Lisanti Capital Growth LLC Takes $1.94 Million Position in Patrick Industries, Inc. (PATK)

Lisanti Capital Growth LLC purchased a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 27,889 shares of the construction company’s stock, valued at approximately $1,937,000.

A number of other institutional investors have also recently made changes to their positions in PATK. 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 valued at $104,000 after buying an additional 168 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 valued at $168,000 after buying an additional 247 shares during the last quarter. UBS Asset Management Americas Inc. bought a new position in Patrick Industries during the second quarter valued at approximately $202,000. 361 Capital LLC bought a new position in Patrick Industries during the third quarter valued at approximately $206,000. Finally, M&T Bank Corp bought a new position in Patrick Industries during the fourth quarter valued at approximately $224,000. 60.34% of the stock is owned by institutional investors.

Shares of Patrick Industries, Inc. (NASDAQ:PATK) opened at $59.35 on Friday. The stock has a market capitalization of $1,515.23, a P/E ratio of 20.61, a PEG ratio of 1.25 and a beta of 0.84. Patrick Industries, Inc. has a one year low of $40.07 and a one year high of $72.35. 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 announced that its Board of Directors has authorized a stock repurchase program on Tuesday, January 30th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the construction company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

In other news, insider Courtney Blosser sold 6,000 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $101.28, for a total value of $607,680.00. Following the sale, the insider now directly owns 28,214 shares in the company, valued at $2,857,513.92. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Jeff Rodino sold 11,500 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $99.00, for a total value of $1,138,500.00. Following the completion of the sale, the executive vice president now owns 63,815 shares in the company, valued at $6,317,685. The disclosure for this sale can be found here. Insiders sold a total of 25,234 shares of company stock valued at $2,485,568 over the last ninety days. Corporate insiders own 5.20% of the company’s stock.

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

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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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