Patrick Industries, Inc. (PATK) Stake Decreased by RK Capital Management LLC
RK Capital Management LLC lowered its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 37.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,898 shares of the construction company’s stock after selling 52,372 shares during the quarter. RK Capital Management LLC owned approximately 0.54% of Patrick Industries worth $6,476,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in PATK. GW&K Investment Management LLC acquired a new stake in shares of Patrick Industries during the second quarter worth approximately $22,840,000. Teachers Advisors LLC grew its position in shares of Patrick Industries by 640.0% during the second quarter. Teachers Advisors LLC now owns 195,788 shares of the construction company’s stock worth $14,263,000 after buying an additional 169,329 shares in the last quarter. Thompson Siegel & Walmsley LLC acquired a new stake in shares of Patrick Industries during the second quarter worth approximately $5,240,000. Neuberger Berman Group LLC grew its position in shares of Patrick Industries by 10.6% during the second quarter. Neuberger Berman Group LLC now owns 510,710 shares of the construction company’s stock worth $37,205,000 after buying an additional 49,035 shares in the last quarter. Finally, Tygh Capital Management Inc. grew its position in shares of Patrick Industries by 84.8% during the second quarter. Tygh Capital Management Inc. now owns 99,426 shares of the construction company’s stock worth $7,243,000 after buying an additional 45,630 shares in the last quarter. 89.83% of the stock is owned by institutional investors and hedge funds.
Patrick Industries, Inc. (NASDAQ:PATK) traded up 2.42% during trading on Friday, reaching $76.30. 153,917 shares of the company’s stock were exchanged. Patrick Industries, Inc. has a 52-week low of $50.80 and a 52-week high of $86.10. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of 18.66 and a beta of 0.91. The stock’s 50-day moving average price is $72.89 and its 200-day moving average price is $71.65.
Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, July 27th. The construction company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.12. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. The company had revenue of $407.20 million during the quarter, compared to analyst estimates of $384.54 million. During the same period in the previous year, the company earned $1.10 earnings per share. The company’s quarterly revenue was up 29.2% compared to the same quarter last year. Equities analysts expect that Patrick Industries, Inc. will post $4.35 earnings per share for the current year.
In other news, Director Paul E. Hassler sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $75.00, for a total transaction of $375,000.00. Following the completion of the transaction, the director now directly owns 47,099 shares in the company, valued at $3,532,425. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Walter E. Wells sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $72.12, for a total value of $216,360.00. Following the transaction, the director now owns 44,240 shares of the company’s stock, valued at $3,190,588.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,120 shares of company stock valued at $1,196,440. Corporate insiders own 6.20% of the company’s stock.
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A number of analysts have recently weighed in on PATK shares. Zacks Investment Research downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Friday, August 25th. BidaskClub raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a research report on Friday, June 9th. Finally, Wells Fargo & Company reissued a “market perform” rating and set 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 given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $78.00.
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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