SG Capital Management LLC Purchases 121,103 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

SG Capital Management LLC raised its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 285.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 163,548 shares of the construction company’s stock after purchasing an additional 121,103 shares during the period. Patrick Industries makes up approximately 1.3% of SG Capital Management LLC’s investment portfolio, making the stock its 22nd biggest position. SG Capital Management LLC owned 0.49% of Patrick Industries worth $13,588,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in shares of Patrick Industries by 2.1% in the 3rd quarter. Principal Financial Group Inc. now owns 111,952 shares of the construction company’s stock valued at $15,939,000 after acquiring an additional 2,275 shares during the last quarter. Park Avenue Securities LLC bought a new position in Patrick Industries in the fourth quarter valued at about $217,000. Argent Capital Management LLC boosted its stake in shares of Patrick Industries by 48.8% during the fourth quarter. Argent Capital Management LLC now owns 224,636 shares of the construction company’s stock valued at $18,663,000 after purchasing an additional 73,632 shares in the last quarter. Heritage Family Offices LLP grew its holdings in shares of Patrick Industries by 48.0% during the fourth quarter. Heritage Family Offices LLP now owns 3,066 shares of the construction company’s stock worth $255,000 after purchasing an additional 994 shares during the last quarter. Finally, Ritholtz Wealth Management increased its stake in shares of Patrick Industries by 53.9% in the fourth quarter. Ritholtz Wealth Management now owns 21,320 shares of the construction company’s stock valued at $1,771,000 after buying an additional 7,468 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Insider Activity at Patrick Industries

In other news, Director M Scott Welch acquired 10,000 shares of Patrick Industries stock in a transaction on Tuesday, March 11th. The stock was purchased at an average price of $86.22 per share, with a total value of $862,200.00. Following the completion of the purchase, the director now owns 136,000 shares of the company’s stock, valued at approximately $11,725,920. The trade was a 7.94% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the transaction, the executive vice president now directly owns 18,044 shares in the company, valued at $1,543,303.32. The trade was a 13.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. StockNews.com upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, April 30th. Robert W. Baird cut their price target on shares of Patrick Industries from $96.00 to $84.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. KeyCorp reduced their price objective on shares of Patrick Industries from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Benchmark raised their target price on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Finally, Baird R W lowered Patrick Industries from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $96.29.

Patrick Industries Stock Performance

PATK stock opened at $86.98 on Friday. The stock has a 50-day moving average price of $82.34 and a 200-day moving average price of $86.79. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The firm has a market cap of $2.92 billion, a PE ratio of 21.11, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.13. The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $959.46 million. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.79 EPS. As a group, equities research analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

About Patrick Industries

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.