Prudential Financial Inc. lessened its position in Patrick Industries, Inc. (NASDAQ:PATK) by 3.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 106,609 shares of the construction company’s stock after selling 3,929 shares during the quarter. Prudential Financial Inc. owned approximately 0.45% of Patrick Industries worth $5,245,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Patrick Industries in the 1st quarter valued at approximately $257,000. New Jersey Better Educational Savings Trust acquired a new stake in Patrick Industries in the 2nd quarter valued at approximately $246,000. TimesSquare Capital Management LLC acquired a new stake in Patrick Industries in the 2nd quarter valued at approximately $20,429,000. New York State Teachers Retirement System raised its position in Patrick Industries by 21.3% in the 2nd quarter. New York State Teachers Retirement System now owns 18,250 shares of the construction company’s stock valued at $898,000 after buying an additional 3,200 shares during the last quarter. Finally, Commerce Bank raised its position in Patrick Industries by 16.9% in the 1st quarter. Commerce Bank now owns 10,293 shares of the construction company’s stock valued at $467,000 after buying an additional 1,490 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:PATK traded up $1.15 during trading on Friday, hitting $42.00. 2,313 shares of the company were exchanged, compared to its average volume of 191,657. The stock has a market cap of $920.86 million, a price-to-earnings ratio of 9.02, a P/E/G ratio of 1.39 and a beta of 2.10. Patrick Industries, Inc. has a fifty-two week low of $27.32 and a fifty-two week high of $67.50. The firm has a fifty day moving average price of $39.67 and a two-hundred day moving average price of $44.72. The company has a current ratio of 2.01, a quick ratio of 0.78 and a debt-to-equity ratio of 1.37.
Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 25th. The construction company reported $1.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.04. Patrick Industries had a return on equity of 23.07% and a net margin of 4.43%. The firm had revenue of $613.20 million for the quarter, compared to analyst estimates of $621.33 million. During the same quarter in the previous year, the firm earned $1.42 EPS. The business’s quarterly revenue was up 1.4% on a year-over-year basis. As a group, research analysts predict that Patrick Industries, Inc. will post 4.03 EPS for the current year.
In other Patrick Industries news, Director M Scott Welch bought 10,000 shares of Patrick Industries stock in a transaction dated Wednesday, August 14th. The stock was bought at an average cost of $39.00 per share, for a total transaction of $390,000.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 7.60% of the company’s stock.
Several research analysts have weighed in on the company. Bank of America lowered their price target on Patrick Industries from $51.00 to $36.00 and set an “underperform” rating on the stock in a research report on Wednesday, September 4th. BidaskClub raised Patrick Industries from a “strong sell” rating to a “sell” rating in a research report on Thursday. Zacks Investment Research raised Patrick Industries from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. TheStreet lowered Patrick Industries from a “b-” rating to a “c+” rating in a research report on Friday, August 2nd. Finally, ValuEngine lowered Patrick Industries from a “sell” rating to a “strong sell” rating in a research report on Friday, August 23rd. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $55.20.
Patrick Industries Company 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; decorative vinyl and paper laminated panels; 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.
Featured Article: Asset Allocation and Your Retirement
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).
Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.