CEO Todd Cleveland said, “This new stock repurchase program is aligned with our capital allocation strategy and reflects the confidence that our Board of Directors and management team have in Patrick’s outlook and our commitment to driving shareholder value.”
There are qualifications regarding the buyback associated with timing, self-imposed blackout periods, and insider trading laws that the company often determines. In earlier repurchases in 2014 and 2015, Patrick repurchased 1,817,313 shares of stock at an average price of $25.04 per share for a net of $46 million.
MHProNews knows Patrick, headquartered in Elkhart, Indiana is a component supplier to the manufactured housing and recreational vehicle industries. ##
(Photo credit: insideindianabusiness)
