Municipal Employees Retirement System of Michigan boosted its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 58.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,970 shares of the construction company’s stock after purchasing an additional 2,210 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Patrick Industries were worth $502,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada grew its holdings in Patrick Industries by 1.1% during the 2nd quarter. Royal Bank of Canada now owns 1,665,617 shares of the construction company’s stock worth $121,340,000 after acquiring an additional 18,443 shares in the last quarter. Vanguard Group Inc. grew its holdings in Patrick Industries by 3.2% during the 2nd quarter. Vanguard Group Inc. now owns 812,130 shares of the construction company’s stock worth $59,164,000 after acquiring an additional 24,830 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Patrick Industries by 2.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 672,959 shares of the construction company’s stock worth $49,026,000 after acquiring an additional 15,321 shares in the last quarter. Neuberger Berman Group LLC grew its holdings in Patrick Industries by 10.6% during the 2nd quarter. Neuberger Berman Group LLC now owns 510,710 shares of the construction company’s stock worth $37,205,000 after acquiring an additional 49,035 shares in the last quarter. Finally, State Street Corp grew its holdings in Patrick Industries by 9.9% during the 2nd quarter. State Street Corp now owns 382,418 shares of the construction company’s stock worth $27,859,000 after acquiring an additional 34,456 shares in the last quarter. 89.33% of the stock is owned by institutional investors and hedge funds.
Several research analysts have weighed in on the stock. Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $96.00 price objective for the company in a report on Thursday, October 26th. Bank of America raised their price objective on shares of Patrick Industries from $85.00 to $93.00 and gave the stock a “buy” rating in a report on Tuesday, October 24th. Finally, Robert W. Baird restated a “buy” rating on shares of Patrick Industries in a research report on Thursday, October 12th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Patrick Industries currently has a consensus rating of “Buy” and a consensus price target of $84.50.
In other news, CEO Todd M. Cleveland sold 17,500 shares of the firm’s stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $80.11, for a total value of $1,401,925.00. Following the transaction, the chief executive officer now directly owns 382,227 shares in the company, valued at approximately $30,620,204.97. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Courtney Blosser sold 6,000 shares of the firm’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $101.28, for a total transaction of $607,680.00. Following the completion of the transaction, the insider now owns 28,214 shares in the company, valued at $2,857,513.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 228,426 shares of company stock worth $19,251,350. Insiders own 5.20% of the company’s stock.
Patrick Industries, Inc. (NASDAQ:PATK) opened at $97.60 on Wednesday. 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, Inc. has a 52-week low of $60.10 and a 52-week high of $102.95. The stock has a market cap of $1,667.05, a PE ratio of 22.68, a PEG ratio of 2.07 and a beta of 0.99.
Patrick Industries shares are set to split on the morning of Monday, December 11th. The 3-2 split was announced on Thursday, November 9th. The newly minted shares will be distributed to shareholders after the closing bell on Friday, December 8th.
Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, October 26th. The construction company reported $1.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.15. Patrick Industries had a net margin of 4.73% and a return on equity of 24.60%. The company had revenue of $407.50 million for the quarter, compared to the consensus estimate of $371.98 million. During the same period last year, the firm posted $0.79 EPS. The company’s revenue for the quarter was up 34.0% on a year-over-year basis. research analysts anticipate that Patrick Industries, Inc. will post 4.53 earnings per share for the current year.
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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