Trexquant Investment LP bought a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the 1st quarter, HoldingsChannel.com reports. The fund bought 8,360 shares of the construction company’s stock, valued at approximately $517,000.
Other large investors have also bought and sold shares of the company. Catalyst Capital Advisors LLC purchased a new position in Patrick Industries during the 4th quarter valued at about $160,000. Quadrature Capital Ltd purchased a new position in Patrick Industries during the 4th quarter valued at about $210,000. Xact Kapitalforvaltning AB purchased a new position in Patrick Industries during the 4th quarter valued at about $216,000. M&T Bank Corp purchased a new position in Patrick Industries during the 4th quarter valued at about $224,000. Finally, Amalgamated Bank purchased a new position in Patrick Industries during the 4th quarter valued at about $246,000. Hedge funds and other institutional investors own 89.52% of the company’s stock.
Get Patrick Industries alerts:
Patrick Industries opened at $62.75 on Friday, Marketbeat.com reports. Patrick Industries, Inc. has a 12-month low of $42.77 and a 12-month high of $72.35. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 19.73, a PEG ratio of 1.06 and a beta of 0.80. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.86 and a current ratio of 2.01.
Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, April 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.25. Patrick Industries had a net margin of 5.34% and a return on equity of 25.30%. The company had revenue of $551.83 million for the quarter, compared to analysts’ expectations of $477.65 million. During the same period last year, the company earned $0.92 EPS. The firm’s revenue for the quarter was up 59.8% compared to the same quarter last year. equities research analysts expect that Patrick Industries, Inc. will post 4.51 EPS for the current fiscal year.
Patrick Industries announced that its board has initiated a stock buyback program on Tuesday, January 30th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.
In other news, Director M Scott Welch purchased 5,550 shares of the firm’s stock in a transaction on Friday, March 2nd. The shares were bought at an average cost of $60.60 per share, with a total value of $336,330.00. Following the purchase, the director now directly owns 63,862 shares of the company’s stock, valued at $3,870,037.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Courtney Blosser sold 2,000 shares of the firm’s stock in a transaction dated 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 directly owns 41,965 shares in the company, valued at $2,825,083.80. The disclosure for this sale can be found here. Insiders have acquired a total of 14,322 shares of company stock worth $855,667 over the last ninety days. 5.60% of the stock is owned by corporate insiders.
PATK has been the subject of several recent research reports. Bank of America raised their target price on shares of Patrick Industries from $75.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, January 24th. BidaskClub upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating in a report on Friday, January 26th. Zacks Investment Research downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Wednesday, February 14th. Robert W. Baird restated a “buy” rating on shares of Patrick Industries in a report on Friday, February 16th. Finally, Wells Fargo dropped their target price on shares of Patrick Industries from $75.00 to $66.00 and set a “market perform” rating for the company in a report on Tuesday, April 10th. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Patrick Industries currently has a consensus rating of “Buy” and an average price target of $74.60.
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; 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.
Want to see what other hedge funds are holding PATK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patrick Industries, Inc. (NASDAQ:PATK).