Stifel Financial Corp boosted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 17.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 213,617 shares of the construction company’s stock after purchasing an additional 31,232 shares during the quarter. Stifel Financial Corp owned about 1.27% of Patrick Industries worth $15,557,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Pinebridge Investments L.P. raised its stake in Patrick Industries by 10.0% during the second quarter. Pinebridge Investments L.P. now owns 2,097 shares of the construction company’s stock valued at $153,000 after purchasing an additional 191 shares in the last quarter. Advisor Group Inc. raised its stake in Patrick Industries by 12.1% during the second quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock valued at $168,000 after purchasing an additional 247 shares in the last quarter. Pacad Investment Ltd. raised its stake in Patrick Industries by 76.9% during the second quarter. Pacad Investment Ltd. now owns 2,300 shares of the construction company’s stock valued at $168,000 after purchasing an additional 1,000 shares in the last quarter. UBS Asset Management Americas Inc. purchased a new stake in Patrick Industries during the second quarter valued at $202,000. Finally, SG Americas Securities LLC purchased a new stake in Patrick Industries during the second quarter valued at $204,000. 89.73% of the stock is currently owned by institutional investors.

Shares of Patrick Industries, Inc. (NASDAQ:PATK) opened at 84.10 on Friday. The stock has a 50 day moving average of $73.03 and a 200 day moving average of $71.46. Patrick Industries, Inc. has a 52 week low of $50.80 and a 52 week high of $86.10. The stock has a market cap of $1.41 billion, a P/E ratio of 20.56 and a beta of 0.91.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, July 27th. The construction company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.12. The firm had revenue of $407.20 million for the quarter, compared to analysts’ expectations 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 was up 29.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.10 EPS. On average, analysts expect that Patrick Industries, Inc. will post $4.35 earnings per share for the current year.

In other news, Director Walter E. Wells sold 3,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $72.12, for a total transaction of $216,360.00. Following the transaction, the director now owns 44,240 shares of the company’s stock, valued at approximately $3,190,588.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Joshua A. Boone sold 520 shares of the business’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $73.00, for a total transaction of $37,960.00. Following the transaction, the vice president now directly owns 7,445 shares in the company, valued at approximately $543,485. The disclosure for this sale can be found here. In the last three months, insiders have sold 135,804 shares of company stock worth $10,953,220. Corporate insiders own 6.20% of the company’s stock.

TRADEMARK VIOLATION WARNING: This report was originally posted by Watch List News and is the property of of Watch List News. If you are accessing this report on another publication, it was stolen and republished in violation of US & international copyright laws. The legal version of this report can be read at https://www.watchlistnews.com/stifel-financial-corp-acquires-31232-shares-of-patrick-industries-inc-patk/1601217.html.

A number of equities research analysts recently issued reports on PATK shares. Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $83.00 price target on the stock in a research note on Saturday, September 16th. BidaskClub raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a research note on Friday, June 9th. Finally, Wells Fargo & Company reissued a “market perform” rating and issued a $75.00 target price (up previously from $72.00) on shares of Patrick Industries in a research note on Monday, June 19th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $80.75.

Patrick Industries Company 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).

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

Receive News & Ratings for Patrick Industries Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.