QS Investors LLC boosted its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 171.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 132,412 shares of the construction company’s stock after purchasing an additional 83,644 shares during the quarter. QS Investors LLC’s holdings in Patrick Industries were worth $3,921,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Texas Permanent School Fund increased its stake in Patrick Industries by 1.8% in the 4th quarter. Texas Permanent School Fund now owns 14,924 shares of the construction company’s stock worth $442,000 after buying an additional 260 shares in the last quarter. Royce & Associates LP increased its stake in Patrick Industries by 1.1% in the 4th quarter. Royce & Associates LP now owns 33,897 shares of the construction company’s stock worth $1,004,000 after buying an additional 372 shares in the last quarter. Bank of Montreal Can increased its stake in Patrick Industries by 11.7% in the 4th quarter. Bank of Montreal Can now owns 4,534 shares of the construction company’s stock worth $135,000 after buying an additional 474 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Patrick Industries by 5.2% in the 4th quarter. Janney Montgomery Scott LLC now owns 12,326 shares of the construction company’s stock worth $365,000 after buying an additional 610 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in Patrick Industries by 7.8% in the 4th quarter. SG Americas Securities LLC now owns 10,190 shares of the construction company’s stock worth $302,000 after buying an additional 735 shares in the last quarter. Institutional investors and hedge funds own 87.72% of the company’s stock.

A number of brokerages have issued reports on PATK. BidaskClub lowered Patrick Industries from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. TheStreet lowered Patrick Industries from a “b-” rating to a “c+” rating in a research note on Wednesday, December 12th. KeyCorp increased their price target on Patrick Industries from $50.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 19th. Wells Fargo & Co increased their price target on Patrick Industries from $30.00 to $49.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 27th. Finally, Zacks Investment Research upgraded Patrick Industries from a “sell” rating to a “hold” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $62.00.

Shares of Patrick Industries stock opened at $45.14 on Friday. The stock has a market cap of $1.08 billion, a PE ratio of 9.71, a PEG ratio of 0.64 and a beta of 1.92. The company has a quick ratio of 0.71, a current ratio of 2.44 and a debt-to-equity ratio of 1.52. Patrick Industries, Inc. has a twelve month low of $27.32 and a twelve month high of $67.50.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 14th. The construction company reported $0.96 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.21. The firm had revenue of $531.00 million during the quarter, compared to analyst estimates of $519.00 million. Patrick Industries had a return on equity of 28.26% and a net margin of 5.30%. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.87 earnings per share. Analysts anticipate that Patrick Industries, Inc. will post 4.76 earnings per share for the current fiscal year.

In other news, Director Jeffrey L. Et Al Gendell sold 222,347 shares of the firm’s stock in a transaction dated Monday, December 17th. The stock was sold at an average price of $30.34, for a total transaction of $6,746,007.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd M. Cleveland acquired 10,000 shares of the business’s stock in a transaction dated Monday, December 17th. The shares were purchased at an average price of $29.59 per share, with a total value of $295,900.00. Following the transaction, the chief executive officer now owns 601,219 shares of the company’s stock, valued at $17,790,070.21. The disclosure for this purchase can be found here. Company insiders own 5.60% of the company’s stock.

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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; 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.

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

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