California Public Employees Retirement System grew its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 52.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,899 shares of the construction company’s stock after purchasing an additional 17,796 shares during the quarter. California Public Employees Retirement System owned approximately 0.21% of Patrick Industries worth $3,604,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. GW&K Investment Management LLC raised its stake in Patrick Industries by 26.4% during the fourth quarter. GW&K Investment Management LLC now owns 398,940 shares of the construction company’s stock valued at $27,706,000 after buying an additional 83,206 shares during the last quarter. New Amsterdam Partners LLC NY grew its holdings in shares of Patrick Industries by 50.0% in the fourth quarter. New Amsterdam Partners LLC NY now owns 142,289 shares of the construction company’s stock worth $9,882,000 after acquiring an additional 47,413 shares during the period. Victory Capital Management Inc. grew its holdings in Patrick Industries by 28.9% during the fourth quarter. Victory Capital Management Inc. now owns 206,348 shares of the construction company’s stock valued at $14,331,000 after purchasing an additional 46,237 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in Patrick Industries by 52.5% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 116,886 shares of the construction company’s stock valued at $8,118,000 after purchasing an additional 40,234 shares during the period. Finally, Wasatch Advisors Inc. grew its holdings in Patrick Industries by 61.5% during the fourth quarter. Wasatch Advisors Inc. now owns 66,270 shares of the construction company’s stock valued at $4,602,000 after purchasing an additional 25,243 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.
Several equities analysts have recently commented on PATK shares. Robert W. Baird restated a “buy” rating and issued a $72.00 price objective on shares of Patrick Industries in a research report on Friday, December 22nd. ValuEngine upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research report on Monday, December 11th. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a research note on Thursday, February 15th. BidaskClub raised Patrick Industries from a “hold” rating to a “buy” rating in a research note on Thursday, February 15th. Finally, Bank of America upped their target price on Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Patrick Industries has an average rating of “Buy” and a consensus price target of $74.60.
In related news, Director M Scott Welch purchased 5,550 shares of Patrick Industries stock in a transaction that occurred on Friday, March 2nd. The stock was purchased at an average cost of $60.60 per share, with a total value of $336,330.00. Following the completion of the transaction, the director now directly owns 63,862 shares in the company, valued at $3,870,037.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Courtney Blosser sold 2,000 shares of the company’s stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $67.32, for a total transaction of $134,640.00. Following the completion of the sale, 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. 5.20% of the stock is currently owned by company insiders.
Shares of NASDAQ:PATK traded down $1.55 during trading on Friday, reaching $60.70. 189,707 shares of the company’s stock traded hands, 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 fifty-two week low of $40.07 and a fifty-two week high of $72.35. The stock has a market capitalization of $1,546.09, a PE ratio of 19.03, a price-to-earnings-growth ratio of 1.27 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 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.14. The business had revenue of $475.57 million for the quarter, compared to analyst estimates of $415.87 million. Patrick Industries had a net margin of 5.24% and a return on equity of 23.60%. The business’s revenue was up 46.8% on a year-over-year basis. During the same period last year, the company posted $0.59 EPS. sell-side analysts expect that Patrick Industries, Inc. will post 4.17 earnings per share for the current fiscal year.
Patrick Industries declared that its board has initiated a stock repurchase program on Tuesday, January 30th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the construction company to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
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Patrick Industries Profile
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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