Patrick Industries, Inc. $PATK Stake Raised by Vanguard Group Inc.

Vanguard Group Inc. raised its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 0.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,470,559 shares of the construction company’s stock after purchasing an additional 16,959 shares during the period. Vanguard Group Inc. owned 0.07% of Patrick Industries worth $267,883,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. First National Bank of Omaha purchased a new stake in shares of Patrick Industries during the 3rd quarter worth about $601,000. Citizens Financial Group Inc. RI acquired a new stake in Patrick Industries in the 3rd quarter valued at approximately $1,704,000. Truist Financial Corp grew its holdings in Patrick Industries by 133.6% in the 3rd quarter. Truist Financial Corp now owns 16,812 shares of the construction company’s stock valued at $1,739,000 after buying an additional 9,616 shares during the last quarter. SG Americas Securities LLC grew its holdings in Patrick Industries by 12,134.2% in the 4th quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock valued at $28,123,000 after buying an additional 257,245 shares during the last quarter. Finally, Watchtower Advisors LP grew its holdings in Patrick Industries by 50.0% in the 3rd quarter. Watchtower Advisors LP now owns 150,000 shares of the construction company’s stock valued at $15,514,000 after buying an additional 50,000 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Trading Down 0.2%

NASDAQ PATK opened at $95.17 on Friday. Patrick Industries, Inc. has a 12 month low of $82.24 and a 12 month high of $148.50. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $3.15 billion, a PE ratio of 24.40 and a beta of 1.12. The stock has a 50-day simple moving average of $110.13 and a 200 day simple moving average of $113.94.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The firm had revenue of $997.17 million during the quarter, compared to analysts’ expectations of $989.06 million. During the same period in the previous year, the firm earned $1.11 earnings per share. The company’s revenue was down .6% on a year-over-year basis. Research analysts forecast that Patrick Industries, Inc. will post 4.94 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PATK. Benchmark lowered their target price on Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Zacks Research lowered Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday. Wall Street Zen lowered Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Roth Mkm set a $128.00 price objective on Patrick Industries in a report on Tuesday. Finally, Robert W. Baird set a $110.00 target price on Patrick Industries in a research report on Friday, May 1st. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Patrick Industries has an average rating of “Moderate Buy” and an average price target of $122.63.

Insider Transactions at Patrick Industries

In other news, Director M Scott Welch acquired 10,050 shares of Patrick Industries stock in a transaction dated Tuesday, May 5th. The stock was bought at an average cost of $88.23 per share, with a total value of $886,711.50. Following the completion of the transaction, the director directly owned 156,000 shares of the company’s stock, valued at approximately $13,763,880. This represents a 6.89% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Hugo E. Gonzalez sold 13,514 shares of the company’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $113.10, for a total value of $1,528,433.40. Following the sale, the chief operating officer owned 33,864 shares in the company, valued at $3,830,018.40. The trade was a 28.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders acquired 37,310 shares of company stock valued at $3,541,295. Insiders own 3.80% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.