Prudential Financial Inc. lowered its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 3.6% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 106,609 shares of the construction company’s stock after selling 3,929 shares during the period. Prudential Financial Inc.’s holdings in Patrick Industries were worth $5,245,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of PATK. Cutler Group LP acquired a new position in shares of Patrick Industries during the 1st quarter worth $53,000. Everence Capital Management Inc. acquired a new position in Patrick Industries in the 1st quarter worth about $202,000. D.B. Root & Company LLC acquired a new position in Patrick Industries in the 2nd quarter worth about $210,000. BNP Paribas Arbitrage SA increased its holdings in Patrick Industries by 53,288.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 4,805 shares of the construction company’s stock worth $218,000 after purchasing an additional 4,796 shares in the last quarter. Finally, Janus Henderson Group PLC acquired a new position in Patrick Industries in the 2nd quarter worth about $226,000. 90.96% of the stock is owned by institutional investors.
In related news, Director M Scott Welch purchased 10,000 shares of Patrick Industries stock in a transaction on Wednesday, August 14th. The shares were purchased at an average price of $39.00 per share, for a total transaction of $390,000.00. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 7.60% of the company’s stock.
Shares of NASDAQ PATK traded up $1.15 during trading on Friday, reaching $42.00. The company had a trading volume of 2,313 shares, compared to its average volume of 191,657. The company’s fifty day moving average price is $39.67 and its 200-day moving average price is $44.72. Patrick Industries, Inc. has a 12 month low of $27.32 and a 12 month high of $67.50. The stock has a market cap of $920.86 million, a P/E ratio of 9.02, a PEG ratio of 1.39 and a beta of 2.10. The company has a quick ratio of 0.78, a current ratio of 2.01 and a debt-to-equity ratio of 1.37.
Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, July 25th. The construction company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.04. Patrick Industries had a return on equity of 23.07% and a net margin of 4.43%. The firm had revenue of $613.20 million for the quarter, compared to analyst estimates of $621.33 million. During the same quarter in the previous year, the company posted $1.42 EPS. The business’s revenue was up 1.4% on a year-over-year basis. As a group, equities analysts predict that Patrick Industries, Inc. will post 4.03 earnings per share for the current year.
PATK has been the subject of a number of recent research reports. Bank of America lowered their target price on Patrick Industries from $51.00 to $36.00 and set an “underperform” rating for the company in a report on Wednesday, September 4th. TheStreet cut Patrick Industries from a “b-” rating to a “c+” rating in a report on Friday, August 2nd. BidaskClub upgraded Patrick Industries from a “strong sell” rating to a “sell” rating in a research report on Thursday. Zacks Investment Research upgraded Patrick Industries from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Finally, ValuEngine lowered Patrick Industries from a “sell” rating to a “strong sell” rating in a research report on Friday, August 23rd. Three research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $55.20.
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; 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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