Glen Harbor Capital Management LLC cut its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 58.5% during the first quarter, HoldingsChannel.com reports. The firm owned 7,106 shares of the construction company’s stock after selling 10,030 shares during the period. Glen Harbor Capital Management LLC’s holdings in Patrick Industries were worth $439,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Crossmark Global Holdings Inc. increased its position in shares of Patrick Industries by 13.1% during the fourth quarter. Crossmark Global Holdings Inc. now owns 7,940 shares of the construction company’s stock valued at $551,000 after purchasing an additional 920 shares during the period. Comerica Bank increased its position in shares of Patrick Industries by 3.8% during the first quarter. Comerica Bank now owns 25,671 shares of the construction company’s stock valued at $1,375,000 after purchasing an additional 943 shares during the period. Pitcairn Co. increased its position in shares of Patrick Industries by 36.5% during the fourth quarter. Pitcairn Co. now owns 3,611 shares of the construction company’s stock valued at $249,000 after purchasing an additional 966 shares during the period. Intrust Bank NA increased its position in shares of Patrick Industries by 16.3% during the first quarter. Intrust Bank NA now owns 7,498 shares of the construction company’s stock valued at $464,000 after purchasing an additional 1,049 shares during the period. Finally, Commerce Bank increased its position in shares of Patrick Industries by 14.3% during the first quarter. Commerce Bank now owns 9,326 shares of the construction company’s stock valued at $576,000 after purchasing an additional 1,166 shares during the period. Institutional investors and hedge funds own 92.88% of the company’s stock.
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Shares of NASDAQ:PATK opened at $60.60 on Friday. Patrick Industries, Inc. has a fifty-two week low of $42.77 and a fifty-two week high of $72.35. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 17.37, a P/E/G ratio of 1.10 and a beta of 0.80. The company has a current ratio of 2.01, a quick ratio of 0.86 and a debt-to-equity ratio of 1.02.
Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, April 26th. The construction company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.25. Patrick Industries had a return on equity of 25.30% and a net margin of 5.34%. The firm had revenue of $551.83 million for the quarter, compared to analysts’ expectations of $477.65 million. During the same period in the prior year, the business posted $0.92 earnings per share. The business’s revenue was up 59.8% compared to the same quarter last year. research analysts predict that Patrick Industries, Inc. will post 4.51 EPS for the current fiscal year.
PATK has been the topic of a number of research reports. BidaskClub cut Patrick Industries from a “hold” rating to a “sell” rating in a research report on Friday, April 13th. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research report on Thursday, February 15th. ValuEngine upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research report on Tuesday. Bank of America boosted their price objective on Patrick Industries from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, March 15th. Finally, Wells Fargo & Co lowered their price objective on Patrick Industries from $75.00 to $66.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 10th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $74.60.
In other news, insider Courtney Blosser sold 2,000 shares of the stock in a transaction on Friday, March 16th. The stock was sold at an average price of $67.32, for a total transaction of $134,640.00. Following the sale, the insider now owns 41,965 shares in the company, valued at $2,825,083.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Joshua A. Boone sold 814 shares of the stock in a transaction on Friday, March 16th. The stock was sold at an average price of $67.13, for a total value of $54,643.82. Following the sale, the vice president now owns 18,529 shares in the company, valued at approximately $1,243,851.77. The disclosure for this sale can be found here. Corporate insiders own 5.60% of the company’s stock.
Patrick Industries 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; 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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