Assetmark Inc. Purchases 6,197 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Assetmark Inc. grew its position in Patrick Industries, Inc. (NASDAQ:PATK) by 1,589.0% during the third quarter, HoldingsChannel reports. The firm owned 6,587 shares of the construction company’s stock after buying an additional 6,197 shares during the quarter. Assetmark Inc.’s holdings in Patrick Industries were worth $938,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Fiera Capital Corp bought a new position in shares of Patrick Industries in the third quarter valued at approximately $27,888,000. Principal Financial Group Inc. increased its position in Patrick Industries by 2.1% during the third quarter. Principal Financial Group Inc. now owns 111,952 shares of the construction company’s stock worth $15,939,000 after acquiring an additional 2,275 shares during the period. Amalgamated Bank increased its position in Patrick Industries by 2.1% during the third quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock worth $936,000 after acquiring an additional 136 shares during the period. Janney Montgomery Scott LLC increased its position in Patrick Industries by 2.3% during the third quarter. Janney Montgomery Scott LLC now owns 20,137 shares of the construction company’s stock worth $2,867,000 after acquiring an additional 451 shares during the period. Finally, F M Investments LLC bought a new position in Patrick Industries during the third quarter worth $323,000. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Performance

Patrick Industries stock opened at $128.50 on Friday. The stock has a 50-day simple moving average of $136.41 and a 200 day simple moving average of $123.23. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. Patrick Industries, Inc. has a 12-month low of $80.62 and a 12-month high of $148.35. The stock has a market capitalization of $2.88 billion, a price-to-earnings ratio of 18.46, a P/E/G ratio of 1.40 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The business had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. During the same period in the prior year, the firm earned $1.81 earnings per share. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, research analysts anticipate that Patrick Industries, Inc. will post 6.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday. DA Davidson boosted their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Benchmark reaffirmed a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a research report on Monday, November 4th. Truist Financial boosted their target price on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Finally, BMO Capital Markets lifted their price target on shares of Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $139.88.

Insider Activity at Patrick Industries

In other news, Director Todd M. Cleveland sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the completion of the sale, the director now directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. This represents a 8.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the sale, the insider now directly owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. This trade represents a 12.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock valued at $3,858,915 over the last ninety days. 4.70% of the stock is owned by insiders.

Patrick Industries Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.