MHProNews has learned from consumereagle that Gendell Jeffrey L has decreased its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 6.22 percent, based on its latest Q1 2016 regulatory filing, selling 86,165 shares. Gendell has been peeling off Patrick stock in periodic layers since Nov. 2014, no doubt earning a pretty penny as the stock rises.

At the end of the first quarter of 2016 Gendell owned 1.30 million shares of PATK valued at $58.98 million, a drop from the 1.39 million Gendell owned at the end of the previous quarter.

As MHProNews reported in its daily stock report today, July 15, Patrick slipped -0.05 percent to end the week at $65.00. Patrick’s stock has risen 58.35 percent since Dec. 7, 2015, outperforming the S&P500 by 54.72 percent.

Other hedge funds that have stakes in Patrick include Pacific Ridge Capital Partners LLC which has 73,220 shares, while Tygh Capital Management Inc. holds 60,698 shares. Eam investors of California has a stake of 70,845 shares, and Mesirow Financial Investment Management Us Value Equity owns 32,340 shares in PATK. The company, based in Elkhart, Indiana has a market cap of $984.20 million.

Patrick, based in Elkhart, Indiana, manufactures component products and distributes building materials to the manufactured home and recreational vehicle industries. Its manufacture of lamination includes bonding lauan, medium density fiberboard (MDF), gypsum and particleboard to cover materials such as foil, vinyl, paper and high pressure laminates. ##

(Photo credit:insideindianabusiness)