Venator Capital Management Ltd. Lowers stake in Patrick Industries (PATK)

Patrick Industries (PATK) : Venator Capital Management Ltd. reduced its stake in Patrick Industries by 7.03% during the most recent quarter end. The investment management company now holds a total of 91,302 shares of Patrick Industries which is valued at $5,601,378 after selling 6,900 shares in Patrick Industries , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Patrick Industries makes up approximately 4.78% of Venator Capital Management Ltd.’s portfolio.

Other Hedge Funds, Including , Cavalier Investments added PATK to its portfolio by purchasing 11,700 company shares during the most recent quarter which is valued at $717,795. Patrick Industries makes up approx 0.41% of Cavalier Investments’s portfolio.Neumeier Poma Investment Counsel reduced its stake in PATK by selling 33,530 shares or 7.84% in the most recent quarter. The Hedge Fund company now holds 394,298 shares of PATK which is valued at $24,190,182. Patrick Industries makes up approx 3.63% of Neumeier Poma Investment Counsel’s portfolio.First Mercantile Trust Co reduced its stake in PATK by selling 100 shares or 7.41% in the most recent quarter. The Hedge Fund company now holds 1,250 shares of PATK which is valued at $76,688. Patrick Industries makes up approx 0.01% of First Mercantile Trust Co’s portfolio.Msi Financial Services Inc boosted its stake in PATK in the latest quarter, The investment management firm added 525 additional shares and now holds a total of 2,322 shares of Patrick Industries which is valued at $151,185. Patrick Industries makes up approx 0.01% of Msi Financial Services Inc’s portfolio.

Patrick Industries opened for trading at $63.96 and hit $64.75 on the upside on Thursday, eventually ending the session at $64.56, with a gain of 0.83% or 0.53 points. The heightened volatility saw the trading volume jump to 1,29,215 shares. Company has a market cap of $989 M.

On the company’s financial health, Patrick Industries reported $1.10 EPS for the quarter, beating the analyst consensus estimate by $ 0.11 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.99. The company had revenue of $315.20 million for the quarter, compared to analysts expectations of $292.68 million. The company’s revenue was up 35.0% compared to the same quarter last year.

Many Wall Street Analysts have commented on Patrick Industries. Patrick Industries was Upgraded by CL King to ” Buy” on Aug 17, 2016. Patrick Industries was Initiated by Sidoti to “Buy” on Jun 16, 2016.

Patrick Industries Inc. is a manufacturer of component products and distributor of building products and materials for the recreational vehicle and manufactured housing industries. It 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 Company operates in two segments: Manufacturing and Distribution. The Company manufactures a variety of products including 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 exterior graphics and RV painting and slotwall panels and components among others.

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