Essex Investment Management Co. LLC trimmed its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 12.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,529 shares of the construction company’s stock after selling 4,164 shares during the period. Essex Investment Management Co. LLC owned 0.18% of Patrick Industries worth $2,483,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently bought and sold shares of the business. Royal Bank of Canada lifted its position in shares of Patrick Industries by 1.1% during the second quarter. Royal Bank of Canada now owns 1,665,617 shares of the construction company’s stock worth $121,340,000 after acquiring an additional 18,443 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Patrick Industries by 3.2% during the second quarter. Vanguard Group Inc. now owns 812,130 shares of the construction company’s stock worth $59,164,000 after acquiring an additional 24,830 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Patrick Industries by 2.3% in the second quarter. Dimensional Fund Advisors LP now owns 672,959 shares of the construction company’s stock worth $49,026,000 after buying an additional 15,321 shares in the last quarter. Neuberger Berman Group LLC raised its position in shares of Patrick Industries by 10.6% in the second quarter. Neuberger Berman Group LLC now owns 510,710 shares of the construction company’s stock worth $37,205,000 after buying an additional 49,035 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D raised its position in shares of Patrick Industries by 8.1% in the second quarter. State of New Jersey Common Pension Fund D now owns 400,000 shares of the construction company’s stock worth $29,140,000 after buying an additional 30,000 shares in the last quarter. Hedge funds and other institutional investors own 90.03% of the company’s stock.
In other Patrick Industries news, CEO Todd M. Cleveland sold 10,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $89.87, for a total value of $898,700.00. Following the completion of the sale, the chief executive officer now owns 340,827 shares of the company’s stock, valued at approximately $30,630,122.49. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Andy L. Nemeth sold 5,000 shares of the business’s stock in a transaction on Friday, September 22nd. The shares were sold at an average price of $78.95, for a total transaction of $394,750.00. Following the sale, the president now directly owns 79,193 shares of the company’s stock, valued at approximately $6,252,287.35. The disclosure for this sale can be found here. Insiders have sold 230,546 shares of company stock valued at $19,248,750 over the last quarter. Company insiders own 6.20% of the company’s stock.
PATK has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $82.00 price objective on the stock in a research report on Thursday, August 31st. Bank of America Corporation raised their price target on Patrick Industries from $85.00 to $93.00 and gave the company a “buy” rating in a research report on Tuesday, October 24th. Finally, Robert W. Baird restated a “buy” rating on shares of Patrick Industries in a research report on Thursday, October 12th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Patrick Industries has an average rating of “Buy” and a consensus target price of $84.50.
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Patrick Industries, Inc. (NASDAQ:PATK) traded down $0.45 during trading on Friday, reaching $87.40. The company’s stock had a trading volume of 51,600 shares, compared to its average volume of 86,644. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.00 and a current ratio of 2.23. The company has a market cap of $1,470.24, a PE ratio of 20.00, a price-to-earnings-growth ratio of 1.83 and a beta of 0.99. Patrick Industries, Inc. has a fifty-two week low of $59.55 and a fifty-two week high of $96.25.
Patrick Industries’s stock is set to split before the market opens on Monday, December 11th. The 3-2 split was announced on Thursday, November 9th. The newly created shares will be issued to shareholders after the market closes on Friday, December 8th.
Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 26th. The construction company reported $1.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.15. Patrick Industries had a return on equity of 24.60% and a net margin of 4.73%. The business had revenue of $407.50 million for the quarter, compared to analysts’ expectations of $371.98 million. During the same period in the previous year, the firm posted $0.79 EPS. The business’s revenue was up 34.0% on a year-over-year basis. equities analysts forecast that Patrick Industries, Inc. will post 4.53 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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