In a research report issued on Tuesday, C. L. King upgraded Patrick Industries (NASDAQ:PATK) from a “buy” rating to a “strong buy” rating, according to dakotafinancialnews. A manufacturer of component products and distributor of building products and materials to the manufactured housing (MH) and recreational vehicle (RV) industries, company stock rose +12.54 percent on Tuesday, Sept. 1 and +2.23 percent in today’s trading, as MHProNews reported on its stock report this afternoon.

The stock closed today at $43.48, above its 52-week high of $43.25 as MHProNews noted July 23, 2015.

Major shareholder Jeffrey Gendell, beginning in Nov. 2014, has unloaded over $5 million of Patrick stock comprised of some 113,000 shares. Another major shareholder, Tontine Capital, recently sold 55,772 shares of company stock, as MHProNews reported Aug. 20, 2015.

Meanwhile, as MHProNews reported yesterday, Sept. 1, Patrick acquired North American Forest Products, Inc. for $85 million, a company very complementary to Patrick’s own endeavors. ##

(Image credit: Patrick Industries, Inc.)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.