Wasatch Advisors Inc. Maintains Stake in Patrick Industries, Inc. (PATK)
Wasatch Advisors Inc. continued to hold its stake in Patrick Industries, Inc. (NASDAQ:PATK) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,000 shares of the construction company’s stock at the end of the 2nd quarter. Wasatch Advisors Inc. owned about 0.14% of Patrick Industries worth $1,748,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently modified their holdings of the company. Ameritas Investment Partners Inc. boosted its stake in shares of Patrick Industries by 13.4% in the second quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock worth $104,000 after acquiring an additional 168 shares during the last quarter. Pinebridge Investments L.P. boosted its stake in shares of Patrick Industries by 10.0% in the second quarter. Pinebridge Investments L.P. now owns 2,097 shares of the construction company’s stock worth $153,000 after acquiring an additional 191 shares during the last quarter. Pacad Investment Ltd. boosted its stake in shares of Patrick Industries by 76.9% in the second quarter. Pacad Investment Ltd. now owns 2,300 shares of the construction company’s stock worth $168,000 after acquiring an additional 1,000 shares during the last quarter. Advisor Group Inc. boosted its stake in shares of Patrick Industries by 12.1% in the second quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock worth $168,000 after acquiring an additional 247 shares during the last quarter. Finally, UBS Asset Management Americas Inc. acquired a new stake in shares of Patrick Industries in the second quarter worth approximately $202,000. 89.73% of the stock is currently owned by hedge funds and other institutional investors.
Patrick Industries, Inc. (NASDAQ PATK) opened at 84.00 on Thursday. The firm’s 50-day moving average price is $79.81 and its 200-day moving average price is $73.31. Patrick Industries, Inc. has a 1-year low of $50.80 and a 1-year high of $87.90. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of 20.54 and a beta of 0.89.
Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, July 27th. The construction company reported $1.28 earnings per share 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 the consensus estimate of $384.54 million. During the same period last year, the business posted $1.10 EPS. Patrick Industries’s quarterly revenue was up 29.2% on a year-over-year basis. On average, equities research analysts anticipate that Patrick Industries, Inc. will post $4.35 earnings per share for the current year.
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In other Patrick Industries news, CEO Todd M. Cleveland sold 10,000 shares of the stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $86.26, for a total transaction of $862,600.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Walter E. Wells sold 3,000 shares of the stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $72.12, for a total value of $216,360.00. Following the sale, the director now owns 44,240 shares in the company, valued at approximately $3,190,588.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 198,546 shares of company stock worth $16,327,660. 6.20% of the stock is owned by insiders.
A number of brokerages have recently issued reports on PATK. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “buy” rating and set a $94.00 price target on the stock in a research note on Friday, September 29th. Robert W. Baird reaffirmed a “buy” rating on shares of Patrick Industries in a research note on Thursday, October 12th. Finally, BidaskClub lowered Patrick Industries from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $80.75.
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.
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