Royce & Associates LP continued to hold its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 21,350 shares of the construction company’s stock at the end of the 2nd quarter. Royce & Associates LP owned about 0.13% of Patrick Industries worth $1,555,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in shares of Patrick Industries during the 2nd quarter worth approximately $204,000. Aperio Group LLC raised its holdings in shares of Patrick Industries by 2.9% during the 2nd quarter. Aperio Group LLC now owns 3,064 shares of the construction company’s stock worth $223,000 after acquiring an additional 85 shares in the last quarter. Eqis Capital Management Inc. purchased a new stake in shares of Patrick Industries during the 2nd quarter worth approximately $226,000. State of Alaska Department of Revenue raised its holdings in shares of Patrick Industries by 78.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 3,132 shares of the construction company’s stock worth $228,000 after acquiring an additional 1,372 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its holdings in shares of Patrick Industries by 13.6% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 3,760 shares of the construction company’s stock worth $274,000 after acquiring an additional 450 shares in the last quarter. 89.83% of the stock is currently owned by institutional investors and hedge funds.
PATK has been the topic of several recent research reports. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Tuesday, May 23rd. BidaskClub raised Patrick Industries from a “hold” rating to a “buy” rating in a report on Friday, June 9th. Finally, Wells Fargo & Company reaffirmed a “market perform” rating and set a $75.00 price objective (up from $72.00) on shares of Patrick Industries in a report on Monday, June 19th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $77.75.
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In related news, CEO Todd M. Cleveland sold 1,435 shares of the business’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $74.47, for a total value of $106,864.45. Following the sale, the chief executive officer now owns 390,792 shares in the company, valued at approximately $29,102,280.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Paul E. Hassler sold 5,000 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $75.00, for a total value of $375,000.00. Following the completion of the sale, the director now owns 47,099 shares in the company, valued at approximately $3,532,425. The disclosure for this sale can be found here. Insiders sold 16,120 shares of company stock worth $1,196,440 in the last 90 days. Company insiders own 6.20% of the company’s stock.
Shares of Patrick Industries, Inc. (NASDAQ PATK) opened at 74.60 on Friday. The company’s 50-day moving average price is $72.84 and its 200 day moving average price is $71.68. Patrick Industries, Inc. has a 12-month low of $50.80 and a 12-month high of $86.10. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 18.24 and a beta of 0.91.
Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, July 27th. The construction company reported $1.28 EPS for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.12. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. The firm had revenue of $407.20 million for the quarter, compared to the consensus estimate of $384.54 million. During the same quarter last year, the business posted $1.10 earnings per share. The firm’s revenue was up 29.2% compared to the same quarter last year. On average, equities analysts predict that Patrick Industries, Inc. will post $4.35 earnings per share for the current year.
Patrick Industries Company Profile
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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