Institutional Move From SEC: Gendell Jeffrey L Holding in Patrick Inds INC (PATK) Has Decreased as Stock Value Rose

Institutional Move From SEC: Gendell Jeffrey L Holding in Patrick Inds INC (PATK) Has Decreased as Stock Value Rose

Gendell Jeffrey L decreased its stake in Patrick Inds Inc (PATK) by 16.18% based on its latest 2016Q3 regulatory filing with the SEC. Gendell Jeffrey L sold 204,000 shares as the company’s stock rose 0.68% with the market. The institutional investor held 1.06 million shares of the basic industries company at the end of 2016Q3, valued at $65.42M, down from 1.26 million at the end of the previous reported quarter. Gendell Jeffrey L who had been investing in Patrick Inds Inc for a number of months, seems to be less bullish one the $1.24 billion market cap company. The stock is up 0.62% or $0.5 hitting $80.8, despite the negative news. About 21,485 shares traded hands. Patrick Industries, Inc. (NASDAQ:PATK) has risen 51.22% since June 7, 2016 and is uptrending. It has outperformed by 43.80% the S&P500.

Gendell Jeffrey L, which manages about $676.29 million US Long portfolio, upped its stake in Bank Amer Corp (NYSE:BAC) by 1.20M shares to 1.88M shares, valued at $29.44 million in 2016Q3, according to the filing. It also increased its holding in United Contl Hldgs Inc (NYSE:UAL) by 111,800 shares in the quarter, for a total of 398,507 shares, and has risen its stake in Jpmorgan Chase & Co (Call) (NYSE:JPM).

Insitutional Activity: The institutional sentiment decreased to 1.35 in Q3 2016. Its down 0.28, from 1.63 in 2016Q2. The ratio dived, as 22 funds sold all PATK shares owned while 49 reduced positions. 36 funds bought stakes while 60 increased positions. They now own 13.29 million shares or 1.66% more from 13.07 million shares in 2016Q2. The Wisconsin-based Dana Inv Advsrs has invested 0.09% in Patrick Industries, Inc. (NASDAQ:PATK). The New York-based Tiaa Cref Invest Mgmt Ltd Limited Liability Company has invested 0% in Patrick Industries, Inc. (NASDAQ:PATK). Great West Life Assurance Can has 19,526 shares for 0% of their US portfolio. Ls Investment reported 540 shares or 0% of all its holdings. Essex Management Llc reported 24,088 shares or 0.24% of all its holdings. State Street Corporation accumulated 286,837 shares or 0% of the stock. Neuberger Berman Gru Ltd Liability last reported 0% of its portfolio in the stock. Wellington Grp Llp accumulated 4,375 shares or 0% of the stock. Vanguard Gp accumulated 657,147 shares or 0% of the stock. 1St Source Bank & Trust last reported 28,917 shares in the company. Trexquant Inv Lp accumulated 0.06% or 4,566 shares. Cornerstone Capital Mgmt Limited Liability Company reported 21,067 shares or 0.01% of all its holdings. Sei Invests has 0% invested in the company for 307 shares. Invesco Limited last reported 64,119 shares in the company. Schwab Charles Invest Mgmt owns 47,101 shares or 0% of their US portfolio.

Insider Transactions: Since August 3, 2016, the stock had 0 insider buys, and 17 insider sales for $26.58 million net activity. GENDELL JEFFREY L ET AL sold $2.47M worth of stock. Cleveland Todd M also sold $801,583 worth of Patrick Industries, Inc. (NASDAQ:PATK) shares. HASSLER PAUL E also sold $224,589 worth of Patrick Industries, Inc. (NASDAQ:PATK) shares. NEMETH ANDY L also sold $260,153 worth of Patrick Industries, Inc. (NASDAQ:PATK) shares. $133,947 worth of Patrick Industries, Inc. (NASDAQ:PATK) was sold by Cerulli Joseph M. 1,723 Patrick Industries, Inc. (NASDAQ:PATK) shares with value of $127,536 were sold by Kitson Michael A. WELLS WALTER E also sold $125,670 worth of Patrick Industries, Inc. (NASDAQ:PATK) shares.

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. Completes Acquisition of Cana Holdings, Inc.” published on May 23, 2016, Prnewswire.com published: “Patrick Industries, Inc. Completes Acquisition of The Progressive Group” on March 03, 2016. More interesting news about Patrick Industries, Inc. (NASDAQ:PATK) were released by: Prnewswire.com and their article: “Patrick Industries, Inc. Completes Acquisitions of Sigma Wire International …” published on December 05, 2016 as well as Prnewswire.com‘s news article titled: “Patrick Industries, Inc. Completes Acquisition of Parkland Plastics, Inc.” with publication date: February 29, 2016.

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.”

Patrick Industries, Inc. (NASDAQ:PATK) Ratings Coverage

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. On Thursday, March 31 the stock rating was downgraded by CL King to “Neutral”. The firm has “Buy” rating by CL King given on Wednesday, August 17. As per Thursday, June 16, the company rating was initiated by Sidoti.

PATK Company Profile

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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