Amalgamated Bank Acquires 136 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Amalgamated Bank grew its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 2.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,573 shares of the construction company’s stock after buying an additional 136 shares during the quarter. Amalgamated Bank’s holdings in Patrick Industries were worth $936,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Boston Partners bought a new stake in shares of Patrick Industries during the first quarter valued at approximately $1,645,000. Allspring Global Investments Holdings LLC lifted its holdings in Patrick Industries by 35.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock worth $13,869,000 after buying an additional 25,556 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Patrick Industries by 10.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock valued at $33,078,000 after buying an additional 26,389 shares during the last quarter. Argent Capital Management LLC increased its stake in shares of Patrick Industries by 758.4% in the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after buying an additional 133,413 shares during the period. Finally, Public Sector Pension Investment Board raised its position in shares of Patrick Industries by 8.7% during the second quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock worth $5,032,000 after acquiring an additional 3,705 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on PATK shares. Raymond James lowered their price objective on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Robert W. Baird boosted their price target on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. DA Davidson increased their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Benchmark reaffirmed a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a report on Monday, November 4th. Finally, StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $139.88.

Patrick Industries Trading Down 1.0 %

Shares of NASDAQ PATK opened at $131.16 on Friday. 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 twelve month low of $80.62 and a twelve month high of $148.35. The company’s fifty day moving average is $136.35 and its 200-day moving average is $123.08. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of 18.84, a P/E/G ratio of 1.37 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.03). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The business had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. During the same quarter in the prior year, the firm posted $1.81 earnings per share. The business’s revenue was up 6.2% on a year-over-year basis. Equities research analysts predict that Patrick Industries, Inc. will post 6.42 EPS for the current year.

Insider Activity

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at $3,091,283.49. This trade represents a 7.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the transaction, the insider now directly owns 139,109 shares of the company’s stock, valued at $18,274,749.33. This represents a 12.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock worth $3,858,915 in the last 90 days. Corporate insiders own 4.70% of the company’s stock.

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.