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.