Financial Consulate Inc. maintained its position in Patrick Industries, Inc. (NASDAQ:PATK) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,424 shares of the construction company’s stock at the end of the second quarter. Patrick Industries accounts for about 1.3% of Financial Consulate Inc.’s holdings, making the stock its 15th largest position. Financial Consulate Inc. owned approximately 0.19% of Patrick Industries worth $2,289,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio increased its position in Patrick Industries by 2.3% in the first quarter. Public Employees Retirement System of Ohio now owns 84,005 shares of the construction company’s stock worth $5,956,000 after buying an additional 1,877 shares in the last quarter. Nuveen Asset Management LLC increased its position in Patrick Industries by 12.1% in the first quarter. Nuveen Asset Management LLC now owns 6,329 shares of the construction company’s stock worth $449,000 after buying an additional 682 shares in the last quarter. GW&K Investment Management LLC purchased a new position in Patrick Industries during the second quarter worth approximately $22,840,000. State of Alaska Department of Revenue increased its position in Patrick Industries by 78.0% in the second quarter. State of Alaska Department of Revenue now owns 3,132 shares of the construction company’s stock worth $228,000 after buying an additional 1,372 shares in the last quarter. Finally, Eqis Capital Management Inc. purchased a new position in Patrick Industries during the second quarter worth approximately $226,000. Hedge funds and other institutional investors own 90.97% of the company’s stock.

Shares of Patrick Industries, Inc. (NASDAQ:PATK) opened at 73.35 on Monday. The company has a market cap of $1.20 billion, a PE ratio of 17.93 and a beta of 0.92. Patrick Industries, Inc. has a 12 month low of $50.80 and a 12 month high of $86.10. The firm’s 50-day moving average price is $74.73 and its 200-day moving average price is $73.45.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 27th. The construction company reported $1.28 earnings per share 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 analyst estimates of $384.54 million. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. The business’s quarterly revenue was up 29.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.10 EPS. Equities analysts predict that Patrick Industries, Inc. will post $4.34 EPS for the current fiscal year.

TRADEMARK VIOLATION NOTICE: This article was published by Daily Political and is the property of of Daily Political. If you are accessing this article on another site, it was illegally copied and republished in violation of US & international copyright & trademark legislation. The original version of this article can be viewed at https://www.dailypolitical.com/2017/08/07/financial-consulate-inc-holds-stake-in-patrick-industries-inc-nasdaqpatk.html.

PATK has been the topic of a number of research reports. Bank of America Corporation initiated coverage on Patrick Industries in a report on Monday, April 17th. They issued a “buy” rating and a $80.00 price objective on the stock. Robert W. Baird started coverage on Patrick Industries in a research report on Friday, April 21st. They set an “outperform” rating and a $74.00 target price for the company. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research report on Tuesday, May 23rd. BidaskClub raised Patrick Industries from a “hold” rating to a “buy” rating in a research report on Friday, June 9th. Finally, Wells Fargo & Company reaffirmed a “market perform” rating and set a $75.00 target price (up previously from $72.00) on shares of Patrick Industries in a research report on Monday, June 19th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $76.00.

In related news, Director M Scott Welch purchased 5,000 shares of the stock in a transaction on Thursday, May 18th. The shares were purchased at an average price of $66.50 per share, with a total value of $332,500.00. Following the transaction, the director now directly owns 24,908 shares of the company’s stock, valued at $1,656,382. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 6.20% of the stock is owned by insiders.

About Patrick Industries

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.

Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

Receive News & Ratings for Patrick Industries Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries Inc. and related companies with MarketBeat.com's FREE daily email newsletter.