Municipal Employees Retirement System of Michigan bought a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 6,675 shares of the construction company’s stock, valued at approximately $198,000.
Other hedge funds have also recently modified their holdings of the company. Essex Investment Management Co. LLC increased its position in shares of Patrick Industries by 26.0% during the fourth quarter. Essex Investment Management Co. LLC now owns 59,964 shares of the construction company’s stock valued at $1,776,000 after acquiring an additional 12,362 shares during the last quarter. State of New Jersey Common Pension Fund D increased its position in shares of Patrick Industries by 1.8% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 580,000 shares of the construction company’s stock valued at $17,174,000 after acquiring an additional 10,000 shares during the last quarter. Janus Henderson Group PLC acquired a new stake in shares of Patrick Industries during the third quarter valued at about $238,000. Vanguard Group Inc increased its position in shares of Patrick Industries by 1.4% during the third quarter. Vanguard Group Inc now owns 1,386,725 shares of the construction company’s stock valued at $82,094,000 after acquiring an additional 19,460 shares during the last quarter. Finally, Quantamental Technologies LLC acquired a new stake in shares of Patrick Industries during the fourth quarter valued at about $100,000. 89.51% of the stock is currently owned by institutional investors.
Shares of PATK stock opened at $54.12 on Wednesday. The company has a quick ratio of 0.71, a current ratio of 2.44 and a debt-to-equity ratio of 1.52. The company has a market capitalization of $1.24 billion, a P/E ratio of 11.64, a price-to-earnings-growth ratio of 0.92 and a beta of 1.91. Patrick Industries, Inc. has a fifty-two week low of $27.32 and a fifty-two week 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 for the quarter, beating analysts’ consensus estimates 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 business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.87 earnings per share. As a group, research analysts predict that Patrick Industries, Inc. will post 4.77 EPS for the current year.
A number of equities 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. KeyCorp lifted their price target on shares of Patrick Industries from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Monday. BidaskClub upgraded shares of Patrick Industries from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 10th. Zacks Investment Research upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Thursday, April 4th. Finally, Bank of America assumed coverage on shares of Patrick Industries in a research report on Tuesday, March 26th. They set a “buy” rating and a $53.00 price target for the company. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $58.60.
In related news, Director Walter E. Wells sold 1,000 shares of Patrick Industries stock in a transaction that occurred 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 transaction, the director now owns 60,030 shares in the company, valued at $2,721,760.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.60% of the company’s stock.
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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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