WealthTrust Axiom LLC Decreases Position in Patrick Industries, Inc. (NASDAQ:PATK)

WealthTrust Axiom LLC decreased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 3.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,100 shares of the construction company’s stock after selling 200 shares during the quarter. WealthTrust Axiom LLC’s holdings in Patrick Industries were worth $261,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. increased its position in Patrick Industries by 0.8% during the second quarter. BlackRock Inc. now owns 3,334,069 shares of the construction company’s stock worth $164,002,000 after buying an additional 26,617 shares during the period. Vanguard Group Inc. increased its position in Patrick Industries by 3.6% during the second quarter. Vanguard Group Inc. now owns 1,509,442 shares of the construction company’s stock worth $74,250,000 after buying an additional 53,065 shares during the period. Price T Rowe Associates Inc. MD increased its position in Patrick Industries by 2.7% during the second quarter. Price T Rowe Associates Inc. MD now owns 809,549 shares of the construction company’s stock worth $39,822,000 after buying an additional 21,029 shares during the period. State of New Jersey Common Pension Fund D increased its position in Patrick Industries by 1.7% during the second quarter. State of New Jersey Common Pension Fund D now owns 590,000 shares of the construction company’s stock worth $29,022,000 after buying an additional 10,000 shares during the period. Finally, TimesSquare Capital Management LLC acquired a new position in Patrick Industries during the second quarter worth approximately $20,429,000. Hedge funds and other institutional investors own 88.48% of the company’s stock.

Several research analysts have commented on the company. Robert W. Baird lifted their price target on Patrick Industries from $46.00 to $54.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. They noted that the move was a valuation call. TheStreet lowered Patrick Industries from a “b-” rating to a “c+” rating in a research report on Friday, August 2nd. ValuEngine raised Patrick Industries from a “strong sell” rating to a “sell” rating in a research report on Thursday, October 31st. BidaskClub raised Patrick Industries from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Bank of America dropped their target price on Patrick Industries from $51.00 to $36.00 and set an “underperform” rating on the stock in a report on Wednesday, September 4th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $49.80.

In related news, EVP Courtney Blosser sold 7,500 shares of the company’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 transaction, the executive vice president now directly owns 45,481 shares in the company, valued at $2,331,356.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $45.00, for a total value of $675,000.00. Following the completion of the transaction, the president now owns 172,982 shares of the company’s stock, valued at $7,784,190. The disclosure for this sale can be found here. Insiders sold 105,269 shares of company stock worth $5,256,741 over the last 90 days. Company insiders own 7.60% of the company’s stock.

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

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

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

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