Patrick Industries, Inc. (PATK) Director Jeffrey L. Et Al Gendell Sells 16,058 Shares
Patrick Industries, Inc. (NASDAQ:PATK) Director Jeffrey L. Et Al Gendell sold 16,058 shares of the company’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $85.04, for a total value of $1,365,572.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Patrick Industries, Inc. (NASDAQ PATK) traded down 3.04% during mid-day trading on Wednesday, hitting $84.40. The stock had a trading volume of 70,505 shares. The firm’s 50-day moving average is $75.84 and its 200 day moving average is $72.23. The company has a market cap of $1.42 billion, a price-to-earnings ratio of 20.64 and a beta of 0.89. Patrick Industries, Inc. has a 12 month low of $50.80 and a 12 month high of $87.90.
Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, July 27th. The construction company reported $1.28 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.12. The business had revenue of $407.20 million during the quarter, compared to the consensus estimate of $384.54 million. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. The business’s revenue for the quarter was up 29.2% on a year-over-year basis. During the same period last year, the business posted $1.10 earnings per share. Equities analysts anticipate that Patrick Industries, Inc. will post $4.35 EPS for the current fiscal year.
A number of analysts have recently weighed in on PATK shares. BidaskClub upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research report on Friday, June 9th. Wells Fargo & Company reiterated a “market perform” rating and set a $75.00 target price (up from $72.00) on shares of Patrick Industries in a research report on Monday, June 19th. Finally, Zacks Investment Research downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research report on Friday, August 18th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $80.75.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Ameritas Investment Partners Inc. grew its position in shares of Patrick Industries by 13.4% in the second quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock valued at $104,000 after purchasing an additional 168 shares in the last quarter. Pinebridge Investments L.P. grew its position in shares of Patrick Industries by 10.0% in the second quarter. Pinebridge Investments L.P. now owns 2,097 shares of the construction company’s stock valued at $153,000 after purchasing an additional 191 shares in the last quarter. Pacad Investment Ltd. grew its position in shares of Patrick Industries by 76.9% in the second quarter. Pacad Investment Ltd. now owns 2,300 shares of the construction company’s stock valued at $168,000 after purchasing an additional 1,000 shares in the last quarter. Advisor Group Inc. grew its position in shares of Patrick Industries by 12.1% in the second quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock valued at $168,000 after purchasing an additional 247 shares in the last quarter. Finally, UBS Asset Management Americas Inc. purchased a new position in shares of Patrick Industries in the second quarter valued at $202,000. Institutional investors own 89.73% of the company’s stock.
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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