Patrick Industries, Inc. (PATK) Stake Lifted by Hood River Capital Management LLC

Hood River Capital Management LLC lifted its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 163.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 240,213 shares of the construction company’s stock after purchasing an additional 149,097 shares during the period. Hood River Capital Management LLC’s holdings in Patrick Industries were worth $16,683,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in PATK. Ameritas Investment Partners Inc. increased its stake in shares of Patrick Industries by 13.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock worth $104,000 after purchasing an additional 168 shares during the last quarter. Advisor Group Inc. increased its stake in shares of Patrick Industries by 12.1% during the 2nd quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock worth $168,000 after purchasing an additional 247 shares during the last quarter. UBS Asset Management Americas Inc. acquired a new position in shares of Patrick Industries during the 2nd quarter worth about $202,000. 361 Capital LLC acquired a new position in shares of Patrick Industries during the 3rd quarter worth about $206,000. Finally, M&T Bank Corp acquired a new position in shares of Patrick Industries during the 4th quarter worth about $224,000. Institutional investors own 61.29% of the company’s stock.

Shares of Patrick Industries, Inc. (NASDAQ PATK) opened at $59.65 on Monday. The company has a market cap of $1,505.14, a PE ratio of 20.48, a P/E/G ratio of 1.25 and a beta of 0.84. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.00 and a current ratio of 2.23. Patrick Industries, Inc. has a twelve month low of $40.07 and a twelve month high of $72.35.

Patrick Industries announced that its board has initiated a share buyback plan on Tuesday, January 30th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Several research analysts have recently weighed in on the stock. BidaskClub lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 3rd. Bank of America boosted their price objective on shares of Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Robert W. Baird reaffirmed a “buy” rating and set a $72.00 target price on shares of Patrick Industries in a report on Friday, December 22nd. KeyCorp began coverage on shares of Patrick Industries in a report on Friday, December 15th. They set an “overweight” rating and a $80.00 target price for the company. Finally, Wells Fargo & Co reaffirmed a “market perform” rating and set a $66.00 target price (down previously from $90.00) on shares of Patrick Industries in a report on Thursday, December 14th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Patrick Industries presently has an average rating of “Buy” and an average price target of $72.40.

In other Patrick Industries news, EVP Jeff Rodino sold 3,511 shares of the business’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $102.22, for a total value of $358,894.42. Following the completion of the sale, the executive vice president now owns 75,315 shares of the company’s stock, valued at approximately $7,698,699.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Courtney Blosser sold 6,000 shares of the business’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 completion of the sale, the insider now directly owns 28,214 shares of the company’s stock, valued at approximately $2,857,513.92. The disclosure for this sale can be found here. Insiders have sold a total of 25,234 shares of company stock valued at $2,485,568 in the last ninety days. 5.20% of the stock is currently owned by 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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