Patrick Industries, Inc. (NASDAQ:PATK) Holdings Cut by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lowered its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 91.5% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,900 shares of the construction company’s stock after selling 540,100 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Patrick Industries were worth $2,140,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PATK. Private Capital Group LLC bought a new position in Patrick Industries in the second quarter worth about $56,000. Tyers Asset Management LLC lifted its holdings in Patrick Industries by 20.4% in the second quarter. Tyers Asset Management LLC now owns 2,736 shares of the construction company’s stock worth $135,000 after acquiring an additional 464 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its holdings in Patrick Industries by 187.3% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,747 shares of the construction company’s stock worth $135,000 after acquiring an additional 1,791 shares during the last quarter. Riverhead Capital Management LLC lifted its holdings in Patrick Industries by 20.0% in the second quarter. Riverhead Capital Management LLC now owns 3,000 shares of the construction company’s stock worth $148,000 after acquiring an additional 500 shares during the last quarter. Finally, Elkfork Partners LLC lifted its holdings in Patrick Industries by 20.4% in the second quarter. Elkfork Partners LLC now owns 3,762 shares of the construction company’s stock worth $185,000 after acquiring an additional 638 shares during the last quarter. 88.48% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director M Scott Welch acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were acquired at an average price of $39.00 per share, for a total transaction of $390,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Andy L. Nemeth sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $45.00, for a total transaction of $675,000.00. Following the transaction, the president now owns 172,982 shares in the company, valued at approximately $7,784,190. The disclosure for this sale can be found here. Insiders sold 105,269 shares of company stock worth $5,256,741 in the last 90 days. 7.60% of the stock is owned by company insiders.

Shares of NASDAQ:PATK opened at $51.16 on Friday. The firm’s 50 day moving average is $44.71 and its two-hundred day moving average is $44.08. Patrick Industries, Inc. has a 52 week low of $27.32 and a 52 week high of $55.87. The firm has a market capitalization of $1.24 billion, a P/E ratio of 11.00, a PEG ratio of 2.03 and a beta of 2.16. The company has a current ratio of 2.61, a quick ratio of 1.31 and a debt-to-equity ratio of 1.51.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, October 24th. The construction company reported $0.92 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.04). Patrick Industries had a net margin of 4.16% and a return on equity of 20.73%. The firm had revenue of $566.19 million during the quarter, compared to analyst estimates of $576.97 million. During the same quarter in the previous year, the business posted $1.15 EPS. Patrick Industries’s revenue for the quarter was down 1.6% compared to the same quarter last year. Analysts predict that Patrick Industries, Inc. will post 3.75 EPS for the current year.

Several equities research analysts have commented on PATK shares. ValuEngine upgraded shares of Patrick Industries from a “strong sell” rating to a “sell” rating in a research note on Thursday, October 31st. Zacks Investment Research lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Saturday, October 5th. Robert W. Baird raised their price target on shares of Patrick Industries from $46.00 to $54.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. They noted that the move was a valuation call. BidaskClub upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, TheStreet lowered shares of Patrick Industries from a “b-” rating to a “c+” rating in a research note on Friday, August 2nd. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $49.80.

Patrick Industries Company 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; decorative vinyl and paper laminated panels; 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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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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