Intrust Bank NA raised its position in Patrick Industries, Inc. (NASDAQ:PATK) by 67.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 6,449 shares of the construction company’s stock after purchasing an additional 2,604 shares during the period. Intrust Bank NA’s holdings in Patrick Industries were worth $448,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Alliancebernstein L.P. increased its position in shares of Patrick Industries by 2.8% in the second quarter. Alliancebernstein L.P. now owns 18,550 shares of the construction company’s stock valued at $1,351,000 after acquiring an additional 500 shares during the last quarter. Nationwide Fund Advisors increased its position in shares of Patrick Industries by 3.2% in the second quarter. Nationwide Fund Advisors now owns 8,973 shares of the construction company’s stock valued at $654,000 after acquiring an additional 281 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of Patrick Industries by 5.3% in the second quarter. New York State Common Retirement Fund now owns 31,526 shares of the construction company’s stock valued at $2,297,000 after acquiring an additional 1,599 shares during the last quarter. UBS Asset Management Americas Inc. acquired a new stake in shares of Patrick Industries in the second quarter valued at about $202,000. Finally, Northern Trust Corp increased its position in shares of Patrick Industries by 9.3% in the second quarter. Northern Trust Corp now owns 263,341 shares of the construction company’s stock valued at $19,184,000 after acquiring an additional 22,512 shares during the last quarter. 61.29% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director John A. Forbes sold 1,000 shares of Patrick Industries stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $65.80, for a total transaction of $65,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jeff Rodino sold 3,511 shares of Patrick Industries stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $102.22, for a total value of $358,894.42. Following the transaction, the executive vice president now owns 75,315 shares of the company’s stock, valued at approximately $7,698,699.30. The disclosure for this sale can be found here. Insiders have sold 25,234 shares of company stock valued at $2,485,568 in the last quarter. 5.20% of the stock is currently owned by corporate insiders.
Patrick Industries declared that its board has approved a share repurchase program on Tuesday, January 30th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the construction company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
A number of analysts recently issued reports on PATK shares. BidaskClub raised Patrick Industries from a “hold” rating to a “buy” rating in a research report on Friday, January 26th. Bank of America lifted their target price on Patrick Industries from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, January 24th. ValuEngine raised Patrick Industries from a “hold” rating to a “buy” rating in a research report on Monday, December 11th. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research report on Thursday, October 26th. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $72.00 target price on shares of Patrick Industries in a research report on Friday, December 22nd. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $73.60.
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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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