Victory Capital Management Inc. Acquires 46,237 Shares of Patrick Industries, Inc. (PATK)

Victory Capital Management Inc. grew its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 28.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 206,348 shares of the construction company’s stock after acquiring an additional 46,237 shares during the period. Victory Capital Management Inc.’s holdings in Patrick Industries were worth $14,331,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of PATK. Ameritas Investment Partners Inc. grew its position in shares of Patrick Industries by 13.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock valued at $104,000 after acquiring an additional 168 shares during the period. Advisor Group Inc. grew its position in shares of Patrick Industries by 12.1% during the 2nd quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock valued at $168,000 after acquiring an additional 247 shares during the period. UBS Asset Management Americas Inc. bought a new stake in shares of Patrick Industries during the 2nd quarter valued at $202,000. 361 Capital LLC bought a new stake in shares of Patrick Industries during the 3rd quarter valued at $206,000. Finally, LS Investment Advisors LLC grew its position in shares of Patrick Industries by 34.2% during the 3rd quarter. LS Investment Advisors LLC now owns 2,988 shares of the construction company’s stock valued at $251,000 after acquiring an additional 762 shares during the period. 61.29% of the stock is owned by hedge funds and other institutional investors.

Several brokerages recently weighed in on PATK. Zacks Investment Research downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Wednesday. BidaskClub downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Saturday, February 3rd. Bank of America upped their target price on shares of Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. ValuEngine raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a report on Monday, December 11th. Finally, KeyCorp began coverage on shares of Patrick Industries in a report on Friday, December 15th. They issued an “overweight” rating and a $80.00 target price for the company. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $72.40.

In related news, Director John A. Forbes sold 1,000 shares of the company’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $65.80, for a total value of $65,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph M. Cerulli sold 3,223 shares of the company’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $97.64, for a total transaction of $314,693.72. Following the completion of the transaction, the director now directly owns 25,237 shares of the company’s stock, valued at approximately $2,464,140.68. The disclosure for this sale can be found here. Insiders sold a total of 25,234 shares of company stock valued at $2,485,568 in the last ninety days. 5.20% of the stock is currently owned by insiders.

Patrick Industries, Inc. (PATK) opened at $62.75 on Wednesday. The firm has a market cap of $1,534.16, a price-to-earnings ratio of 21.54, a P/E/G ratio of 1.27 and a beta of 0.84. The company has a quick ratio of 1.00, a current ratio of 2.23 and a debt-to-equity ratio of 0.72. Patrick Industries, Inc. has a 1-year low of $40.07 and a 1-year high of $72.35.

Patrick Industries announced that its Board of Directors has approved a stock repurchase program on Tuesday, January 30th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

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Patrick Industries Profile

Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.

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

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