WealthTrust Axiom LLC Sells 3,000 Shares of Patrick Industries, Inc. (PATK)
WealthTrust Axiom LLC cut its position in Patrick Industries, Inc. (NASDAQ:PATK) by 41.7% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 4,200 shares of the construction company’s stock after selling 3,000 shares during the period. WealthTrust Axiom LLC’s holdings in Patrick Industries were worth $305,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the company. Essex Investment Management Co. LLC boosted its position in shares of Patrick Industries by 41.6% in the second quarter. Essex Investment Management Co. LLC now owns 33,693 shares of the construction company’s stock worth $2,455,000 after buying an additional 9,896 shares in the last quarter. Texas Permanent School Fund boosted its position in shares of Patrick Industries by 0.6% in the second quarter. Texas Permanent School Fund now owns 11,624 shares of the construction company’s stock worth $847,000 after buying an additional 71 shares in the last quarter. Supplemental Annuity Collective Trust of NJ boosted its position in shares of Patrick Industries by 20.0% in the second quarter. Supplemental Annuity Collective Trust of NJ now owns 12,000 shares of the construction company’s stock worth $874,000 after buying an additional 2,000 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its position in shares of Patrick Industries by 8.1% in the second quarter. State of New Jersey Common Pension Fund D now owns 400,000 shares of the construction company’s stock worth $29,140,000 after buying an additional 30,000 shares in the last quarter. Finally, NJ State Employees Deferred Compensation Plan acquired a new position in shares of Patrick Industries during the second quarter worth about $437,000. 90.97% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Patrick Industries, Inc. (PATK) opened at 74.50 on Tuesday. Patrick Industries, Inc. has a 12-month low of $50.80 and a 12-month high of $86.10. The stock’s 50 day moving average price is $74.73 and its 200-day moving average price is $73.45. The company has a market cap of $1.22 billion, a PE ratio of 18.22 and a beta of 0.92.
Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, July 27th. The construction company reported $1.28 EPS for the quarter, beating the Zacks’ 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 net margin of 4.66% and a return on equity of 26.46%. The company’s revenue for the quarter was up 29.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.10 earnings per share. On average, equities research analysts forecast that Patrick Industries, Inc. will post $4.34 earnings per share for the current year.
A number of equities research analysts have recently weighed in on PATK shares. BidaskClub cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Saturday, July 8th. Wells Fargo & Company reaffirmed a “market perform” rating and set a $75.00 price target (up previously from $72.00) on shares of Patrick Industries in a report on Monday, June 19th. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Tuesday, May 23rd. Robert W. Baird started coverage on Patrick Industries in a report on Friday, April 21st. They set an “outperform” rating and a $74.00 price target on the stock. Finally, Bank of America Corporation started coverage on Patrick Industries in a report on Monday, April 17th. They set a “buy” rating and a $80.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Patrick Industries presently has an average rating of “Buy” and an average target price of $76.00.
In other news, Director M Scott Welch purchased 5,000 shares of Patrick Industries stock in a transaction on Thursday, May 18th. The shares were purchased at an average cost of $66.50 per share, for a total transaction of $332,500.00. Following the completion of the transaction, the director now directly owns 24,908 shares in the company, valued at $1,656,382. The purchase was disclosed in a document filed with the SEC, which is available through 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.
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