MHProNews has learned from indsidertradingreport that M. Scott Welch, a board member of Patrick Industries, Inc., purchased 9,800 shares of company stock at $39.71 per share for a net of $ 391,353.44 on Nov. 18, 2015 and was disclosed to the Securities and Exchange Commission on Nov. 20,2015.

As MHProNews reported Aug. 5, 2015, Mr. Welch purchased 10,000 shares Aug. 4, 2015 at $36. per share for a net of $360,000. Also, on Sept, 10, 2015 Patrick CEO Todd M. Cleveland sold 34,906 shares of Patrick for a net of $1,549,477.

The company has a 52-week high of $48. and a 52-week low of $25.906666, and a market cap of $622 million. At present, company insiders own 6.6 percent of shares of stock and institutional investors own 82.23 percent of Patrick stock. Over the last six months, insiders have reduced their percentage ownership by -12.24 percent. In the same post from Aug. 5, 2015, MHProNews reported insiders owned 5.7 percent of company stock while institutional investors held 80.5 percent of the stock.

Patrick is a manufacturer of components and distributor of building materials and supplies to the manufactured housing and recreational vehicle industries. ##

(Image credit: Patrick Industries, Inc.)

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