Schwab Charles Investment Management Inc. boosted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 16.0% during the third quarter, Holdings Channel reports. The institutional investor owned 76,652 shares of the construction company’s stock after purchasing an additional 10,547 shares during the quarter. Schwab Charles Investment Management Inc.’s holdings in Patrick Industries were worth $6,447,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. boosted its stake in Patrick Industries by 13.4% during the second quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock worth $104,000 after buying an additional 168 shares during the last quarter. Pinebridge Investments L.P. boosted its stake in Patrick Industries by 10.0% during the second quarter. Pinebridge Investments L.P. now owns 2,097 shares of the construction company’s stock worth $153,000 after buying an additional 191 shares during the last quarter. Pacad Investment Ltd. boosted its stake in Patrick Industries by 76.9% during the second quarter. Pacad Investment Ltd. now owns 2,300 shares of the construction company’s stock worth $168,000 after buying an additional 1,000 shares during the last quarter. Advisor Group Inc. boosted its stake in Patrick Industries by 12.1% during the second quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock worth $168,000 after buying an additional 247 shares during the last quarter. Finally, UBS Asset Management Americas Inc. acquired a new position in Patrick Industries during the second quarter worth $202,000. 59.53% of the stock is currently owned by institutional investors.
Patrick Industries, Inc. (NASDAQ:PATK) opened at $68.00 on Friday. Patrick Industries, Inc. has a 12 month low of $40.07 and a 12 month high of $71.12. The company has a market capitalization of $1,740.00, a price-to-earnings ratio of 22.97, a PEG ratio of 1.61 and a beta of 0.98. The company has a quick ratio of 1.00, a current ratio of 2.23 and a debt-to-equity ratio of 0.72.
Several equities analysts have recently commented on PATK shares. ValuEngine raised Patrick Industries from a “hold” rating to a “buy” rating in a research note on Monday, December 11th. Bank of America upped their price target on Patrick Industries from $56.67 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, October 24th. Zacks Investment Research lowered Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, September 28th. Wells Fargo & Co reaffirmed a “market perform” rating and issued a $66.00 price target (down previously from $90.00) on shares of Patrick Industries in a research note on Thursday, December 14th. Finally, KeyCorp started coverage on Patrick Industries in a research note on Friday, December 15th. They issued an “overweight” rating and a $80.00 price target on the stock. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $68.80.
In related news, CEO Todd M. Cleveland sold 10,000 shares of the business’s stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $89.87, for a total value of $898,700.00. Following the sale, the chief executive officer now owns 340,827 shares in the company, valued at approximately $30,630,122.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffrey L. Et Al Gendell sold 25,000 shares of the business’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $89.55, for a total value of $2,238,750.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 60,234 shares of company stock worth $5,623,018. Corporate insiders own 5.20% of the company’s stock.
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Patrick Industries Profile
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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