WealthTrust Axiom LLC Trims Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

WealthTrust Axiom LLC lowered its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 3.2% in the third quarter, HoldingsChannel reports. The firm owned 6,100 shares of the construction company’s stock after selling 200 shares during the period. WealthTrust Axiom LLC’s holdings in Patrick Industries were worth $261,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PATK. Tyers Asset Management LLC raised its position in shares of Patrick Industries by 20.4% during the 2nd quarter. Tyers Asset Management LLC now owns 2,736 shares of the construction company’s stock worth $135,000 after purchasing an additional 464 shares during the period. Riverhead Capital Management LLC raised its position in shares of Patrick Industries by 20.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,000 shares of the construction company’s stock worth $148,000 after purchasing an additional 500 shares during the period. Elkfork Partners LLC raised its position in shares of Patrick Industries by 20.4% during the 2nd quarter. Elkfork Partners LLC now owns 3,762 shares of the construction company’s stock worth $185,000 after purchasing an additional 638 shares during the period. D.B. Root & Company LLC raised its position in shares of Patrick Industries by 17.5% during the 3rd quarter. D.B. Root & Company LLC now owns 5,031 shares of the construction company’s stock worth $215,000 after purchasing an additional 750 shares during the period. Finally, Balyasny Asset Management LLC raised its position in shares of Patrick Industries by 14.8% during the 2nd quarter. Balyasny Asset Management LLC now owns 5,907 shares of the construction company’s stock worth $291,000 after purchasing an additional 763 shares during the period. 88.48% of the stock is owned by hedge funds and other institutional investors.

A number of analysts have recently weighed in on the company. Bank of America dropped their price target on Patrick Industries from $51.00 to $36.00 and set an “underperform” rating on the stock in a research report on Wednesday, September 4th. TheStreet cut Patrick Industries from a “b-” rating to a “c+” rating in a research report on Friday, August 2nd. BidaskClub upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research report on Thursday. Zacks Investment Research cut Patrick Industries from a “hold” rating to a “sell” rating in a research report on Saturday, October 5th. Finally, Robert W. Baird raised their target price on Patrick Industries from $46.00 to $54.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $49.80.

PATK traded down $1.32 during trading hours on Friday, hitting $51.16. The company’s stock had a trading volume of 149,300 shares, compared to its average volume of 226,210. The firm has a market capitalization of $1.24 billion, a PE ratio of 11.00, a PEG ratio of 2.03 and a beta of 2.16. The company has a current ratio of 2.61, a quick ratio of 1.31 and a debt-to-equity ratio of 1.51. The company has a 50-day simple moving average of $44.71 and a 200 day simple moving average of $44.08. Patrick Industries, Inc. has a fifty-two week low of $27.32 and a fifty-two week high of $55.87.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, October 24th. The construction company reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.04). The company had revenue of $566.19 million for the quarter, compared to the consensus estimate of $576.97 million. Patrick Industries had a return on equity of 20.73% and a net margin of 4.16%. The business’s revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.15 earnings per share. Research analysts expect that Patrick Industries, Inc. will post 3.75 earnings per share for the current fiscal year.

In other news, EVP Courtney Blosser sold 7,500 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $51.26, for a total value of $384,450.00. Following the completion of the sale, the executive vice president now owns 45,481 shares of the company’s stock, valued at $2,331,356.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jeffrey L. Et Al Gendell sold 22,769 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $52.29, for a total value of $1,190,591.01. The disclosure for this sale can be found here. Over the last three months, insiders have sold 105,269 shares of company stock valued at $5,256,741. Corporate insiders own 7.60% of the company’s stock.

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.

Featured Article: Economic Reports

Want to see what other hedge funds are holding PATK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patrick Industries, Inc. (NASDAQ:PATK).

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

Leave a Reply

Your email address will not be published. Required fields are marked *

*