Victory Capital Management Inc. grew its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 28.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 206,348 shares of the construction company’s stock after purchasing an additional 46,237 shares during the period. Victory Capital Management Inc. owned approximately 0.82% of Patrick Industries worth $14,331,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in PATK. Alliancebernstein L.P. raised its holdings in Patrick Industries by 2.8% in the 2nd quarter. Alliancebernstein L.P. now owns 18,550 shares of the construction company’s stock worth $1,351,000 after acquiring an additional 500 shares during the last quarter. Nationwide Fund Advisors raised its holdings in Patrick Industries by 3.2% in the 2nd quarter. Nationwide Fund Advisors now owns 8,973 shares of the construction company’s stock worth $654,000 after acquiring an additional 281 shares during the last quarter. New York State Common Retirement Fund raised its holdings in Patrick Industries by 5.3% in the 2nd quarter. New York State Common Retirement Fund now owns 31,526 shares of the construction company’s stock worth $2,297,000 after acquiring an additional 1,599 shares during the last quarter. UBS Asset Management Americas Inc. purchased a new position in Patrick Industries in the 2nd quarter worth approximately $202,000. Finally, Northern Trust Corp raised its holdings in Patrick Industries by 9.3% in the 2nd quarter. Northern Trust Corp now owns 263,341 shares of the construction company’s stock worth $19,184,000 after acquiring an additional 22,512 shares during the last quarter. Hedge funds and other institutional investors own 61.29% of the company’s stock.
In other news, Director John A. Forbes sold 1,000 shares of the business’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $65.80, for a total transaction of $65,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jeff Rodino sold 3,511 shares of the business’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $102.22, for a total transaction of $358,894.42. Following the sale, the executive vice president now directly owns 75,315 shares of the company’s stock, valued at approximately $7,698,699.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,234 shares of company stock valued at $2,485,568. 5.20% of the stock is currently owned by insiders.
Shares of Patrick Industries, Inc. (NASDAQ PATK) opened at $62.75 on Wednesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.23 and a quick ratio of 1.00. Patrick Industries, Inc. has a 1 year low of $40.07 and a 1 year high of $72.35. The company has a market cap of $1,534.16, a P/E ratio of 21.54, a price-to-earnings-growth ratio of 1.27 and a beta of 0.84.
Patrick Industries announced that its Board of Directors has initiated a share repurchase plan on Tuesday, January 30th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the construction company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
PATK has been the subject of a number of recent analyst reports. Robert W. Baird restated a “buy” rating and issued a $72.00 price objective on shares of Patrick Industries in a report on Friday, December 22nd. KeyCorp initiated coverage on shares of Patrick Industries in a report on Friday, December 15th. They issued an “overweight” rating and a $80.00 price objective for the company. Wells Fargo & Co restated a “market perform” rating and issued a $66.00 price objective (down from $90.00) on shares of Patrick Industries in a report on Thursday, December 14th. Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research report on Thursday, October 26th. Finally, Bank of America lifted their target price on shares of Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Patrick Industries presently has an average rating of “Buy” and an average target price of $72.40.
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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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