Gendell Jeffrey L increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 41.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,232,158 shares of the construction company’s stock after purchasing an additional 359,661 shares during the period. Patrick Industries makes up about 5.9% of Gendell Jeffrey L’s portfolio, making the stock its 5th biggest position. Gendell Jeffrey L’s holdings in Patrick Industries were worth $85,573,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Patrick Industries by 53.7% during the fourth quarter. BlackRock Inc. now owns 2,975,758 shares of the construction company’s stock valued at $206,667,000 after buying an additional 1,039,798 shares during the period. Vanguard Group Inc. increased its stake in shares of Patrick Industries by 3.2% during the second quarter. Vanguard Group Inc. now owns 812,130 shares of the construction company’s stock valued at $59,164,000 after buying an additional 24,830 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Patrick Industries by 0.3% during the third quarter. Dimensional Fund Advisors LP now owns 675,042 shares of the construction company’s stock valued at $56,771,000 after buying an additional 2,083 shares during the period. GW&K Investment Management LLC increased its stake in shares of Patrick Industries by 26.4% during the fourth quarter. GW&K Investment Management LLC now owns 398,940 shares of the construction company’s stock valued at $27,706,000 after buying an additional 83,206 shares during the period. Finally, State Street Corp increased its stake in shares of Patrick Industries by 9.9% during the second quarter. State Street Corp now owns 382,418 shares of the construction company’s stock valued at $27,859,000 after buying an additional 34,456 shares during the period. Hedge funds and other institutional investors own 75.89% of the company’s stock.
Shares of Patrick Industries, Inc. (PATK) opened at $66.05 on Monday. Patrick Industries, Inc. has a 12-month low of $40.07 and a 12-month high of $72.35. The firm has a market capitalization of $1,666.63, a PE ratio of 18.98, a P/E/G ratio of 1.37 and a beta of 0.84. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.72 and a current ratio of 2.01.
Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 15th. The construction company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.14. Patrick Industries had a return on equity of 23.60% and a net margin of 5.24%. The company had revenue of $475.57 million for the quarter, compared to the consensus estimate of $415.87 million. During the same quarter last year, the company earned $0.59 earnings per share. The firm’s revenue for the quarter was up 46.8% compared to the same quarter last year. equities analysts expect that Patrick Industries, Inc. will post 3.81 EPS for the current year.
Patrick Industries announced that its Board of Directors has authorized a stock repurchase program on Tuesday, January 30th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the construction company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
A number of equities research analysts recently weighed in on PATK shares. Bank of America raised their price objective on Patrick Industries from $56.67 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, October 24th. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research report on Thursday, October 26th. ValuEngine raised Patrick Industries from a “hold” rating to a “buy” rating in a research report on Monday, December 11th. Wells Fargo & Co reaffirmed a “market perform” rating and set a $66.00 price objective (down previously from $90.00) on shares of Patrick Industries in a research report on Thursday, December 14th. Finally, KeyCorp started coverage on Patrick Industries in a research report on Friday, December 15th. They set an “overweight” rating and a $80.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $73.60.
In other Patrick Industries news, 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 value of $607,680.00. Following the completion of the sale, the insider now owns 28,214 shares of the company’s stock, valued at $2,857,513.92. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John A. Forbes sold 1,000 shares of the firm’s stock in a transaction dated Thursday, December 14th. The stock was 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. In the last ninety days, insiders have sold 25,234 shares of company stock worth $2,485,568. 5.20% of the stock is owned by corporate insiders.
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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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