Geode Capital Management LLC increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 7.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 264,905 shares of the construction company’s stock after purchasing an additional 19,111 shares during the quarter. Geode Capital Management LLC’s holdings in Patrick Industries were worth $7,843,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Texas Permanent School Fund grew its position in Patrick Industries by 1.8% during the fourth quarter. Texas Permanent School Fund now owns 14,924 shares of the construction company’s stock worth $442,000 after buying an additional 260 shares in the last quarter. Royce & Associates LP lifted its stake in Patrick Industries by 1.1% during the fourth quarter. Royce & Associates LP now owns 33,897 shares of the construction company’s stock worth $1,004,000 after purchasing an additional 372 shares during the period. Bank of Montreal Can lifted its stake in Patrick Industries by 11.7% during the fourth quarter. Bank of Montreal Can now owns 4,534 shares of the construction company’s stock worth $135,000 after purchasing an additional 474 shares during the period. Janney Montgomery Scott LLC lifted its stake in Patrick Industries by 5.2% during the fourth quarter. Janney Montgomery Scott LLC now owns 12,326 shares of the construction company’s stock worth $365,000 after purchasing an additional 610 shares during the period. Finally, SG Americas Securities LLC lifted its stake in Patrick Industries by 7.8% during the fourth quarter. SG Americas Securities LLC now owns 10,190 shares of the construction company’s stock worth $302,000 after purchasing an additional 735 shares during the period. 89.51% of the stock is currently owned by institutional investors and hedge funds.
In other 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.60% of the company’s stock.
Shares of PATK opened at $54.12 on Wednesday. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of 11.64, a price-to-earnings-growth ratio of 0.92 and a beta of 1.91. The company has a debt-to-equity ratio of 1.52, a current ratio of 2.44 and a quick ratio of 0.71. Patrick Industries, Inc. has a 12 month low of $27.32 and a 12 month high of $67.50.
Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, February 14th. The construction company reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.21. Patrick Industries had a net margin of 5.30% and a return on equity of 28.26%. The company had revenue of $531.00 million during the quarter, compared to analysts’ expectations of $519.00 million. During the same quarter in the previous year, the company posted $0.87 earnings per share. Patrick Industries’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Patrick Industries, Inc. will post 4.77 earnings per share for the current fiscal year.
A number of research analysts have commented on the stock. ValuEngine upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a research note on Tuesday. KeyCorp raised their price target on shares of Patrick Industries from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday. BidaskClub upgraded shares of Patrick Industries from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 23rd. Wells Fargo & Co raised their price target on shares of Patrick Industries from $30.00 to $49.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 27th. Finally, Zacks Investment Research upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a research note on Wednesday, March 13th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Patrick Industries currently has an average rating of “Buy” and an average price target of $58.60.
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About Patrick Industries
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.
Further Reading: What is the price-to-earnings growth (PEG) ratio?
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