Renaissance Group LLC Buys 2,831 Shares of Patrick Industries, Inc. (PATK)
Renaissance Group LLC lifted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 53.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,155 shares of the construction company’s stock after acquiring an additional 2,831 shares during the quarter. Renaissance Group LLC’s holdings in Patrick Industries were worth $566,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in the stock. Bedel Financial Consulting Inc. bought a new position in shares of Patrick Industries during the 4th quarter valued at approximately $521,000. California Public Employees Retirement System grew its stake in shares of Patrick Industries by 52.2% during the 4th quarter. California Public Employees Retirement System now owns 51,899 shares of the construction company’s stock valued at $3,604,000 after acquiring an additional 17,796 shares during the period. M&T Bank Corp bought a new position in shares of Patrick Industries during the 4th quarter valued at approximately $224,000. Icon Advisers Inc. Co. bought a new position in shares of Patrick Industries during the 4th quarter valued at approximately $451,000. Finally, Teacher Retirement System of Texas bought a new position in Patrick Industries in the 4th quarter worth approximately $564,000. Institutional investors own 60.34% of the company’s stock.
Patrick Industries, Inc. (NASDAQ:PATK) opened at $59.65 on Friday. Patrick Industries, Inc. has a 52 week low of $40.07 and a 52 week high of $72.35. The company has a quick ratio of 1.00, a current ratio of 2.23 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $1,462.24, a P/E ratio of 19.89, a price-to-earnings-growth ratio of 1.21 and a beta of 0.84.
PATK has been the subject of several recent analyst reports. Bank of America upped their price target on Patrick Industries from $56.67 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a research note on Thursday, October 26th. ValuEngine upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research note on Monday, December 11th. Wells Fargo & Co restated a “market perform” rating and issued a $66.00 price target (down from $90.00) on shares of Patrick Industries in a research note on Thursday, December 14th. Finally, KeyCorp initiated coverage on Patrick Industries in a research note on Friday, December 15th. They issued an “overweight” rating and a $80.00 price target for the company. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $72.40.
In other news, Director Joseph M. Cerulli sold 3,223 shares of the stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $97.64, for a total transaction of $314,693.72. Following the completion of the transaction, the director now directly owns 25,237 shares in the company, valued at approximately $2,464,140.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John A. Forbes sold 1,000 shares of the stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $65.80, for a total value of $65,800.00. The disclosure for this sale can be found here. Insiders sold a total of 25,234 shares of company stock valued at $2,485,568 over the last 90 days. 5.20% of the stock is currently owned by corporate insiders.
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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