GW&K Investment Management LLC bought a new position in Patrick Industries, Inc. (NASDAQ:PATK) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 313,520 shares of the construction company’s stock, valued at approximately $22,840,000. GW&K Investment Management LLC owned about 1.87% of Patrick Industries at the end of the most recent quarter.
Separately, Nuveen Asset Management LLC raised its stake in shares of Patrick Industries by 12.1% in the first quarter. Nuveen Asset Management LLC now owns 6,329 shares of the construction company’s stock worth $449,000 after buying an additional 682 shares during the last quarter. 90.97% of the stock is owned by institutional investors.
Shares of Patrick Industries, Inc. (NASDAQ PATK) traded down 0.34% during mid-day trading on Tuesday, hitting $74.25. 55,958 shares of the stock traded hands. Patrick Industries, Inc. has a 12-month low of $50.80 and a 12-month high of $86.10. The firm’s 50 day moving average price is $74.32 and its 200-day moving average price is $73.45. The stock has a market cap of $1.22 billion, a P/E ratio of 18.15 and a beta of 0.92.
Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, July 27th. The construction company reported $1.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.12. The firm had revenue of $407.20 million for the quarter, compared to analysts’ expectations of $384.54 million. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. The business’s quarterly revenue was up 29.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.10 EPS. Analysts predict that Patrick Industries, Inc. will post $4.34 earnings per share for the current year.
ILLEGAL ACTIVITY WARNING: This piece of content was originally published by BBNS and is the sole property of of BBNS. If you are reading this piece of content on another website, it was stolen and republished in violation of United States and international copyright and trademark law. The legal version of this piece of content can be accessed at https://baseballnewssource.com/markets/gwk-investment-management-llc-acquires-shares-of-313520-patrick-industries-inc-patk-updated-updated-updated/1196266.html.
Several equities research analysts recently commented on the stock. BidaskClub lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. Wells Fargo & Company reiterated a “market perform” rating and set a $75.00 price target (up from $72.00) on shares of Patrick Industries in a research note on Monday, June 19th. Robert W. Baird began coverage on shares of Patrick Industries in a research report on Friday, April 21st. They set an “outperform” rating and a $74.00 price objective on the stock. Zacks Investment Research raised shares of 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. Finally, Bank of America Corporation began coverage on shares of Patrick Industries in a research report on Monday, April 17th. They set a “buy” rating and a $80.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Patrick Industries presently has a consensus rating of “Buy” and a consensus price target of $76.00.
In other news, Director M Scott Welch bought 5,000 shares of the business’s stock in a transaction on Thursday, May 18th. The shares were purchased at an average price of $66.50 per share, for a total transaction of $332,500.00. Following the purchase, the director now owns 24,908 shares of the company’s stock, valued at approximately $1,656,382. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 6.20% 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.
Receive News & Ratings for Patrick Industries Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries Inc. and related companies with our FREE daily email newsletter.