BlackRock Inc. increased its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 53.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,975,758 shares of the construction company’s stock after buying an additional 1,039,798 shares during the quarter. BlackRock Inc. owned about 11.79% of Patrick Industries worth $206,667,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of PATK. Bank of New York Mellon Corp increased its stake in shares of Patrick Industries by 47.5% during the fourth quarter. Bank of New York Mellon Corp now owns 295,232 shares of the construction company’s stock valued at $20,504,000 after buying an additional 95,034 shares during the period. Rhumbline Advisers increased its stake in shares of Patrick Industries by 74.6% during the fourth quarter. Rhumbline Advisers now owns 54,947 shares of the construction company’s stock valued at $3,816,000 after buying an additional 23,482 shares during the period. Arizona State Retirement System increased its stake in shares of Patrick Industries by 385.3% during the fourth quarter. Arizona State Retirement System now owns 40,138 shares of the construction company’s stock valued at $2,788,000 after buying an additional 31,868 shares during the period. Pinebridge Investments L.P. increased its stake in shares of Patrick Industries by 363.7% during the fourth quarter. Pinebridge Investments L.P. now owns 9,163 shares of the construction company’s stock valued at $636,000 after buying an additional 7,187 shares during the period. Finally, Intrust Bank NA increased its stake in shares of Patrick Industries by 67.7% during the fourth quarter. Intrust Bank NA now owns 6,449 shares of the construction company’s stock valued at $448,000 after buying an additional 2,604 shares during the period. Institutional investors own 88.03% of the company’s stock.
PATK has been the topic of several research reports. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research note on Thursday, February 15th. BidaskClub upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, March 14th. Robert W. Baird reiterated a “buy” rating and issued a $72.00 target price on shares of Patrick Industries in a research note on Friday, December 22nd. KeyCorp started coverage on Patrick Industries in a research note on Friday, December 15th. They issued an “overweight” rating and a $80.00 target price on the stock. Finally, Wells Fargo reiterated a “market perform” rating and issued a $66.00 target price (down previously from $90.00) on shares of Patrick Industries in a research note on Thursday, December 14th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Patrick Industries has an average rating of “Buy” and an average price target of $74.60.
In related news, Director M Scott Welch purchased 1,272 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was bought at an average cost of $62.47 per share, with a total value of $79,461.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Courtney Blosser sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, March 16th. The shares were sold at an average price of $67.32, for a total value of $134,640.00. Following the completion of the transaction, the insider now directly owns 41,965 shares of the company’s stock, valued at $2,825,083.80. The disclosure for this sale can be found here. Insiders own 5.20% of the company’s stock.
Shares of Patrick Industries stock traded down $1.55 on Friday, reaching $60.70. 189,707 shares of the stock were exchanged, compared to its average volume of 199,750. The company has a quick ratio of 0.72, a current ratio of 2.01 and a debt-to-equity ratio of 0.91. Patrick Industries, Inc. has a twelve month low of $40.07 and a twelve month high of $72.35. The company has a market capitalization of $1,585.58, a price-to-earnings ratio of 19.09, a price-to-earnings-growth ratio of 1.30 and a beta of 0.83.
Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 15th. The construction company reported $0.87 EPS for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.14. Patrick Industries had a return on equity of 23.60% and a net margin of 5.24%. The firm had revenue of $475.57 million during the quarter, compared to the consensus estimate of $415.87 million. During the same quarter in the previous year, the company posted $0.59 earnings per share. The company’s revenue was up 46.8% compared to the same quarter last year. research analysts anticipate that Patrick Industries, Inc. will post 4.17 EPS for the current fiscal year.
Patrick Industries announced that its board has approved a share buyback plan on Tuesday, January 30th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the construction company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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About Patrick Industries
Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.
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