Jeffrey L. Et Al Gendell Sells 16,058 Shares of Patrick Industries, Inc. (PATK) Stock
Patrick Industries, Inc. (NASDAQ:PATK) Director Jeffrey L. Et Al Gendell sold 16,058 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $85.04, for a total transaction of $1,365,572.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of Patrick Industries, Inc. (NASDAQ:PATK) opened at 83.95 on Friday. Patrick Industries, Inc. has a 12 month low of $50.80 and a 12 month high of $87.90. The stock’s 50 day moving average is $76.20 and its 200 day moving average is $72.31. The stock has a market capitalization of $1.41 billion, a PE ratio of 20.53 and a beta of 0.89.
Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 27th. The construction company reported $1.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.12. The firm had revenue of $407.20 million for the quarter, compared to the consensus estimate of $384.54 million. Patrick Industries had a net margin of 4.66% and a return on equity of 26.46%. The company’s revenue for the quarter was up 29.2% on a year-over-year basis. During the same period last year, the firm posted $1.10 earnings per share. Analysts anticipate that Patrick Industries, Inc. will post $4.35 earnings per share for the current fiscal year.
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Several brokerages have commented on PATK. Zacks Investment Research cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Friday, August 25th. BidaskClub cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. Finally, Wells Fargo & Company reiterated a “market perform” rating and issued a $75.00 price target (up previously from $72.00) on shares of Patrick Industries in a research note on Monday, June 19th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $80.75.
Large investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. lifted 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 buying an additional 168 shares in the last quarter. Pinebridge Investments L.P. lifted 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 buying an additional 191 shares in the last quarter. Advisor Group Inc. lifted 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 buying an additional 247 shares in the last quarter. Pacad Investment Ltd. lifted 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 buying an additional 1,000 shares in the last quarter. Finally, UBS Asset Management Americas Inc. purchased a new position in shares of Patrick Industries in the second quarter worth about $202,000. 89.73% of the stock is currently owned by hedge funds and other institutional investors.
About Patrick Industries
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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