Arizona State Retirement System grew its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 8.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,270 shares of the construction company’s stock after purchasing an additional 670 shares during the period. Arizona State Retirement System owned approximately 0.05% of Patrick Industries worth $602,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. grew its position in Patrick Industries by 7.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 66,105 shares of the construction company’s stock worth $4,816,000 after acquiring an additional 4,789 shares during the last quarter. Algert Global LLC boosted its position in Patrick Industries by 386.1% in the 2nd quarter. Algert Global LLC now owns 27,826 shares of the construction company’s stock valued at $2,027,000 after buying an additional 22,102 shares during the last quarter. Shaker Investments LLC OH boosted its position in Patrick Industries by 11.6% in the 2nd quarter. Shaker Investments LLC OH now owns 19,240 shares of the construction company’s stock valued at $1,402,000 after buying an additional 2,000 shares during the last quarter. Essex Investment Management Co. LLC boosted its position in Patrick Industries by 41.6% in the 2nd quarter. Essex Investment Management Co. LLC now owns 33,693 shares of the construction company’s stock valued at $2,455,000 after buying an additional 9,896 shares during the last quarter. Finally, Texas Permanent School Fund boosted its position in Patrick Industries by 0.6% in the 2nd quarter. Texas Permanent School Fund now owns 11,624 shares of the construction company’s stock valued at $847,000 after buying an additional 71 shares during the last quarter. Institutional investors and hedge funds own 89.73% of the company’s stock.
In other Patrick Industries news, Director Walter E. Wells sold 3,000 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $72.12, for a total transaction of $216,360.00. Following the transaction, the director now directly owns 44,240 shares in the company, valued at approximately $3,190,588.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Joshua A. Boone sold 520 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $73.00, for a total transaction of $37,960.00. Following the completion of the sale, the vice president now owns 7,445 shares in the company, valued at $543,485. The disclosure for this sale can be found here. In the last three months, insiders sold 26,120 shares of company stock worth $1,966,440. Insiders own 6.20% of the company’s stock.
Shares of Patrick Industries, Inc. (NASDAQ PATK) traded up 0.13% during trading on Wednesday, hitting $77.90. The stock had a trading volume of 60,378 shares. Patrick Industries, Inc. has a 1-year low of $50.80 and a 1-year high of $86.10. The firm has a 50-day moving average of $73.03 and a 200 day moving average of $71.46. The company has a market capitalization of $1.31 billion, a P/E ratio of 19.05 and a beta of 0.91.
Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, July 27th. The construction company reported $1.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.12. Patrick Industries had a net margin of 4.66% and a return on equity of 26.46%. The company had revenue of $407.20 million for the quarter, compared to the consensus estimate of $384.54 million. During the same quarter in the prior year, the firm earned $1.10 earnings per share. Patrick Industries’s revenue was up 29.2% on a year-over-year basis. Equities research analysts predict that Patrick Industries, Inc. will post $4.35 earnings per share for the current fiscal year.
PATK has been the topic of several research analyst reports. Zacks Investment Research downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research note on Friday, September 15th. BidaskClub cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Saturday, July 8th. Finally, Wells Fargo & Company reiterated a “market perform” rating and set a $75.00 target price (up previously from $72.00) on shares of Patrick Industries in a report on Monday, June 19th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $78.00.
About Patrick Industries
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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