Following MHProNews‘ story yesterday (Sept. 9. 2015) about the sale of $6.38 million worth of Patrick Industries, Inc. (NASDAQ:PATK) stock on Sept. 4, 2015 by Tontine Capital Partners LP, the company continues to hold 12.78 percent of Patrick’s market cap, equivalent to two million shares.
The significance of this unloading indicates Tontine may be pessimistic about the company and its stock price. As a result, octafinance, noting the stock has declined 21 percent in the last 125 days, has rated the stock as a “sell.”
Although Gendell Jeffrey L., the most bullish institutional investor, has sold approximately 113,000 shares of Patrick since last November, as MHProNews has reported, he continues to hold 2.57 million shares, or 16.56 percent of the portfolio.
Meanwhile, Patrick’s President and CEO, Todd M Cleveland sold 100,000 shares, also on Sept. 4., at $44.51 per share, for a total yield of $4,448,947.50, according to insidertradingreport. This report says the stock has rallied 54.29 percent in the last 52 weeks.
Patrick is a component supplier to the manufactured housing and recreational vehicle markets.##
(Image credit: Patrick Industries, Inc.)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.