Riverhead Capital Management LLC increased its position in Patrick Industries, Inc. (NASDAQ:PATK) by 20.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,000 shares of the construction company’s stock after purchasing an additional 500 shares during the period. Riverhead Capital Management LLC’s holdings in Patrick Industries were worth $148,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. TimesSquare Capital Management LLC purchased a new stake in Patrick Industries in the 2nd quarter valued at $20,429,000. RK Capital Management LLC purchased a new stake in Patrick Industries in the 1st quarter valued at $6,549,000. Timucuan Asset Management Inc. FL raised its position in Patrick Industries by 640.0% in the 1st quarter. Timucuan Asset Management Inc. FL now owns 74,000 shares of the construction company’s stock valued at $3,354,000 after buying an additional 64,000 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Patrick Industries by 5.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,074,342 shares of the construction company’s stock valued at $31,812,000 after buying an additional 51,096 shares during the last quarter. Finally, LSV Asset Management raised its position in Patrick Industries by 32.0% in the 1st quarter. LSV Asset Management now owns 157,944 shares of the construction company’s stock valued at $7,158,000 after buying an additional 38,278 shares during the last quarter. Institutional investors own 90.96% of the company’s stock.

In other Patrick Industries news, Director M Scott Welch bought 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was purchased at an average cost of $39.00 per share, with a total value of $390,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 7.60% of the company’s stock.

A number of equities research analysts recently commented on the company. Zacks Investment Research raised Patrick Industries from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. TheStreet lowered Patrick Industries from a “b-” rating to a “c+” rating in a research report on Friday, August 2nd. BidaskClub raised Patrick Industries from a “strong sell” rating to a “sell” rating in a research report on Thursday. ValuEngine lowered Patrick Industries from a “sell” rating to a “strong sell” rating in a research report on Friday, August 23rd. Finally, Bank of America lowered their price target on Patrick Industries from $51.00 to $36.00 and set an “underperform” rating for the company in a research report on Wednesday, September 4th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $55.20.

Shares of Patrick Industries stock traded up $1.25 during trading hours on Friday, hitting $42.10. 154,348 shares of the company’s stock traded hands, compared to its average volume of 196,970. Patrick Industries, Inc. has a 12-month low of $27.32 and a 12-month high of $67.50. The stock has a market capitalization of $988.17 million, a price-to-earnings ratio of 9.05, a PEG ratio of 1.50 and a beta of 2.10. The company has a fifty day simple moving average of $39.62 and a 200-day simple moving average of $44.70. The company has a debt-to-equity ratio of 1.37, a current ratio of 2.01 and a quick ratio of 0.78.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, July 25th. The construction company reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.04. Patrick Industries had a return on equity of 23.07% and a net margin of 4.43%. The firm had revenue of $613.20 million during the quarter, compared to analyst estimates of $621.33 million. During the same period last year, the firm posted $1.42 EPS. The business’s revenue was up 1.4% compared to the same quarter last year. On average, analysts forecast that Patrick Industries, Inc. will post 4.03 EPS for the current fiscal year.

Patrick Industries Profile

Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; decorative vinyl and paper laminated panels; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.

Further Reading: Quick Ratio

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

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