Eqis Capital Management Inc. Has $299,000 Holdings in Patrick Industries, Inc. (PATK)
Eqis Capital Management Inc. boosted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 45.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 4,309 shares of the construction company’s stock after buying an additional 1,338 shares during the quarter. Eqis Capital Management Inc.’s holdings in Patrick Industries were worth $299,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ameritas Investment Partners Inc. grew its holdings in Patrick Industries by 13.4% during the 2nd 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 period. Pinebridge Investments L.P. grew its holdings in Patrick Industries by 10.0% during the 2nd 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 period. Advisor Group Inc. grew its holdings in Patrick Industries by 12.1% during 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 period. UBS Asset Management Americas Inc. acquired a new stake in Patrick Industries during the 2nd quarter worth $202,000. Finally, 361 Capital LLC acquired a new stake in Patrick Industries during the 3rd quarter worth $206,000. 60.33% of the stock is owned by hedge funds and other institutional investors.
PATK has been the subject of several research analyst reports. Robert W. Baird reissued a “buy” rating on shares of Patrick Industries in a report on Thursday, October 12th. Bank of America boosted their price target on shares of Patrick Industries from $75.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, January 24th. Wells Fargo & Co reissued a “market perform” rating and issued a $66.00 price target (down previously from $90.00) on shares of Patrick Industries in a report on Thursday, December 14th. ValuEngine raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a report on Monday, December 11th. Finally, BidaskClub raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a report on Friday, January 26th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $72.40.
Patrick Industries, Inc. (NASDAQ:PATK) opened at $61.25 on Friday. Patrick Industries, Inc. has a fifty-two week low of $40.07 and a fifty-two week high of $72.35. The stock has a market cap of $1,611.12, a price-to-earnings ratio of 21.02, a PEG ratio of 1.33 and a beta of 0.84. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.23 and a quick ratio of 1.00.
Patrick Industries announced that its board has approved a stock repurchase plan on Tuesday, January 30th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the construction company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
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.
Want to see what other hedge funds are holding PATK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patrick Industries, Inc. (NASDAQ:PATK).
Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.