OppenheimerFunds Inc. grew its position in Patrick Industries, Inc. (NASDAQ:PATK) by 20.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,161 shares of the construction company’s stock after buying an additional 2,602 shares during the period. OppenheimerFunds Inc. owned 0.06% of Patrick Industries worth $1,053,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Catalyst Capital Advisors LLC acquired a new stake in Patrick Industries during the 4th quarter valued at approximately $160,000. 361 Capital LLC purchased a new position in shares of Patrick Industries during the 3rd quarter valued at approximately $206,000. M&T Bank Corp purchased a new position in shares of Patrick Industries during the 4th quarter valued at approximately $224,000. Citadel Advisors LLC purchased a new position in shares of Patrick Industries during the 3rd quarter valued at approximately $304,000. Finally, Bank of Montreal Can increased its holdings in shares of Patrick Industries by 50.7% during the 4th quarter. Bank of Montreal Can now owns 4,248 shares of the construction company’s stock valued at $294,000 after purchasing an additional 1,429 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.
Several equities analysts have recently weighed in on the stock. BidaskClub lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Saturday, March 24th. Bank of America boosted their price target on shares of Patrick Industries from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, March 15th. Robert W. Baird reissued a “buy” rating on shares of Patrick Industries in a report on Friday, February 16th. Finally, Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a report on Thursday, February 15th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $74.60.
In related news, VP Joshua A. Boone sold 814 shares of the company’s stock in a transaction that occurred on Friday, March 16th. The shares were sold at an average price of $67.13, for a total transaction of $54,643.82. Following the sale, the vice president now directly owns 18,529 shares in the company, valued at $1,243,851.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Courtney Blosser sold 2,000 shares of the stock in a transaction that occurred on 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 transaction, the insider now owns 41,965 shares in the company, valued at $2,825,083.80. The disclosure for this sale can be found here. 5.20% of the stock is owned by corporate insiders.
Shares of PATK stock traded down $1.55 on Friday, hitting $60.70. 189,707 shares of the stock traded hands, compared to its average volume of 199,750. Patrick Industries, Inc. has a twelve month low of $40.07 and a twelve month high of $72.35. The company has a current ratio of 2.01, a quick ratio of 0.72 and a debt-to-equity ratio of 0.91. The stock has a market cap of $1,546.09, a price-to-earnings ratio of 19.03, a PEG ratio of 1.27 and a beta of 0.83.
Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, February 15th. The construction company reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.14. The company had revenue of $475.57 million for the quarter, compared to analysts’ expectations of $415.87 million. Patrick Industries had a net margin of 5.24% and a return on equity of 23.60%. Patrick Industries’s revenue for the quarter was up 46.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.59 earnings per share. equities research analysts predict that Patrick Industries, Inc. will post 4.17 EPS for the current year.
Patrick Industries announced that its board has authorized a stock buyback plan on Tuesday, January 30th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the construction company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management 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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