Patrick Industries, Inc. (PATK) Stake Increased by Artemis Investment Management LLP

Artemis Investment Management LLP grew its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 50.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 132,000 shares of the construction company’s stock after buying an additional 44,000 shares during the quarter. Artemis Investment Management LLP owned about 0.54% of Patrick Industries worth $7,811,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Itau Unibanco Holding S.A. acquired a new position in Patrick Industries during the second quarter worth $117,000. First Hawaiian Bank acquired a new position in Patrick Industries during the third quarter worth $167,000. Raymond James & Associates raised its holdings in Patrick Industries by 22.9% during the second quarter. Raymond James & Associates now owns 4,937 shares of the construction company’s stock worth $281,000 after purchasing an additional 921 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Patrick Industries during the second quarter worth $283,000. Finally, Laurion Capital Management LP acquired a new position in Patrick Industries during the second quarter worth $304,000. 93.75% of the stock is owned by institutional investors and hedge funds.

Shares of PATK stock opened at $39.69 on Friday. The firm has a market cap of $940.59 million, a P/E ratio of 12.48, a PEG ratio of 0.56 and a beta of 1.19. Patrick Industries, Inc. has a 1 year low of $38.86 and a 1 year high of $72.35. The company has a quick ratio of 0.85, a current ratio of 2.24 and a debt-to-equity ratio of 1.43.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 25th. The construction company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.09. The company had revenue of $575.14 million during the quarter, compared to the consensus estimate of $565.23 million. Patrick Industries had a return on equity of 28.73% and a net margin of 5.52%. As a group, research analysts predict that Patrick Industries, Inc. will post 4.72 earnings per share for the current year.

Several brokerages recently issued reports on PATK. Zacks Investment Research cut Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Sidoti reduced their price objective on Patrick Industries from $90.00 to $81.00 and set a “buy” rating for the company in a report on Tuesday, October 23rd. BidaskClub cut Patrick Industries from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 9th. Finally, ValuEngine cut Patrick Industries from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. Patrick Industries has a consensus rating of “Hold” and an average target price of $74.50.

In related news, Director M Scott Welch purchased 3,080 shares of the company’s stock in a transaction on Wednesday, October 31st. The stock was bought at an average price of $43.68 per share, with a total value of $134,534.40. Following the completion of the transaction, the director now owns 73,032 shares of the company’s stock, valued at approximately $3,190,037.76. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Walter E. Wells sold 4,000 shares of the firm’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $64.10, for a total value of $256,400.00. Following the transaction, the director now directly owns 61,030 shares of the company’s stock, valued at approximately $3,912,023. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.

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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; 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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