Cadence Capital Management LLC Has $2.52 Million Holdings in Patrick Industries, Inc. (PATK)

Cadence Capital Management LLC raised its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 58.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,346 shares of the construction company’s stock after buying an additional 13,367 shares during the quarter. Cadence Capital Management LLC’s holdings in Patrick Industries were worth $2,524,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PATK. Schwab Charles Investment Management Inc. increased its holdings in Patrick Industries by 7.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 66,105 shares of the construction company’s stock valued at $4,816,000 after buying an additional 4,789 shares during the period. Wells Fargo & Company MN increased its holdings in Patrick Industries by 1.5% in the 2nd quarter. Wells Fargo & Company MN now owns 64,147 shares of the construction company’s stock valued at $4,672,000 after buying an additional 954 shares during the period. Alliancebernstein L.P. increased its holdings in Patrick Industries by 2.8% in the 2nd quarter. Alliancebernstein L.P. now owns 18,550 shares of the construction company’s stock valued at $1,351,000 after buying an additional 500 shares during the period. Nationwide Fund Advisors increased its holdings in Patrick Industries by 3.2% in the 2nd quarter. Nationwide Fund Advisors now owns 8,973 shares of the construction company’s stock valued at $654,000 after buying an additional 281 shares during the period. Finally, Thrivent Financial For Lutherans increased its holdings in Patrick Industries by 6.7% in the 2nd quarter. Thrivent Financial For Lutherans now owns 9,650 shares of the construction company’s stock valued at $703,000 after buying an additional 610 shares during the period. 60.34% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts have recently weighed in on the stock. Robert W. Baird reaffirmed a “buy” rating on shares of Patrick Industries in a report on Thursday, October 12th. KeyCorp assumed coverage on shares of Patrick Industries in a report on Friday, December 15th. They issued an “overweight” rating and a $80.00 target price on the stock. Wells Fargo & Co reaffirmed a “market perform” rating and issued a $66.00 target price (down previously from $90.00) on shares of Patrick Industries in a report on Thursday, December 14th. Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Thursday, October 26th. Finally, Bank of America upped their target price on shares of Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $72.40.

Shares of Patrick Industries, Inc. (NASDAQ PATK) opened at $57.95 on Friday. The firm has a market cap of $1,520.00, a PE ratio of 19.58, a PEG ratio of 1.27 and a beta of 0.84. The company has a quick ratio of 1.00, a current ratio of 2.23 and a debt-to-equity ratio of 0.72. Patrick Industries, Inc. has a fifty-two week low of $40.07 and a fifty-two week high of $72.35.

Patrick Industries declared that its Board of Directors has initiated a stock buyback program on Tuesday, January 30th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

In related news, insider Courtney Blosser sold 6,000 shares of the company’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $101.28, for a total transaction of $607,680.00. Following the transaction, the insider now owns 28,214 shares in the company, valued at approximately $2,857,513.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Jeff Rodino sold 3,511 shares of the company’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $102.22, for a total transaction of $358,894.42. Following the transaction, the executive vice president now owns 75,315 shares in the company, valued at approximately $7,698,699.30. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,234 shares of company stock worth $2,485,568. 5.20% of the stock is owned by corporate insiders.

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

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