Cornercap Investment Counsel Inc. raised its position in Patrick Industries, Inc. (NASDAQ:PATK) by 50.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 14,264 shares of the construction company’s stock after purchasing an additional 4,754 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Patrick Industries were worth $991,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the business. Guggenheim Capital LLC grew its holdings in Patrick Industries by 3.8% in the fourth quarter. Guggenheim Capital LLC now owns 36,108 shares of the construction company’s stock valued at $2,508,000 after purchasing an additional 1,320 shares during the last quarter. QS Investors LLC grew its holdings in Patrick Industries by 40.7% in the fourth quarter. QS Investors LLC now owns 73,784 shares of the construction company’s stock valued at $5,124,000 after purchasing an additional 21,333 shares during the last quarter. Franklin Resources Inc. grew its holdings in Patrick Industries by 49.1% in the fourth quarter. Franklin Resources Inc. now owns 249,657 shares of the construction company’s stock valued at $17,339,000 after purchasing an additional 82,219 shares during the last quarter. Jefferies Group LLC acquired a new stake in Patrick Industries in the fourth quarter valued at $383,000. Finally, Driehaus Capital Management LLC grew its holdings in Patrick Industries by 178.4% in the fourth quarter. Driehaus Capital Management LLC now owns 244,859 shares of the construction company’s stock valued at $17,005,000 after purchasing an additional 156,901 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.
Shares of Patrick Industries, Inc. (PATK) opened at $65.25 on Tuesday. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.01 and a quick ratio of 0.72. Patrick Industries, Inc. has a 12-month low of $40.07 and a 12-month high of $72.35. The stock has a market capitalization of $1,647.98, a price-to-earnings ratio of 18.75, a PEG ratio of 1.41 and a beta of 0.89.
Patrick Industries announced that its Board of Directors has initiated a stock buyback plan on Tuesday, January 30th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
In other news, Director John A. Forbes sold 1,000 shares of the company’s stock in a transaction on Thursday, December 14th. The stock was 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 SEC, which is available through this link. Also, Director M Scott Welch acquired 5,550 shares of Patrick Industries stock in a transaction dated Friday, March 2nd. The stock was bought at an average price of $60.60 per share, for a total transaction of $336,330.00. Following the completion of the transaction, the director now directly owns 63,862 shares of the company’s stock, valued at $3,870,037.20. The disclosure for this purchase can be found here. 5.20% of the stock is owned by corporate insiders.
PATK has been the topic of several research reports. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a report on Thursday, February 15th. Robert W. Baird reissued a “buy” rating and issued a $72.00 target price on shares of Patrick Industries in a report on Friday, December 22nd. KeyCorp initiated coverage on Patrick Industries in a report on Friday, December 15th. They issued an “overweight” rating and a $80.00 target price on the stock. Wells Fargo & Co reissued a “market perform” rating and issued a $66.00 target price (down previously from $90.00) on shares of Patrick Industries in a report on Thursday, December 14th. Finally, BidaskClub raised Patrick Industries from a “hold” rating to a “buy” rating in a report on Thursday, February 15th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Patrick Industries presently has a consensus rating of “Buy” and an average price target of $73.60.
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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