Dimensional Fund Advisors LP increased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 0.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 675,042 shares of the construction company’s stock after buying an additional 2,083 shares during the period. Dimensional Fund Advisors LP owned 4.01% of Patrick Industries worth $56,771,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Royal Bank of Canada increased its stake in Patrick Industries by 1.1% in the second quarter. Royal Bank of Canada now owns 1,665,617 shares of the construction company’s stock valued at $121,340,000 after purchasing an additional 18,443 shares in the last quarter. Vanguard Group Inc. increased its stake in Patrick Industries by 3.2% in the second quarter. Vanguard Group Inc. now owns 812,130 shares of the construction company’s stock valued at $59,164,000 after purchasing an additional 24,830 shares in the last quarter. State Street Corp increased its stake in Patrick Industries by 9.9% in the second quarter. State Street Corp now owns 382,418 shares of the construction company’s stock valued at $27,859,000 after purchasing an additional 34,456 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Patrick Industries by 4.2% in the third quarter. JPMorgan Chase & Co. now owns 311,208 shares of the construction company’s stock valued at $26,111,000 after purchasing an additional 12,458 shares in the last quarter. Finally, Northern Trust Corp increased its stake in Patrick Industries by 9.3% in the second quarter. Northern Trust Corp now owns 263,341 shares of the construction company’s stock valued at $19,184,000 after purchasing an additional 22,512 shares in the last quarter. 59.53% of the stock is owned by institutional investors and hedge funds.
Patrick Industries, Inc. (NASDAQ PATK) traded down $0.35 during trading hours on Wednesday, reaching $66.25. 136,900 shares of the company were exchanged, compared to its average volume of 180,667. The company has a market capitalization of $1,660.00, a price-to-earnings ratio of 22.38, a price-to-earnings-growth ratio of 1.64 and a beta of 0.98. 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, Inc. has a 1-year low of $40.07 and a 1-year high of $71.13.
Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, October 26th. The construction company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The firm had revenue of $407.50 million for 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 business’s revenue for the quarter was up 34.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.53 earnings per share. analysts anticipate that Patrick Industries, Inc. will post 3.05 EPS for the current fiscal year.
In related news, Director John A. Forbes sold 1,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $65.80, for a total transaction of $65,800.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Jeff Rodino sold 11,500 shares of Patrick Industries stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $99.00, for a total transaction of $1,138,500.00. Following the sale, the executive vice president now owns 63,815 shares in the company, valued at $6,317,685. The disclosure for this sale can be found here. Insiders have sold 60,234 shares of company stock worth $5,623,018 over the last quarter. Corporate insiders own 5.20% of the company’s stock.
Several brokerages recently commented on PATK. ValuEngine upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating in a report on Monday, December 11th. Zacks Investment Research upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $55.33 price target for the company in a research note on Saturday, September 16th. Robert W. Baird reiterated a “buy” rating and issued a $72.00 price target on shares of Patrick Industries in a research note on Friday, December 22nd. Bank of America increased their price objective on shares of Patrick Industries from $56.67 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, October 24th. Finally, KeyCorp initiated coverage on shares of Patrick Industries in a research report on Friday, December 15th. They issued an “overweight” rating and a $80.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $68.80.
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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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