Tiverton Asset Management LLC Has $3.96 Million Holdings in Patrick Industries, Inc. (PATK)
Tiverton Asset Management LLC decreased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 24.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 54,311 shares of the construction company’s stock after selling 17,911 shares during the period. Tiverton Asset Management LLC owned approximately 0.33% of Patrick Industries worth $3,956,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PATK. Public Employees Retirement System of Ohio increased its position in Patrick Industries by 2.3% during the 1st quarter. Public Employees Retirement System of Ohio now owns 84,005 shares of the construction company’s stock worth $5,956,000 after purchasing an additional 1,877 shares during the period. Nuveen Asset Management LLC increased its position in Patrick Industries by 12.1% during the 1st quarter. Nuveen Asset Management LLC now owns 6,329 shares of the construction company’s stock worth $449,000 after purchasing an additional 682 shares during the period. GW&K Investment Management LLC acquired a new position in Patrick Industries during the 2nd quarter worth approximately $22,840,000. State of Alaska Department of Revenue increased its position in Patrick Industries by 78.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 3,132 shares of the construction company’s stock worth $228,000 after purchasing an additional 1,372 shares during the period. Finally, Eqis Capital Management Inc. acquired a new position in Patrick Industries during the 2nd quarter worth approximately $226,000. Institutional investors own 89.83% of the company’s stock.
Several equities analysts have issued reports on the company. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $83.00 target price on the stock in a research report on Saturday. Wells Fargo & Company reiterated a “market perform” rating and set a $75.00 target price (up previously from $72.00) on shares of Patrick Industries in a research report on Monday, June 19th. Finally, BidaskClub cut Patrick Industries from a “buy” rating to a “hold” rating in a research report on Saturday, July 8th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Patrick Industries currently has a consensus rating of “Buy” and a consensus price target of $78.00.
Patrick Industries, Inc. (NASDAQ:PATK) traded up 2.42% during trading on Friday, reaching $76.30. The company’s stock had a trading volume of 153,917 shares. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of 18.66 and a beta of 0.91. The firm has a 50 day moving average of $72.89 and a 200 day moving average of $71.65. Patrick Industries, Inc. has a 52 week low of $50.80 and a 52 week high of $86.10.
Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, July 27th. The construction company reported $1.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.12. The company had revenue of $407.20 million during the quarter, compared to the consensus estimate of $384.54 million. Patrick Industries had a net margin of 4.66% and a return on equity of 26.46%. The firm’s revenue was up 29.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.10 earnings per share. Analysts expect that Patrick Industries, Inc. will post $4.35 EPS for the current year.
In related news, VP Joshua A. Boone sold 520 shares of the firm’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $73.00, for a total value of $37,960.00. Following the completion of the transaction, the vice president now owns 7,445 shares of the company’s stock, valued at $543,485. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 completion of the transaction, the director now directly owns 52,811 shares of the company’s stock, valued at approximately $3,960,825. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,120 shares of company stock valued at $1,196,440. 6.20% of the stock is owned by insiders.
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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