Two Sigma Advisers LP Reduces Holdings in Patrick Industries, Inc. (PATK)

Two Sigma Advisers LP lessened its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 12.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 12,050 shares of the construction company’s stock after selling 1,750 shares during the quarter. Two Sigma Advisers LP’s holdings in Patrick Industries were worth $837,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Catalyst Capital Advisors LLC acquired a new position in Patrick Industries in the 4th quarter valued at approximately $160,000. Quadrature Capital Ltd acquired a new position in Patrick Industries in the 4th quarter valued at approximately $210,000. M&T Bank Corp acquired a new position in Patrick Industries in the 4th quarter valued at approximately $224,000. Amalgamated Bank acquired a new position in Patrick Industries in the 4th quarter valued at approximately $246,000. Finally, Pitcairn Co. increased its stake in Patrick Industries by 36.5% in the 4th quarter. Pitcairn Co. now owns 3,611 shares of the construction company’s stock valued at $249,000 after buying an additional 966 shares during the period. Hedge funds and other institutional investors own 89.35% of the company’s stock.

Shares of PATK opened at $55.85 on Tuesday. Patrick Industries, Inc. has a 12 month low of $40.91 and a 12 month high of $72.35. The firm has a market cap of $1,442.94, a PE ratio of 17.76, a price-to-earnings-growth ratio of 1.15 and a beta of 0.83. The company has a current ratio of 2.01, a quick ratio of 0.72 and a debt-to-equity ratio of 0.91.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 15th. The construction company reported $0.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.14. Patrick Industries had a net margin of 5.24% and a return on equity of 23.60%. The company had revenue of $475.57 million for the quarter, compared to analyst estimates of $415.87 million. During the same quarter in the prior year, the business posted $0.59 EPS. Patrick Industries’s quarterly revenue was up 46.8% on a year-over-year basis. equities research analysts forecast that Patrick Industries, Inc. will post 4.3 earnings per share for the current fiscal year.

Patrick Industries announced that its board has initiated a stock buyback program on Tuesday, January 30th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the construction company to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Several research analysts have recently commented on the stock. BidaskClub lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, January 18th. Robert W. Baird restated a “buy” rating on shares of Patrick Industries in a research note on Friday, February 16th. Zacks Investment Research lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, February 14th. Wells Fargo dropped their price target on shares of Patrick Industries from $75.00 to $66.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 10th. They noted that the move was a valuation call. Finally, Bank of America increased their price target on shares of Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $74.60.

In related news, VP Joshua A. Boone sold 814 shares of the company’s stock in a transaction on Friday, March 16th. The shares were sold at an average price of $67.13, for a total transaction of $54,643.82. Following the completion of the sale, the vice president now directly owns 18,529 shares of the company’s stock, valued at approximately $1,243,851.77. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director M Scott Welch acquired 1,272 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were purchased at an average cost of $62.47 per share, with a total value of $79,461.84. The disclosure for this purchase can be found here. Corporate insiders own 5.20% of the company’s stock.

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About Patrick Industries

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.

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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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