Russell Investments Group Ltd. Sells 27,157 Shares of Patrick Industries, Inc. (PATK)
Russell Investments Group Ltd. lessened its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 52.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,428 shares of the construction company’s stock after selling 27,157 shares during the period. Russell Investments Group Ltd. owned approximately 0.15% of Patrick Industries worth $1,780,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. GW&K Investment Management LLC purchased a new position in Patrick Industries in the 2nd quarter valued at approximately $22,840,000. Public Employees Retirement System of Ohio boosted its position in Patrick Industries by 2.3% in the 1st quarter. Public Employees Retirement System of Ohio now owns 84,005 shares of the construction company’s stock valued at $5,956,000 after buying an additional 1,877 shares during the period. Nuveen Asset Management LLC boosted its position in Patrick Industries by 12.1% in the 1st 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 during the period. State of Alaska Department of Revenue boosted its position in Patrick Industries by 78.0% in the 2nd 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 during the period. Finally, Eqis Capital Management Inc. purchased a new position in Patrick Industries in the 2nd quarter valued at approximately $226,000. 89.83% of the stock is owned by institutional investors.
Several brokerages have commented on PATK. Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $82.00 price target for the company in a research report on Thursday, August 31st. BidaskClub cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Saturday, July 8th. Finally, Wells Fargo & Company reissued a “market perform” rating and issued a $75.00 price target (up previously from $72.00) on shares of Patrick Industries in a research report on Monday, June 19th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $77.75.
In related news, Director Walter E. Wells sold 3,000 shares of the firm’s stock in a transaction on Thursday, August 10th. The shares were 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 directly owns 44,240 shares of the company’s stock, valued at approximately $3,190,588.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Paul E. Hassler sold 5,000 shares of the firm’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $75.00, for a total transaction of $375,000.00. Following the sale, the director now directly owns 52,811 shares of the company’s stock, valued at $3,960,825. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,600 shares of company stock valued at $783,480. Company insiders own 6.20% of the company’s stock.
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Patrick Industries, Inc. (NASDAQ:PATK) traded up 0.62% during midday trading on Wednesday, hitting $72.75. 38,312 shares of the stock traded hands. Patrick Industries, Inc. has a one year low of $50.80 and a one year high of $86.10. The company’s 50-day moving average is $72.74 and its 200-day moving average is $71.78. The company has a market cap of $1.22 billion, a PE ratio of 17.79 and a beta of 0.91.
Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, July 27th. The construction company reported $1.28 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.12. The business had revenue of $407.20 million during the quarter, compared to analyst estimates of $384.54 million. Patrick Industries had a net margin of 4.66% and a return on equity of 26.46%. The business’s revenue was up 29.2% on a year-over-year basis. During the same period last year, the business earned $1.10 EPS. Equities research analysts expect that Patrick Industries, Inc. will post $4.34 EPS for the current fiscal year.
Patrick Industries 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.
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