MetLife Investment Advisors LLC reduced its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 37.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 10,680 shares of the construction company’s stock after selling 6,298 shares during the period. MetLife Investment Advisors LLC’s holdings in Patrick Industries were worth $316,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in PATK. PRW Wealth Management LLC purchased a new stake in shares of Patrick Industries during the 4th quarter valued at about $25,000. Oppenheimer Asset Management Inc. purchased a new stake in Patrick Industries during the 4th quarter worth approximately $30,000. Quantamental Technologies LLC purchased a new stake in Patrick Industries during the 4th quarter worth approximately $100,000. Meeder Asset Management Inc. increased its holdings in Patrick Industries by 980.4% during the 4th quarter. Meeder Asset Management Inc. now owns 4,408 shares of the construction company’s stock worth $131,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Bank of Montreal Can increased its holdings in Patrick Industries by 11.7% during the 4th quarter. Bank of Montreal Can now owns 4,534 shares of the construction company’s stock worth $135,000 after purchasing an additional 474 shares during the last quarter. Institutional investors and hedge funds own 89.51% of the company’s stock.
In other news, Director Walter E. Wells sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $45.34, for a total value of $45,340.00. Following the completion of the sale, the director now directly owns 60,030 shares in the company, valued at approximately $2,721,760.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 5.60% of the stock is currently owned by insiders.
Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, February 14th. The construction company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.21. Patrick Industries had a return on equity of 28.26% and a net margin of 5.30%. The company had revenue of $531.00 million for the quarter, compared to the consensus estimate of $519.00 million. During the same period in the previous year, the business earned $0.87 EPS. Patrick Industries’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities analysts forecast that Patrick Industries, Inc. will post 4.77 EPS for the current fiscal year.
Several equities research analysts have issued reports on the company. ValuEngine upgraded Patrick Industries from a “sell” rating to a “hold” rating in a report on Tuesday. Bank of America assumed coverage on Patrick Industries in a report on Tuesday, March 26th. They set a “buy” rating and a $53.00 price objective on the stock. KeyCorp lifted their price objective on Patrick Industries from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Monday. BidaskClub downgraded Patrick Industries from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 7th. Finally, Wells Fargo & Co lifted their price objective on Patrick Industries from $30.00 to $49.00 and gave the stock a “market perform” rating in a report on Wednesday, February 27th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $58.60.
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About Patrick Industries
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; decorative vinyl and paper laminated panels; 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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