Patrick Industries, Inc. (NASDAQ:PATK) Stock Holdings Lowered by IndexIQ Advisors LLC

IndexIQ Advisors LLC reduced its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 24.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,898 shares of the construction company’s stock after selling 5,681 shares during the quarter. IndexIQ Advisors LLC owned 0.08% of Patrick Industries worth $938,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Tower Research Capital LLC TRC raised its holdings in shares of Patrick Industries by 554.3% during the third quarter. Tower Research Capital LLC TRC now owns 916 shares of the construction company’s stock valued at $39,000 after acquiring an additional 776 shares during the period. Russell Investments Group Ltd. acquired a new stake in shares of Patrick Industries during the third quarter valued at approximately $110,000. Ladenburg Thalmann Financial Services Inc. raised its holdings in shares of Patrick Industries by 187.3% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,747 shares of the construction company’s stock valued at $135,000 after acquiring an additional 1,791 shares during the period. LS Investment Advisors LLC raised its holdings in shares of Patrick Industries by 458.9% during the fourth quarter. LS Investment Advisors LLC now owns 3,711 shares of the construction company’s stock valued at $195,000 after acquiring an additional 3,047 shares during the period. Finally, Magnus Financial Group LLC acquired a new stake in shares of Patrick Industries during the fourth quarter valued at approximately $201,000. Institutional investors and hedge funds own 89.40% of the company’s stock.

In related news, CEO Todd M. Cleveland sold 3,222 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $52.75, for a total transaction of $169,960.50. Following the transaction, the chief executive officer now directly owns 631,951 shares of the company’s stock, valued at $33,335,415.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Todd M. Cleveland sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $60.67, for a total transaction of $606,700.00. Following the transaction, the chairman now directly owns 605,329 shares in the company, valued at $36,725,310.43. The disclosure for this sale can be found here. Insiders have sold 98,087 shares of company stock worth $5,327,618 over the last ninety days. 7.60% of the stock is currently owned by insiders.

A number of equities research analysts have recently issued reports on PATK shares. Robert W. Baird boosted their price target on shares of Patrick Industries from $46.00 to $54.00 and gave the company an “outperform” rating in a report on Friday, October 25th. They noted that the move was a valuation call. ValuEngine upgraded shares of Patrick Industries from a “strong sell” rating to a “sell” rating in a report on Tuesday, February 4th. Zacks Investment Research upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a report on Thursday, January 9th. BidaskClub lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, KeyCorp boosted their price target on shares of Patrick Industries from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. Patrick Industries presently has an average rating of “Hold” and an average target price of $54.20.

Shares of PATK opened at $61.41 on Friday. The company’s 50 day moving average price is $53.87 and its 200 day moving average price is $47.11. Patrick Industries, Inc. has a 52 week low of $32.98 and a 52 week high of $64.38. The company has a market capitalization of $1.50 billion, a PE ratio of 16.32, a PEG ratio of 2.34 and a beta of 2.16. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.31 and a current ratio of 2.61.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 13th. The construction company reported $0.86 EPS for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.12. Patrick Industries had a net margin of 3.83% and a return on equity of 19.65%. The firm had revenue of $549.50 million for the quarter, compared to the consensus estimate of $535.56 million. During the same period in the previous year, the firm posted $0.96 earnings per share. The firm’s revenue was up 3.4% on a year-over-year basis. On average, equities analysts forecast that Patrick Industries, Inc. will post 4.38 earnings per share 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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