PNC Financial Services Group Inc. lessened its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 0.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 612,371 shares of the construction company’s stock after selling 2,834 shares during the quarter. PNC Financial Services Group Inc. owned about 3.73% of Patrick Industries worth $44,611,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PATK. Pacad Investment Ltd. lifted its position in shares of Patrick Industries by 76.9% during the 2nd quarter. Pacad Investment Ltd. now owns 2,300 shares of the construction company’s stock worth $168,000 after buying an additional 1,000 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Patrick Industries during the 2nd quarter worth approximately $204,000. Aperio Group LLC lifted its position in shares of Patrick Industries by 2.9% during the 2nd quarter. Aperio Group LLC now owns 3,064 shares of the construction company’s stock worth $223,000 after buying an additional 85 shares during the last quarter. Eqis Capital Management Inc. purchased a new stake in shares of Patrick Industries during the 2nd quarter worth approximately $226,000. Finally, State of Alaska Department of Revenue lifted its position in shares of 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 buying an additional 1,372 shares during the last quarter. Institutional investors and hedge funds own 89.73% of the company’s stock.

Patrick Industries, Inc. (NASDAQ:PATK) traded up 0.39% during mid-day trading on Monday, reaching $76.60. 654 shares of the company traded hands. Patrick Industries, Inc. has a 52-week low of $50.80 and a 52-week high of $86.10. The stock has a market capitalization of $1.29 billion, a PE ratio of 18.73 and a beta of 0.91. The firm’s 50-day moving average is $72.89 and its 200 day moving average is $71.65.

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, topping analysts’ consensus estimates of $1.16 by $0.12. Patrick Industries had a net margin of 4.66% and a return on equity of 26.46%. The business had revenue of $407.20 million during the quarter, compared to the consensus estimate of $384.54 million. During the same quarter last year, the company earned $1.10 earnings per share. The business’s quarterly revenue was up 29.2% compared to the same quarter last year. On average, equities research analysts expect that Patrick Industries, Inc. will post $4.35 earnings per share for the current year.

Several brokerages have recently weighed in on PATK. Wells Fargo & Company restated a “market perform” rating and set a $75.00 price objective (up previously from $72.00) on shares of Patrick Industries in a research report on Monday, June 19th. Zacks Investment Research upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Tuesday, May 23rd. Finally, BidaskClub downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Saturday, July 8th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $78.00.

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In related news, Director Walter E. Wells sold 3,000 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $72.12, for a total transaction of $216,360.00. Following the transaction, the director now directly owns 44,240 shares in the company, valued at $3,190,588.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd M. Cleveland sold 1,435 shares of the firm’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $74.47, for a total value of $106,864.45. Following the transaction, the chief executive officer now owns 390,792 shares in the company, valued at $29,102,280.24. The disclosure for this sale can be found here. Insiders have sold 16,120 shares of company stock worth $1,196,440 over the last 90 days. 6.20% of the stock is currently owned by company 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.

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

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