Legal & General Group Plc cut its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 2.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 53,202 shares of the construction company’s stock after selling 1,168 shares during the period. Legal & General Group Plc’s holdings in Patrick Industries were worth $1,579,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. raised its position in Patrick Industries by 2.5% in the third quarter. BlackRock Inc. now owns 3,350,263 shares of the construction company’s stock worth $198,335,000 after acquiring an additional 82,322 shares during the period. Vanguard Group Inc. raised its position in Patrick Industries by 1.4% in the third quarter. Vanguard Group Inc. now owns 1,386,725 shares of the construction company’s stock worth $82,094,000 after acquiring an additional 19,460 shares during the period. Vanguard Group Inc raised its position in Patrick Industries by 1.4% in the third quarter. Vanguard Group Inc now owns 1,386,725 shares of the construction company’s stock worth $82,094,000 after acquiring an additional 19,460 shares during the period. Dimensional Fund Advisors LP raised its position in Patrick Industries by 5.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,074,342 shares of the construction company’s stock worth $31,812,000 after acquiring an additional 51,096 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Patrick Industries by 3.6% in the third quarter. JPMorgan Chase & Co. now owns 593,889 shares of the construction company’s stock worth $35,158,000 after acquiring an additional 20,554 shares during the period. Institutional investors and hedge funds own 89.51% of the company’s stock.
Several research analysts have weighed in on the stock. ValuEngine upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, April 16th. KeyCorp increased their price objective on shares of Patrick Industries from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. BidaskClub raised shares of Patrick Industries from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 10th. Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Thursday, April 4th. Finally, Bank of America began coverage on shares of Patrick Industries in a research note on Tuesday, March 26th. They issued a “buy” rating and a $53.00 price objective for the company. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Patrick Industries presently has an average rating of “Buy” and a consensus price target of $58.60.
In other news, Director Walter E. Wells sold 1,000 shares of the stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $45.34, for a total value of $45,340.00. Following the completion of the sale, the director now directly owns 60,030 shares of the company’s stock, valued at $2,721,760.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.60% of the company’s stock.
Shares of NASDAQ PATK opened at $55.13 on Friday. The company has a debt-to-equity ratio of 1.52, a current ratio of 2.44 and a quick ratio of 0.71. The firm has a market capitalization of $1.31 billion, a PE ratio of 11.86, a PEG ratio of 0.97 and a beta of 1.91. Patrick Industries, Inc. has a 1 year low of $27.32 and a 1 year high of $67.50.
Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 14th. The construction company reported $0.96 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.21. The firm had revenue of $531.00 million during the quarter, compared to analysts’ expectations of $519.00 million. Patrick Industries had a net margin of 5.30% and a return on equity of 28.26%. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.87 earnings per share. As a group, research analysts predict that Patrick Industries, Inc. will post 4.77 earnings per share for the current fiscal year.
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Patrick Industries Company Profile
Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; decorative vinyl and paper laminated panels; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.
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