Patrick Industries, Inc. (PATK) Shares Sold by Brant Point Investment Management LLC

Brant Point Investment Management LLC decreased its position in Patrick Industries, Inc. (NASDAQ:PATK) by 70.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,472 shares of the construction company’s stock after selling 45,999 shares during the quarter. Brant Point Investment Management LLC’s holdings in Patrick Industries were worth $1,153,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Itau Unibanco Holding S.A. purchased a new stake in Patrick Industries in the second quarter valued at approximately $117,000. First Hawaiian Bank purchased a new stake in Patrick Industries in the third quarter valued at approximately $167,000. Janus Henderson Group PLC purchased a new stake in Patrick Industries in the third quarter valued at approximately $238,000. Raymond James & Associates raised its position in Patrick Industries by 22.9% in the second quarter. Raymond James & Associates now owns 4,937 shares of the construction company’s stock valued at $281,000 after purchasing an additional 921 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Patrick Industries in the second quarter valued at approximately $283,000. 93.75% of the stock is currently owned by institutional investors.

A number of analysts have issued reports on PATK shares. ValuEngine lowered Patrick Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. BidaskClub lowered Patrick Industries from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. Zacks Investment Research lowered Patrick Industries from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 17th. Finally, Sidoti cut their target price on Patrick Industries from $90.00 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, October 23rd. Three research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $74.50.

NASDAQ:PATK opened at $39.72 on Monday. The firm has a market capitalization of $953.56 million, a price-to-earnings ratio of 12.49, a price-to-earnings-growth ratio of 0.57 and a beta of 1.19. The company has a debt-to-equity ratio of 1.43, a current ratio of 2.24 and a quick ratio of 0.85. Patrick Industries, Inc. has a 52 week low of $38.28 and a 52 week high of $72.35.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, October 25th. The construction company reported $1.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.09. The business had revenue of $575.14 million during the quarter, compared to the consensus estimate of $565.23 million. Patrick Industries had a net margin of 5.52% and a return on equity of 28.73%. On average, sell-side analysts anticipate that Patrick Industries, Inc. will post 4.68 earnings per share for the current fiscal year.

In other Patrick Industries news, Director M Scott Welch purchased 3,080 shares of the company’s stock in a transaction on Wednesday, October 31st. The stock was acquired at an average price of $43.68 per share, for a total transaction of $134,534.40. Following the completion of the purchase, the director now directly owns 73,032 shares in the company, valued at approximately $3,190,037.76. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 5.60% of the company’s stock.

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Patrick Industries Profile

Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.

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

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