Great West Life Assurance Co. Can boosted its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 3.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,980 shares of the construction company’s stock after buying an additional 750 shares during the period. Great West Life Assurance Co. Can owned approximately 0.14% of Patrick Industries worth $1,673,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Aperio Group LLC raised its stake 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 during the period. Eqis Capital Management Inc. bought a new position in Patrick Industries during the second quarter valued at approximately $226,000. State of Alaska Department of Revenue increased 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 increased 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, Nuveen Asset Management LLC increased its position in Patrick Industries by 12.1% in the first quarter. Nuveen Asset Management LLC now owns 6,329 shares of the construction company’s stock valued at $449,000 after buying an additional 682 shares in the last quarter. 89.87% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Patrick Industries, Inc. (NASDAQ PATK) opened at 73.30 on Wednesday. The firm has a market capitalization of $1.23 billion, a P/E ratio of 17.92 and a beta of 0.92. The firm’s 50-day moving average is $72.79 and its 200-day moving average is $72.40. Patrick Industries, Inc. has a 52 week low of $50.80 and a 52 week high of $86.10.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, July 27th. The construction company reported $1.28 earnings per share (EPS) for the quarter, topping 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 business posted $1.10 earnings per share. The firm’s revenue was up 29.2% on a year-over-year basis. Equities analysts anticipate that Patrick Industries, Inc. will post $4.34 EPS for the current year.

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PATK has been the topic of several research reports. Zacks Investment Research upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $77.00 price target on the stock in a research note on Tuesday, August 22nd. BidaskClub upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating in a research note on Friday, June 9th. Finally, Wells Fargo & Company reiterated a “market perform” rating and set a $75.00 price objective (up from $72.00) on shares of Patrick Industries in a research note on Monday, June 19th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Patrick Industries has an average rating of “Hold” and an average target price of $76.50.

In related news, Director Walter E. Wells sold 3,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $72.12, for a total transaction of $216,360.00. Following the completion of the sale, the director now owns 44,240 shares in the company, valued at $3,190,588.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.20% of the company’s stock.

Patrick Industries Company Profile

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.

Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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