Crestwood Advisors Group LLC Sells 7,645 Shares of Patrick Industries, Inc. $PATK

Crestwood Advisors Group LLC cut its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 42.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,374 shares of the construction company’s stock after selling 7,645 shares during the quarter. Crestwood Advisors Group LLC’s holdings in Patrick Industries were worth $1,125,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of PATK. SG Americas Securities LLC raised its stake in shares of Patrick Industries by 12,134.2% in the fourth quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock worth $28,123,000 after purchasing an additional 257,245 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Patrick Industries in the second quarter worth approximately $9,800,000. Copeland Capital Management LLC raised its stake in shares of Patrick Industries by 23.4% in the fourth quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company’s stock worth $51,938,000 after purchasing an additional 90,691 shares during the last quarter. Watchtower Advisors LP raised its stake in shares of Patrick Industries by 50.0% in the third quarter. Watchtower Advisors LP now owns 150,000 shares of the construction company’s stock worth $15,514,000 after purchasing an additional 50,000 shares during the last quarter. Finally, Strs Ohio raised its stake in shares of Patrick Industries by 4,000.0% in the fourth quarter. Strs Ohio now owns 41,000 shares of the construction company’s stock worth $4,446,000 after purchasing an additional 40,000 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Matthew S. Filer bought 1,000 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was acquired at an average cost of $85.50 per share, with a total value of $85,500.00. Following the completion of the transaction, the chief financial officer directly owned 21,614 shares of the company’s stock, valued at $1,847,997. This represents a 4.85% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Charles R. Roeder bought 5,750 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was purchased at an average cost of $87.83 per share, with a total value of $505,022.50. Following the completion of the transaction, the insider directly owned 42,147 shares of the company’s stock, valued at approximately $3,701,771.01. The trade was a 15.80% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders bought 37,310 shares of company stock valued at $3,541,295. Company insiders own 3.80% of the company’s stock.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $95.17 on Friday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. The business has a fifty day simple moving average of $110.13 and a two-hundred day simple moving average of $113.94. Patrick Industries, Inc. has a 1 year low of $82.24 and a 1 year high of $148.50. The company has a market capitalization of $3.15 billion, a P/E ratio of 24.40 and a beta of 1.12.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The business had revenue of $997.17 million during the quarter, compared to the consensus estimate of $989.06 million. During the same period last year, the business posted $1.11 earnings per share. The business’s revenue for the quarter was down .6% on a year-over-year basis. On average, analysts expect that Patrick Industries, Inc. will post 4.94 earnings per share for the current year.

Analysts Set New Price Targets

PATK has been the subject of several analyst reports. Wall Street Zen downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Weiss Ratings downgraded Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday. Zacks Research downgraded Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Benchmark decreased their price target on Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Finally, KeyCorp decreased their price target on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Six research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $122.63.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.