Patrick Major Shareholder Unloads more Stock

patrick_industries__elkharttruth__Emily_Pfund__credditMHProNews has learned from dakotafinancialnews that Jeffrey L. Gendell, a major shareholder of Patrick Industries, Inc. (NASDAQ:PATK), has unloaded yet another block of company stock, 19,200 shares, as disclosed in a required legal filing with the Securities and Exchange Commission, which noted the transaction occurred on Oct. 6.

Sold at an average price of $41.19 per share, the sale yielded a total value of $790,848.00. As MHProNews reported Aug. 20, 2015, Gendell has been selling off Patrick stock since Nov., 2014, and adding today’s total, he has sold approximately 100,000 shares of the stock for a value of $4.54 million. In yesterday’s trading, Patrick gained +4.18 percent to close at $42.63.

The stock has a market cap of $658.68 million and a PE ratio of 18.73, with a 50-day moving average price of $41.35, and a 200-day moving average price of $39.63. Patrick has a one-year low of $23.16 and a one-year high of $47.38.

CL King upgraded Patrick Industries from a “buy” rating to a “strong-buy” rating and set a $51.00 price objective on the stock. Patrick is a manufacturer of components and distributor of building products and materials supplier to the manufactured housing and recreational vehicle industries. ##

(Photo credit:elkharttruth/Emily Pfund–headquarters of Patrick Industries, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

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