Bedel Financial Consulting Inc. Acquires New Position in Patrick Industries, Inc. (PATK)

Bedel Financial Consulting Inc. acquired a new stake in Patrick Industries, Inc. (NASDAQ:PATK) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 7,499 shares of the construction company’s stock, valued at approximately $521,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Patrick Industries by 3.2% in the second quarter. Vanguard Group Inc. now owns 812,130 shares of the construction company’s stock valued at $59,164,000 after buying an additional 24,830 shares during the period. Dimensional Fund Advisors LP increased its position in Patrick Industries by 0.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 675,042 shares of the construction company’s stock valued at $56,771,000 after purchasing an additional 2,083 shares during the period. GW&K Investment Management LLC increased its position in Patrick Industries by 26.4% during the 4th quarter. GW&K Investment Management LLC now owns 398,940 shares of the construction company’s stock valued at $27,706,000 after purchasing an additional 83,206 shares during the period. State Street Corp increased its position in Patrick Industries by 9.9% during the 2nd quarter. State Street Corp now owns 382,418 shares of the construction company’s stock valued at $27,859,000 after purchasing an additional 34,456 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Patrick Industries by 4.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 311,208 shares of the construction company’s stock valued at $26,111,000 after purchasing an additional 12,458 shares during the period. 60.34% of the stock is owned by institutional investors.

PATK has been the subject of a number of recent analyst reports. Robert W. Baird reissued a “buy” rating and set a $72.00 target price on shares of Patrick Industries in a research report on Friday, December 22nd. KeyCorp initiated coverage on shares of Patrick Industries in a research report on Friday, December 15th. They set an “overweight” rating and a $80.00 target price for the company. BidaskClub downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, January 18th. ValuEngine raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a research report on Monday, December 11th. Finally, Bank of America increased their target price on shares of Patrick Industries from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, January 24th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $72.40.

In other Patrick Industries news, Director John A. Forbes sold 1,000 shares of the stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $65.80, for a total transaction of $65,800.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Joseph M. Cerulli sold 3,223 shares of the stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $97.64, for a total value of $314,693.72. Following the transaction, the director now owns 25,237 shares in the company, valued at $2,464,140.68. The disclosure for this sale can be found here. Insiders have sold a total of 25,234 shares of company stock worth $2,485,568 over the last 90 days. Company insiders own 5.20% of the company’s stock.

Patrick Industries, Inc. (NASDAQ:PATK) opened at $57.95 on Friday. The stock has a market capitalization of $1,520.00, a P/E ratio of 19.58, a price-to-earnings-growth ratio of 1.27 and a beta of 0.84. Patrick Industries, Inc. has a twelve month low of $40.07 and a twelve month high of $72.35. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.72.

Patrick Industries declared that its board has initiated a share repurchase program on Tuesday, January 30th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the construction company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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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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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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