Icon Advisers Inc. Co. bought a new position in Patrick Industries, Inc. (NASDAQ:PATK) in the 3rd quarter, HoldingsChannel.com reports. The fund bought 9,200 shares of the construction company’s stock, valued at approximately $545,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Xact Kapitalforvaltning AB grew its position in shares of Patrick Industries by 29.0% in the 1st quarter. Xact Kapitalforvaltning AB now owns 4,008 shares of the construction company’s stock worth $248,000 after acquiring an additional 900 shares in the last quarter. Raymond James & Associates grew its position in shares of Patrick Industries by 22.9% in the 2nd quarter. Raymond James & Associates now owns 4,937 shares of the construction company’s stock worth $281,000 after acquiring an additional 921 shares in the last quarter. State Board of Administration of Florida Retirement System grew its position in shares of Patrick Industries by 7.1% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 15,774 shares of the construction company’s stock worth $897,000 after acquiring an additional 1,050 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Patrick Industries by 32.9% in the 1st quarter. Russell Investments Group Ltd. now owns 5,404 shares of the construction company’s stock worth $334,000 after acquiring an additional 1,337 shares in the last quarter. Finally, Essex Investment Management Co. LLC grew its position in shares of Patrick Industries by 3.3% in the 3rd quarter. Essex Investment Management Co. LLC now owns 47,602 shares of the construction company’s stock worth $2,818,000 after acquiring an additional 1,511 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.
PATK has been the subject of several research reports. ValuEngine lowered Patrick Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Sidoti decreased their target price on Patrick Industries from $90.00 to $81.00 and set a “buy” rating for the company in a research report on Tuesday, October 23rd. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $63.00 target price for the company in a research report on Friday, July 27th. Finally, BidaskClub upgraded Patrick Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, August 14th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. Patrick Industries currently has a consensus rating of “Hold” and a consensus target price of $74.50.
In related news, Director M Scott Welch purchased 3,080 shares of the business’s stock in a transaction that occurred on Wednesday, October 31st. The shares were acquired at an average price of $43.68 per share, with a total value of $134,534.40. Following the acquisition, the director now owns 73,032 shares in the company, valued at approximately $3,190,037.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Walter E. Wells sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $64.10, for a total value of $256,400.00. Following the completion of the sale, the director now directly owns 61,030 shares in the company, valued at approximately $3,912,023. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.
Shares of PATK opened at $43.75 on Friday. The company has a market capitalization of $1.15 billion, a PE ratio of 10.09, a PEG ratio of 0.67 and a beta of 1.19. The company has a quick ratio of 0.85, a current ratio of 2.24 and a debt-to-equity ratio of 1.43. Patrick Industries, Inc. has a 52 week low of $39.66 and a 52 week high of $72.35.
Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, October 25th. The construction company reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.09. The business had revenue of $575.14 million for the quarter, compared to the consensus estimate of $565.23 million. Patrick Industries had a return on equity of 28.73% and a net margin of 5.52%. Equities analysts expect that Patrick Industries, Inc. will post 4.72 earnings per share for the current year.
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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.
Further Reading: Insider Trading – What You Need to Know
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