Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by Rivermont Capital Management LP

Rivermont Capital Management LP grew its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 136.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 147,899 shares of the construction company’s stock after acquiring an additional 85,348 shares during the quarter. Patrick Industries comprises 4.6% of Rivermont Capital Management LP’s portfolio, making the stock its 14th biggest position. Rivermont Capital Management LP’s holdings in Patrick Industries were worth $12,287,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Kestra Investment Management LLC acquired a new stake in Patrick Industries during the 4th quarter worth approximately $25,000. Covestor Ltd grew its stake in Patrick Industries by 10,400.0% during the fourth quarter. Covestor Ltd now owns 315 shares of the construction company’s stock worth $26,000 after buying an additional 312 shares during the period. Quadrant Capital Group LLC increased its position in shares of Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after acquiring an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after acquiring an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its stake in shares of Patrick Industries by 812.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after buying an additional 528 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Stock Down 3.6%

PATK stock opened at $86.60 on Thursday. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 1.41 and a beta of 2.05. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The firm has a fifty day moving average price of $82.36 and a two-hundred day moving average price of $86.81. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.13. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.79 EPS. Research analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Insider Activity

In related news, Director M Scott Welch purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were acquired at an average price of $86.22 per share, with a total value of $862,200.00. Following the acquisition, the director now owns 136,000 shares in the company, valued at approximately $11,725,920. This trade represents a 7.94% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the transaction, the executive vice president now owns 18,044 shares of the company’s stock, valued at approximately $1,543,303.32. The trade was a 13.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Benchmark upped their price target on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Robert W. Baird decreased their target price on shares of Patrick Industries from $96.00 to $84.00 and set a “neutral” rating for the company in a research note on Friday, May 2nd. Raymond James lowered their price target on shares of Patrick Industries from $103.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. StockNews.com upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. Finally, Roth Mkm restated a “buy” rating and set a $100.00 target price (down from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Patrick Industries has a consensus rating of “Moderate Buy” and an average price target of $96.29.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.