Is Patrick Industries, Inc. (PATK) A Good Stock To Buy According To Hedge Funds?

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Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that dropped their entire stakes in the stock during the third quarter. Interestingly, Brandon Osten’s Venator Capital Management dropped the biggest stake of the 700 funds monitored by Insider Monkey, worth about $5.5 million in stock. Joel Greenblatt’s fund, Gotham Asset Management, also dropped its stock, about $2.8 million worth.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Patrick Industries, Inc. (NASDAQ:PATK) but similarly valued. These stocks are Fortress Transprtn and Infr Investrs LLC (NYSE:FTAI), P.H. Glatfelter Company (NYSE:GLT), Smart & Final Stores Inc (NYSE:SFS), and MiMedx Group Inc (NASDAQ:MDXG). All of these stocks’ market caps resemble PATK’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
FTAI 5 6685 2
GLT 11 13896 -1
SFS 9 68535 1
MDXG 7 13927 -3

As you can see these stocks had an average of eight funds with bullish positions and the average amount invested in these stocks was $26 million. That figure was $111 million in PATK’s case. P.H. Glatfelter Company (NYSE:GLT) is the most popular stock in this table. On the other hand Fortress Transprtn and Infr Investrs LLC (NYSE:FTAI) is the least popular one with only five funds holding shares. Compared to these stocks Patrick Industries, Inc. (NASDAQ:PATK) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

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