Tontine Asset Management Sells Patrick Industries (PATK) and Westmoreland Coal Company (WLB) Shares

Jeffrey Gendell, the manager of Tontine Asset Management, has been reducing his fund’s investment in Patrick Industries, Inc. (NASDAQ:PATK). In a recent filing with the Securities and Exchange Commision, Gendell and Tontine have reported ownership of 2.6 million shares, down from 3.3 million previously reported. The new position accounts for 25.2% of the company’s common stock. In another filing with the SEC, Gendell and Tontine revealed a change to position in Westmoreland Coal Company (NASDAQ:WLB): 1.7 million shares, down from the 1.9 million shares previously owned. Their current holding is equivalent to 11.8% of the company’s common stock.

Richard Driehaus, the manager of Driehaus Capital, has also been reducing his fund’s exposure to Patrick Industries, Inc. (NASDAQ:PATK). According to the fund’s latest 13F filing, Driehaus has reduced its stake by 24% to 126,117 shares, valued at $3.8 million. Cliff Asness of AQR Capital Management has, on the other hand, increased his fund’s holding of the stock by 4%. AQR Capital currently holds 25,828 shares, reportedly worth $776 thousand.

A producer of construction material, Patrick Industries, Inc. (NASDAQ:PATK) is currently trading at a price of $31.6 per share and has a trailing Price to Earnings (P/E) ratio of 15.28. Patrick Industries has a beta of 1.20 and does not pay a dividend. For the third quarter of 2013, the company reported revenues of $146 million and Earnings Per Share (EPS) of $0.51.

Jim Simons and his fund Renaissance Technologies are bullish on Westmoreland Coal Company (NASDAQ:WLB). During the third quarter of 2013, Simons has increased the fund’s holding of the stock by 39%, with Renaissance Technologies currently owning 107,231 shares valued at $1.4 million.

Westmoreland Coal Company (NASDAQ:WLB) is an electric company operating in the United States. Shares are traded at a price of $14.92 and have a forward P/E ratio of 14.76. For the three months ended September 30, 2013, the company reported revenues of $176 million and EPS of $0.16.

Disclosure: none

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