48,700 Shares in Patrick Industries, Inc. (PATK) Purchased by PDT Partners LLC
PDT Partners LLC acquired a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 48,700 shares of the construction company’s stock, valued at approximately $3,548,000. PDT Partners LLC owned about 0.29% of Patrick Industries as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pinebridge Investments L.P. grew its holdings in Patrick Industries by 10.0% in the 2nd quarter. Pinebridge Investments L.P. now owns 2,097 shares of the construction company’s stock valued at $153,000 after buying an additional 191 shares in the last quarter. Pacad Investment Ltd. increased its stake in shares of Patrick Industries by 76.9% in the 2nd 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. increased its stake in shares of Patrick Industries by 12.1% in the 2nd 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. UBS Asset Management Americas Inc. acquired a new stake in shares of Patrick Industries in the 2nd quarter worth $202,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Patrick Industries in the 2nd quarter worth $204,000. 89.73% of the stock is currently owned by institutional investors.
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Shares of Patrick Industries, Inc. (NASDAQ PATK) opened at 86.25 on Tuesday. The stock’s 50 day moving average is $75.14 and its 200-day moving average is $72.02. Patrick Industries, Inc. has a one year low of $50.80 and a one year high of $86.25. The firm has a market cap of $1.45 billion, a P/E ratio of 21.09 and a beta of 0.88.
Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results 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 for the quarter, compared to analysts’ expectations 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 for the quarter was up 29.2% compared to the same quarter last year. During the same period last year, the company earned $1.10 EPS. Analysts anticipate that Patrick Industries, Inc. will post $4.35 EPS for the current fiscal year.
Several research analysts have recently commented on PATK shares. BidaskClub upgraded Patrick Industries from a “hold” rating to a “buy” rating in a report on Friday, June 9th. Wells Fargo & Company reissued a “market perform” rating and issued a $75.00 price objective (up previously from $72.00) on shares of Patrick Industries in a report on Monday, June 19th. Finally, Zacks Investment Research lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Friday, August 18th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $80.75.
In other Patrick Industries news, Director Jeffrey L. Et Al Gendell sold 23,942 shares of the business’s stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $83.19, for a total value of $1,991,734.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Joshua A. Boone sold 520 shares of the business’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 disclosure for this sale can be found here. In the last three months, insiders sold 135,804 shares of company stock valued at $10,953,220. Company insiders own 6.20% of the company’s stock.
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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