Versor Investments LP Purchases 1,700 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Versor Investments LP lifted its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 65.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,300 shares of the construction company’s stock after acquiring an additional 1,700 shares during the period. Versor Investments LP’s holdings in Patrick Industries were worth $612,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PATK. Pacer Advisors Inc. grew its stake in Patrick Industries by 20.1% during the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after purchasing an additional 221,904 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in shares of Patrick Industries during the 2nd quarter worth approximately $22,460,000. Fiera Capital Corp bought a new stake in shares of Patrick Industries in the 3rd quarter valued at $27,888,000. Argent Capital Management LLC lifted its position in shares of Patrick Industries by 758.4% during the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after acquiring an additional 133,413 shares during the period. Finally, Copeland Capital Management LLC bought a new position in Patrick Industries during the third quarter worth $8,070,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Jeff Rodino sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the sale, the insider now directly owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeff Rodino sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the transaction, the insider now directly owns 139,109 shares of the company’s stock, valued at $18,274,749.33. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,411 shares of company stock valued at $3,858,915 in the last 90 days. 4.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PATK. Truist Financial upped their price objective on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a report on Friday, September 20th. KeyCorp increased their price target on Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. DA Davidson boosted their price objective on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Benchmark reiterated a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a report on Monday, November 4th. Finally, Raymond James decreased their price target on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $139.88.

Patrick Industries Trading Up 2.0 %

NASDAQ PATK opened at $132.45 on Thursday. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $2.97 billion, a P/E ratio of 19.03, a PEG ratio of 1.37 and a beta of 1.62. The business has a fifty day simple moving average of $136.22 and a 200 day simple moving average of $123.02. Patrick Industries, Inc. has a 12 month low of $78.70 and a 12 month high of $148.35.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.03). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The firm had revenue of $919.44 million during the quarter, compared to analysts’ expectations of $935.75 million. During the same quarter in the prior year, the company earned $1.81 EPS. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, analysts predict that Patrick Industries, Inc. will post 6.42 EPS for the current fiscal year.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.