Citigroup Inc. Reduces Stake in Patrick Industries, Inc. (PATK)
Citigroup Inc. lessened its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 6.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,753 shares of the construction company’s stock after selling 976 shares during the period. Citigroup Inc. owned 0.08% of Patrick Industries worth $1,002,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in PATK. GW&K Investment Management LLC bought a new stake in shares of Patrick Industries during the 2nd quarter valued at $22,840,000. Teachers Advisors LLC boosted its holdings in shares of Patrick Industries by 640.0% during the 2nd quarter. Teachers Advisors LLC now owns 195,788 shares of the construction company’s stock valued at $14,263,000 after buying an additional 169,329 shares in the last quarter. Thompson Siegel & Walmsley LLC bought a new stake in shares of Patrick Industries during the 2nd quarter valued at $5,240,000. Neuberger Berman Group LLC boosted its holdings in shares of Patrick Industries by 10.6% during the 2nd quarter. Neuberger Berman Group LLC now owns 510,710 shares of the construction company’s stock valued at $37,205,000 after buying an additional 49,035 shares in the last quarter. Finally, Tygh Capital Management Inc. boosted its holdings in shares of Patrick Industries by 84.8% during the 2nd quarter. Tygh Capital Management Inc. now owns 99,426 shares of the construction company’s stock valued at $7,243,000 after buying an additional 45,630 shares in the last quarter. Hedge funds and other institutional investors own 89.73% of the company’s stock.
A number of analysts have recently commented on PATK shares. Zacks Investment Research upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $82.00 target price on the stock in a report on Thursday, August 31st. Wells Fargo & Company restated a “market perform” rating and set a $75.00 target price (up previously from $72.00) on shares of Patrick Industries in a report on Monday, June 19th. Finally, BidaskClub upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating in a report on Friday, June 9th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $80.75.
Patrick Industries, Inc. (PATK) opened at 84.60 on Friday. Patrick Industries, Inc. has a 52 week low of $50.80 and a 52 week high of $87.90. The company has a 50-day moving average of $76.64 and a 200-day moving average of $72.41. The company has a market cap of $1.42 billion, a PE ratio of 20.68 and a beta of 0.89.
Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, July 27th. The construction company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.12. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. The company had revenue of $407.20 million for 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 firm’s revenue for the quarter was up 29.2% compared to the same quarter last year. On average, equities 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 dated Wednesday, September 6th. The stock was sold at an average price of $73.00, for a total transaction of $37,960.00. Following the sale, the vice president now owns 7,445 shares of the company’s stock, valued at $543,485. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Andy L. Nemeth sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $79.95, for a total value of $799,500.00. Following the sale, the president now directly owns 79,193 shares in the company, valued at approximately $6,331,480.35. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 198,546 shares of company stock worth $16,327,660. 6.20% of the stock is owned by corporate 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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