Vanguard Group Inc. boosted its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 3.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 812,130 shares of the construction company’s stock after buying an additional 24,830 shares during the period. Vanguard Group Inc. owned 4.95% of Patrick Industries worth $59,164,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of PATK. Pinebridge Investments L.P. lifted its holdings in Patrick Industries by 10.0% in the second quarter. Pinebridge Investments L.P. now owns 2,097 shares of the construction company’s stock worth $153,000 after buying an additional 191 shares during the period. Pacad Investment Ltd. increased its stake in shares of Patrick Industries by 76.9% during the second quarter. Pacad Investment Ltd. now owns 2,300 shares of the construction company’s stock valued at $168,000 after purchasing an additional 1,000 shares in the last quarter. UBS Asset Management Americas Inc. bought a new position in shares of Patrick Industries during the second quarter valued at approximately $202,000. SG Americas Securities LLC bought a new position in shares of Patrick Industries during the second quarter valued at approximately $204,000. Finally, Aperio Group LLC increased its stake in shares of Patrick Industries by 2.9% during the second quarter. Aperio Group LLC now owns 3,064 shares of the construction company’s stock valued at $223,000 after purchasing an additional 85 shares in the last quarter. Institutional investors and hedge funds own 90.03% of the company’s stock.
A number of brokerages have weighed in on PATK. Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $96.00 target price for the company in a research note on Thursday, October 26th. Bank of America Corporation raised their target price on shares of Patrick Industries from $85.00 to $93.00 and gave the company a “buy” rating in a research note on Tuesday, October 24th. Finally, Robert W. Baird reaffirmed a “buy” rating on shares of Patrick Industries in a research note on Thursday, October 12th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $84.50.
In related news, VP Joshua A. Boone sold 520 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $73.00, for a total value of $37,960.00. Following the sale, the vice president now owns 7,445 shares in the company, valued at $543,485. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Andy L. Nemeth sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 26th. The stock was sold at an average price of $79.95, for a total transaction of $799,500.00. Following the completion of the sale, the president now owns 79,193 shares in the company, valued at approximately $6,331,480.35. The disclosure for this sale can be found here. Insiders have sold 230,546 shares of company stock valued at $19,248,750 in the last three months. 6.20% of the stock is owned by insiders.
Patrick Industries, Inc. (NASDAQ:PATK) opened at $87.40 on Friday. Patrick Industries, Inc. has a one year low of $59.55 and a one year high of $96.25. The firm has a market cap of $1,470.24, a P/E ratio of 20.00, a price-to-earnings-growth ratio of 1.83 and a beta of 0.99. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.72.
Patrick Industries shares are 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 announced its quarterly earnings results 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. The company had revenue of $407.50 million during the quarter, compared to the consensus estimate of $371.98 million. Patrick Industries had a net margin of 4.73% and a return on equity of 24.60%. The firm’s quarterly revenue was up 34.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.79 earnings per share. equities research analysts expect that Patrick Industries, Inc. will post 4.53 EPS for the current fiscal year.
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About Patrick Industries
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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