Swiss National Bank lifted its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 2.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 43,375 shares of the construction company’s stock after buying an additional 900 shares during the period. Swiss National Bank owned about 0.18% of Patrick Industries worth $2,274,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of PATK. California State Teachers Retirement System raised its holdings in shares of Patrick Industries by 1.2% during the third quarter. California State Teachers Retirement System now owns 35,149 shares of the construction company’s stock valued at $1,507,000 after purchasing an additional 420 shares during the period. 6 Meridian boosted its holdings in shares of Patrick Industries by 11.7% in the 4th quarter. 6 Meridian now owns 6,282 shares of the construction company’s stock valued at $329,000 after buying an additional 660 shares in the last quarter. Metropolitan Life Insurance Co NY boosted its holdings in shares of Patrick Industries by 9.8% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 7,449 shares of the construction company’s stock valued at $319,000 after buying an additional 662 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Patrick Industries by 554.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 916 shares of the construction company’s stock valued at $39,000 after buying an additional 776 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of Patrick Industries by 3.2% in the 3rd quarter. Rhumbline Advisers now owns 70,230 shares of the construction company’s stock valued at $3,011,000 after buying an additional 2,157 shares in the last quarter. 91.18% of the stock is owned by institutional investors and hedge funds.
NASDAQ PATK traded down $0.27 on Wednesday, hitting $52.99. The company had a trading volume of 30,190 shares, compared to its average volume of 192,077. The company has a market capitalization of $1.28 billion, a PE ratio of 13.73, a PEG ratio of 1.31 and a beta of 1.82. The company’s fifty day moving average price is $56.07 and its 200-day moving average price is $48.48. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.76 and a quick ratio of 1.41. Patrick Industries, Inc. has a 12-month low of $32.98 and a 12-month high of $64.38.
Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, February 13th. The construction company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.12. The company had revenue of $549.50 million for the quarter, compared to analysts’ expectations of $535.56 million. Patrick Industries had a net margin of 3.83% and a return on equity of 19.21%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.96 EPS. On average, sell-side analysts anticipate that Patrick Industries, Inc. will post 4.35 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 23rd. Shareholders of record on Monday, March 9th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, March 6th. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.06. This represents a $1.00 dividend on an annualized basis and a yield of 1.89%. Patrick Industries’s dividend payout ratio is 25.97%.
Several research firms have recently weighed in on PATK. BidaskClub lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Tuesday. Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a report on Thursday, January 9th. TheStreet raised shares of Patrick Industries from a “c+” rating to a “b-” rating in a report on Monday, February 10th. KeyCorp lifted their target price on shares of Patrick Industries from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Finally, ValuEngine raised shares of Patrick Industries from a “strong sell” rating to a “sell” rating in a report on Tuesday, February 4th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $55.50.
In other Patrick Industries news, Director Jeffrey L. Et Al Gendell sold 12,759 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $52.10, for a total transaction of $664,743.90. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director M Scott Welch purchased 10,000 shares of the business’s stock in a transaction on Friday, February 28th. The shares were acquired at an average price of $53.27 per share, for a total transaction of $532,700.00. Following the completion of the purchase, the director now directly owns 11,273 shares of the company’s stock, valued at $600,512.71. The disclosure for this purchase can be found here. Insiders have sold 94,865 shares of company stock worth $5,157,657 over the last quarter. Insiders own 7.60% of the company’s stock.
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; 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.
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