Virginia Retirement Systems ET AL purchased a new stake in Patrick Industries, Inc. (NASDAQ:PATK) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 21,400 shares of the construction company’s stock, valued at approximately $1,559,000. Virginia Retirement Systems ET AL owned 0.13% of Patrick Industries as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. SG Americas Securities LLC bought a new position in shares of Patrick Industries in the 2nd quarter valued at approximately $204,000. Aperio Group LLC raised its stake in shares of Patrick Industries by 2.9% in the 2nd quarter. Aperio Group LLC now owns 3,064 shares of the construction company’s stock valued at $223,000 after acquiring an additional 85 shares in the last quarter. Eqis Capital Management Inc. bought a new position in shares of Patrick Industries in the 2nd quarter valued at approximately $226,000. State of Alaska Department of Revenue increased its position in Patrick Industries by 78.0% in the 2nd quarter. State of Alaska Department of Revenue now owns 3,132 shares of the construction company’s stock worth $228,000 after buying an additional 1,372 shares during the period. Finally, Municipal Employees Retirement System of Michigan increased its position in Patrick Industries by 13.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 3,760 shares of the construction company’s stock worth $274,000 after buying an additional 450 shares during the period. Hedge funds and other institutional investors own 89.83% of the company’s stock.
In related news, VP Joshua A. Boone sold 520 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $73.00, for a total value of $37,960.00. Following the sale, the vice president now owns 7,445 shares in the company, valued at $543,485. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Todd M. Cleveland sold 1,065 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $73.01, for a total transaction of $77,755.65. Following the completion of the sale, the chief executive officer now owns 390,792 shares in the company, valued at approximately $28,531,723.92. The disclosure for this sale can be found here. Insiders have sold 16,120 shares of company stock valued at $1,196,440 in the last three months. 6.20% of the stock is owned by insiders.
Several analysts have recently weighed in on the company. Zacks Investment Research lowered Patrick Industries from a “buy” rating to a “hold” rating in a report on Friday. BidaskClub lowered Patrick Industries from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. Finally, Wells Fargo & Company reissued a “market perform” rating and issued a $75.00 price objective (up previously from $72.00) on shares of Patrick Industries in a research note on Monday, June 19th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Patrick Industries has a consensus rating of “Hold” and an average target price of $77.75.
Patrick Industries, Inc. (NASDAQ PATK) traded up 2.42% during midday trading on Friday, hitting $76.30. The stock had a trading volume of 153,917 shares. Patrick Industries, Inc. has a 52 week low of $50.80 and a 52 week high of $86.10. The company has a market capitalization of $1.28 billion, a PE ratio of 18.66 and a beta of 0.91. The company’s 50-day moving average price is $72.89 and its 200 day moving average price is $71.65.
Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, July 27th. The construction company reported $1.28 earnings per share 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 business had revenue of $407.20 million during the quarter, compared to the consensus estimate of $384.54 million. During the same quarter last year, the firm earned $1.10 earnings per share. The business’s revenue for the quarter was up 29.2% on a year-over-year basis. On average, analysts expect that Patrick Industries, Inc. will post $4.35 EPS for the current year.
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Patrick Industries 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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