Patrick Industries, Inc. (PATK) Shares Sold by ClariVest Asset Management LLC
ClariVest Asset Management LLC decreased its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 0.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 66,109 shares of the construction company’s stock after selling 130 shares during the period. ClariVest Asset Management LLC owned 0.40% of Patrick Industries worth $4,816,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently added to or reduced their stakes in PATK. Aperio Group LLC boosted its position in Patrick Industries by 2.9% in the second quarter. Aperio Group LLC now owns 3,064 shares of the construction company’s stock valued at $223,000 after buying an additional 85 shares in the last quarter. Eqis Capital Management Inc. purchased a new position in Patrick Industries during the second quarter valued at $226,000. State of Alaska Department of Revenue boosted its position in Patrick Industries by 78.0% in the second quarter. State of Alaska Department of Revenue now owns 3,132 shares of the construction company’s stock valued at $228,000 after buying an additional 1,372 shares in the last quarter. Municipal Employees Retirement System of Michigan boosted its position in Patrick Industries by 13.6% in the second quarter. Municipal Employees Retirement System of Michigan now owns 3,760 shares of the construction company’s stock valued at $274,000 after buying an additional 450 shares in the last quarter. Finally, NJ State Employees Deferred Compensation Plan purchased a new position in Patrick Industries during the second quarter valued at $437,000. Institutional investors and hedge funds own 91.21% of the company’s stock.
Patrick Industries, Inc. (NASDAQ:PATK) opened at 73.95 on Tuesday. The stock has a market cap of $1.24 billion, a PE ratio of 18.08 and a beta of 0.92. Patrick Industries, Inc. has a one year low of $50.80 and a one year high of $86.10. The stock has a 50 day moving average price of $73.73 and a 200-day moving average price of $73.03.
Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 27th. The construction company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.16 by $0.12. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. The firm had revenue of $407.20 million during the quarter, compared to analysts’ expectations of $384.54 million. During the same quarter last year, the firm earned $1.10 earnings per share. The business’s revenue for the quarter was up 29.2% on a year-over-year basis. Equities research analysts expect that Patrick Industries, Inc. will post $4.34 earnings per share for the current fiscal year.
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Several equities analysts have weighed in on PATK shares. Bank of America Corporation started coverage on Patrick Industries in a report on Monday, April 17th. They set a “buy” rating and a $80.00 price target for the company. BidaskClub upgraded Patrick Industries from a “hold” rating to a “buy” rating in a report on Friday, June 9th. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a report on Tuesday, May 23rd. Wells Fargo & Company reiterated a “market perform” rating and issued a $75.00 target price (up previously from $72.00) on shares of Patrick Industries in a report on Monday, June 19th. Finally, Robert W. Baird started coverage on Patrick Industries in a report on Friday, April 21st. They issued an “outperform” rating and a $74.00 target price for the company. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Patrick Industries has a consensus rating of “Buy” and an average target price of $76.00.
In related news, Director Walter E. Wells sold 3,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $72.12, for a total value of $216,360.00. Following the completion of the sale, the director now owns 44,240 shares of the company’s stock, valued at $3,190,588.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director M Scott Welch purchased 5,000 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was bought at an average cost of $66.50 per share, with a total value of $332,500.00. Following the acquisition, the director now owns 24,908 shares of the company’s stock, valued at approximately $1,656,382. The disclosure for this purchase can be found here. 6.20% of the stock is currently owned by company insiders.
About Patrick Industries
Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.
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