Price Action Alert: Is Selling Stock Like Patrick Industries, Inc. After Such Decline Winning Strategy?

Price Action Alert: Is Selling Stock Like Patrick Industries, Inc. After Such Decline Winning Strategy?

The stock of Patrick Industries, Inc. (NASDAQ:PATK) is a huge mover today! The stock decreased 2.18% or $1.38 during the last trading session, hitting $61.92. About 209,069 shares traded hands. Patrick Industries, Inc. (NASDAQ:PATK) has risen 40.12% since February 29, 2016 and is uptrending. It has outperformed by 29.70% the S&P500.
The move comes after 9 months negative chart setup for the $926.27M company. It was reported on Oct, 1 by We have $56.35 PT which if reached, will make NASDAQ:PATK worth $83.36M less.

Analysts await Patrick Industries, Inc. (NASDAQ:PATK) to report earnings on November, 3.

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

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.”

Insitutional Activity: The institutional sentiment increased to 1.63 in 2016 Q2. Its up 0.62, from 1.01 in 2016Q1. The ratio increased, 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.
Amp Investors last reported 4,200 shares in the company. Ladenburg Thalmann Fincl Services has invested 0% of its portfolio in Patrick Industries, Inc. (NASDAQ:PATK). Driehaus Mgmt Lc holds 146,139 shares or 0.31% of its portfolio. Loomis Sayles And Communications Lp last reported 0.02% of its portfolio in the stock. The Germany-based Allianz Asset Ag has invested 0.01% in Patrick Industries, Inc. (NASDAQ:PATK). Argent Management Ltd accumulated 27,925 shares or 0.08% of the stock. Putnam Invests Limited Liability Corp accumulated 0.02% or 111,819 shares. Goldman Sachs Group Incorporated, a New York-based fund reported 15,457 shares. Citigroup Incorporated has 0% invested in the company for 2,380 shares. Mycio Wealth Prtnrs Ltd Limited Liability Company accumulated 0% or 36 shares. Blackrock last reported 0% of its portfolio in the stock. Deere owns 25,911 shares or 0.08% of their US portfolio. Nationwide Fund Advisors accumulated 9,534 shares or 0% of the stock. Boothbay Fund Limited Liability last reported 0.4% of its portfolio in the stock. New York State Teachers Retirement accumulated 1,100 shares or 0% of the stock.

Insider Transactions: Since April 22, 2016, the stock had 0 insider purchases, and 15 sales for $23.27 million net activity. 14,500 Patrick Industries, Inc. (NASDAQ:PATK) shares with value of $773,765 were sold by GENDELL JEFFREY L ET AL. The insider NEMETH ANDY L sold 10,000 shares worth $491,800. Another trade for 30,000 shares valued at $1.49 million was sold by Cleveland Todd M. On Wednesday, August 3 WELLS WALTER E sold $125,670 worth of the stock or 2,000 shares. $1.78M worth of shares were sold by TONTINE CAPITAL PARTNERS L P on Friday, August 12. $91,640 worth of Patrick Industries, Inc. (NASDAQ:PATK) shares were sold by Blosser Courtney. The insider Rodino Jeff sold 10,000 shares worth $530,105.

More notable recent Patrick Industries, Inc. (NASDAQ:PATK) news were published by: which released: “Patrick Industries, Inc. Announces Officer Promotions” on September 26, 2016, also with their article: “Patrick Industries, Inc. Completes Acquisition of BH Electronics, Inc.” published on August 01, 2016, published: “Patrick Industries, Inc. Completes Acquisition of Mishawaka Sheet Metal, LLC” on June 20, 2016. More interesting news about Patrick Industries, Inc. (NASDAQ:PATK) were released by: and their article: “Patrick Industries, Inc. Completes Acquisition of Parkland Plastics, Inc.” published on February 29, 2016 as well as‘s news article titled: “Patrick Industries, Inc. Reports Fourth Quarter and Full Year 2015 Financial …” with publication date: February 18, 2016.

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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