NBW Capital LLC lifted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 48.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,391 shares of the construction company’s stock after acquiring an additional 22,023 shares during the quarter. NBW Capital LLC owned about 0.27% of Patrick Industries worth $4,680,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also bought and sold shares of the company. Catalyst Capital Advisors LLC purchased a new stake in Patrick Industries during the 4th quarter worth $160,000. 361 Capital LLC bought a new stake in shares of Patrick Industries in the 3rd quarter worth about $206,000. Quadrature Capital Ltd bought a new stake in shares of Patrick Industries in the 4th quarter worth about $210,000. M&T Bank Corp bought a new stake in shares of Patrick Industries in the 4th quarter worth about $224,000. Finally, Amalgamated Bank bought a new stake in shares of Patrick Industries in the 4th quarter worth about $246,000. Institutional investors and hedge funds own 88.03% of the company’s stock.
Shares of Patrick Industries, Inc. (NASDAQ PATK) opened at $64.70 on Monday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.72 and a current ratio of 2.01. Patrick Industries, Inc. has a 1 year low of $40.07 and a 1 year high of $72.35. The firm has a market cap of $1,647.98, a PE ratio of 18.59, a P/E/G ratio of 1.41 and a beta of 0.89.
Patrick Industries announced that its Board of Directors has authorized a share repurchase plan on Tuesday, January 30th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the construction company to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
In related news, Director John A. Forbes sold 1,000 shares of the business’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $65.80, for a total transaction of $65,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director M Scott Welch acquired 5,550 shares of the stock in a transaction that occurred on Friday, March 2nd. The shares were acquired at an average cost of $60.60 per share, with a total value of $336,330.00. Following the transaction, the director now owns 63,862 shares in the company, valued at $3,870,037.20. The disclosure for this purchase can be found here. 5.20% of the stock is owned by corporate insiders.
Several equities research analysts have recently weighed in on PATK shares. ValuEngine raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a research report on Monday, December 11th. Wells Fargo & Co reissued a “market perform” rating and issued a $66.00 target price (down previously from $90.00) on shares of Patrick Industries in a research report on Thursday, December 14th. KeyCorp started coverage on shares of Patrick Industries in a research report on Friday, December 15th. They issued an “overweight” rating and a $80.00 target price for the company. Robert W. Baird reissued a “buy” rating and issued a $72.00 target price on shares of Patrick Industries in a research report on Friday, December 22nd. Finally, BidaskClub downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, January 18th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $73.60.
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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