Hennessy Advisors Inc. lessened its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 1.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 46,800 shares of the construction company’s stock after selling 900 shares during the period. Hennessy Advisors Inc. owned about 0.29% of Patrick Industries worth $3,409,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Neuberger Berman Group LLC grew its position in shares of Patrick Industries by 10.6% in the 2nd quarter. Neuberger Berman Group LLC now owns 510,710 shares of the construction company’s stock valued at $37,205,000 after buying an additional 49,035 shares during the last quarter. State of New Jersey Common Pension Fund D grew its position in shares of Patrick Industries by 8.1% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 400,000 shares of the construction company’s stock valued at $29,140,000 after buying an additional 30,000 shares during the last quarter. GW&K Investment Management LLC bought a new stake in shares of Patrick Industries in the 2nd quarter valued at about $22,840,000. Principal Financial Group Inc. grew its position in shares of Patrick Industries by 1.3% in the 2nd quarter. Principal Financial Group Inc. now owns 135,635 shares of the construction company’s stock valued at $9,881,000 after buying an additional 1,741 shares during the last quarter. Finally, Tygh Capital Management Inc. grew its position in shares of Patrick Industries by 84.8% in the 2nd quarter. Tygh Capital Management Inc. now owns 99,426 shares of the construction company’s stock valued at $7,243,000 after buying an additional 45,630 shares during the last quarter. Hedge funds and other institutional investors own 89.83% of the company’s stock.
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Shares of Patrick Industries, Inc. (NASDAQ PATK) opened at 73.55 on Friday. Patrick Industries, Inc. has a 52-week low of $50.80 and a 52-week high of $86.10. The firm has a 50 day moving average price of $72.71 and a 200-day moving average price of $71.81. The company has a market cap of $1.24 billion, a price-to-earnings ratio of 17.98 and a beta of 0.91.
Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, July 27th. The construction company reported $1.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.12. The firm had revenue of $407.20 million for the quarter, compared to the consensus estimate of $384.54 million. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. The company’s quarterly revenue was up 29.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.10 earnings per share. Equities research analysts anticipate that Patrick Industries, Inc. will post $4.34 earnings per share for the current year.
In other news, VP Joshua A. Boone sold 520 shares of Patrick Industries stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $73.00, for a total value of $37,960.00. Following the transaction, the vice president now owns 7,445 shares in the company, valued at $543,485. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Walter E. Wells sold 3,000 shares of Patrick Industries stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $72.12, for a total value of $216,360.00. Following the completion of the transaction, the director now owns 44,240 shares in the company, valued at approximately $3,190,588.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,120 shares of company stock worth $821,440. Company insiders own 6.20% of the company’s stock.
A number of equities research analysts have commented on the company. Zacks Investment Research lowered Patrick Industries from a “buy” rating to a “hold” rating in a research report on Friday, August 25th. BidaskClub lowered Patrick Industries from a “buy” rating to a “hold” rating in a research report on Saturday, July 8th. Finally, Wells Fargo & Company reiterated a “market perform” rating and issued a $75.00 price target (up previously from $72.00) on shares of Patrick Industries in a research report on Monday, June 19th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $77.75.
Patrick Industries Profile
Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.
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