BNP Paribas Arbitrage SA grew its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 57.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,790 shares of the construction company’s stock after purchasing an additional 1,743 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in Patrick Industries were worth $349,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. SG Americas Securities LLC bought a new position in shares of Patrick Industries during the 2nd quarter valued at about $204,000. Aperio Group LLC increased its position 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 valued at $223,000 after purchasing an additional 85 shares during the last quarter. Eqis Capital Management Inc. bought a new position in shares of Patrick Industries during the 2nd quarter valued at about $226,000. State of Alaska Department of Revenue increased its position 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 valued at $228,000 after purchasing an additional 1,372 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan increased its position 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 valued at $274,000 after purchasing an additional 450 shares during the last quarter. Hedge funds and other institutional investors own 89.73% of the company’s stock.
Shares of Patrick Industries, Inc. (NASDAQ:PATK) opened at 78.05 on Tuesday. The stock has a market capitalization of $1.31 billion, a PE ratio of 19.08 and a beta of 0.91. The company’s 50-day moving average price is $72.98 and its 200 day moving average price is $71.49. Patrick Industries, Inc. has a one year low of $50.80 and a one year high of $86.10.
Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, July 27th. The construction company reported $1.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 analysts’ expectations of $384.54 million. During the same period in the previous year, the firm posted $1.10 earnings per share. The business’s revenue was up 29.2% compared to the same quarter last year. Analysts anticipate that Patrick Industries, Inc. will post $4.35 EPS for the current year.
In other Patrick Industries news, CEO Todd M. Cleveland sold 1,435 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $74.47, for a total transaction of $106,864.45. Following the sale, the chief executive officer now directly owns 390,792 shares of the company’s stock, valued at $29,102,280.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Joshua A. Boone sold 520 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $73.00, for a total value of $37,960.00. Following the sale, the vice president now directly owns 7,445 shares in the company, valued at $543,485. The disclosure for this sale can be found here. Insiders have sold 16,120 shares of company stock worth $1,196,440 over the last three months. 6.20% of the stock is currently owned by insiders.
Several equities analysts have recently commented on PATK shares. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a research report on Tuesday, May 23rd. BidaskClub upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research report on Friday, June 9th. Finally, Wells Fargo & Company reiterated a “market perform” rating and set a $75.00 price objective (up from $72.00) on shares of Patrick Industries in a research report on Monday, June 19th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $78.00.
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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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