HighTower Advisors LLC acquired a new position in Patrick Industries, Inc. (NASDAQ:PATK) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 7,010 shares of the construction company’s stock, valued at approximately $515,000.
A number of other hedge funds have also bought and sold shares of the business. Legal & General Group Plc lifted its holdings in Patrick Industries by 9.7% during the 2nd quarter. Legal & General Group Plc now owns 28,863 shares of the construction company’s stock worth $2,105,000 after purchasing an additional 2,548 shares in the last quarter. Neuberger Berman Group LLC increased its stake in Patrick Industries by 10.6% in the 2nd quarter. Neuberger Berman Group LLC now owns 510,710 shares of the construction company’s stock worth $37,205,000 after acquiring an additional 49,035 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in Patrick Industries by 7.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 66,105 shares of the construction company’s stock worth $4,816,000 after acquiring an additional 4,789 shares during the last quarter. Stifel Financial Corp increased its stake in Patrick Industries by 17.1% in the 2nd quarter. Stifel Financial Corp now owns 213,617 shares of the construction company’s stock worth $15,557,000 after acquiring an additional 31,232 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC bought a new position in Patrick Industries in the 2nd quarter worth about $5,240,000. 89.61% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently commented on PATK. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $96.00 price objective on the stock in a research report on Thursday. Bank of America Corporation raised their price target on Patrick Industries from $85.00 to $93.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Robert W. Baird restated a “buy” rating on shares of Patrick Industries in a research report on Thursday, October 12th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $84.50.
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In related news, President Andy L. Nemeth sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $79.95, for a total value of $799,500.00. Following the completion of the sale, the president now directly owns 79,193 shares of the company’s stock, valued at $6,331,480.35. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jeffrey L. Et Al Gendell sold 26,058 shares of the business’s stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $85.70, for a total transaction of $2,233,170.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 198,546 shares of company stock valued at $16,327,660. Corporate insiders own 6.20% of the company’s stock.
Patrick Industries, Inc. (NASDAQ:PATK) opened at 92.15 on Friday. The stock has a market cap of $1.55 billion, a PE ratio of 22.53 and a beta of 0.89. The stock has a 50 day moving average price of $81.20 and a 200-day moving average price of $74.03. Patrick Industries, Inc. has a 1-year low of $50.80 and a 1-year high of $92.50.
Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, October 26th. The construction company reported $1.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.15. The business had revenue of $407.50 million during the quarter, compared to analysts’ expectations of $371.98 million. Patrick Industries had a net margin of 4.66% and a return on equity of 26.46%. The company’s revenue for the quarter was up 34.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.79 EPS. On average, equities analysts expect that Patrick Industries, Inc. will post $4.36 EPS for the current year.
Patrick Industries Profile
Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.
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