Kennedy Capital, a Missouri-based fund reported 53,375 shares. Gotham Asset Mngmt Ltd Llc accumulated 0.03% or 46,618 shares.
Insider Transactions: Since May 27, 2016, the stock had 0 buys, and 11 insider sales for $17.85 million net activity. Shares for $260,153 were sold by NEMETH ANDY L. Shares for $1.19M were sold by Cleveland Todd M on Wednesday, June 29. $536,836 worth of Patrick Industries, Inc. (NASDAQ:PATK) was sold by GENDELL JEFFREY L ET AL. Cerulli Joseph M had sold 1,980 shares worth $133,947. 1,980 shares were sold by Forbes John A, worth $128,315. TONTINE CAPITAL PARTNERS L P sold $1.78M worth of stock or 29,000 shares. The insider WELLS WALTER E sold 2,000 shares worth $125,670.
The stock increased 0.87% or $0.6 during the last trading session, hitting $69.9. About 44,864 shares traded hands. Patrick Industries, Inc. (NASDAQ:PATK) has risen 46.02% since April 25, 2016 and is uptrending. It has outperformed by 40.01% the S&P500.
Patrick Industries, Inc. is a maker of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industries. The company has a market cap of $1.08 billion. The Firm operates in two divisions: Manufacturing and Distribution. It has a 20.19 P/E ratio. The Company’s manufacturing segment’s lamination activities utilizes various materials, such as lauan, medium density fiberboard (MDF), gypsum, and particleboard, which are bonded by adhesives or a heating process to a number of products, including vinyl, paper, foil and high-pressure laminates.
According to Zacks Investment Research, “PATRICK INDUSTRIES, INC. is a manufacturer and supplier of building products and materials to the manufactured housing and recreational vehicle industries. In addition, they are expanding as a supplier to certain other industrial markets, such as furniture manufacturing, marine and the automotive aftermarket. They manufacture decorative vinyl and paper panels, cabinet doors, countertops, aluminum extrusions, drawer sides and wood adhesives.”
Analysts await Patrick Industries, Inc. (NASDAQ:PATK) to report earnings on February, 16.
More notable recent Patrick Industries, Inc. (NASDAQ:PATK) news were published by: Prnewswire.com which released: “Patrick Industries, Inc. Completes Acquisition of BH Electronics, Inc.” on August 01, 2016, also Prnewswire.com with their article: “Patrick Industries, Inc. Reports Second Quarter and Six Months 2016 Financial ..” published on July 28, 2016, Prnewswire.com published: “Patrick Industries, Inc. Completes Acquisition of Parkland Plastics, Inc.” on February 29, 2016. More interesting news about Patrick Industries, Inc. (NASDAQ:PATK) were released by: Prnewswire.com and their article: “Patrick Industries, Inc. Completes Acquisition of Cana Holdings, Inc.” published on May 23, 2016 as well as Prnewswire.com‘s news article titled: “Patrick Industries, Inc. Completes Acquisition of The Progressive Group” with publication date: March 03, 2016.
Patrick Industries, Inc. (Patrick), incorporated on January 3, 1961, is a maker of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industries. In addition, the Company is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets. The Firm operates in two divisions: Manufacturing and Distribution. The Firm makes a range of products, which include decorative vinyl and paper laminated panels, fabricated aluminum products, wrapped vinyl, paper and hardwood profile moldings, solid surface, granite and quartz countertops, cabinet doors and components, hardwood furniture, fiberglass bath and shower fixtures, fiberglass and plastic component products, including front and rear caps and marine helms, slide-out trim and fascia, interior passage doors, RV painting, simulated wood and stone products, and slotwall panels and components, among others.
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