Patrick Industries, Inc. (NASDAQ:PATK) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 2.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 111,952 shares of the construction company’s stock after purchasing an additional 2,275 shares during the period. Principal Financial Group Inc. owned approximately 0.50% of Patrick Industries worth $15,939,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in PATK. Pacer Advisors Inc. grew its position in shares of Patrick Industries by 20.1% in the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after purchasing an additional 221,904 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Patrick Industries by 10.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after acquiring an additional 26,389 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of Patrick Industries in the 2nd quarter valued at $22,460,000. Tributary Capital Management LLC boosted its holdings in shares of Patrick Industries by 0.3% in the 2nd quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company’s stock valued at $22,338,000 after purchasing an additional 613 shares during the last quarter. Finally, Argent Capital Management LLC boosted its holdings in shares of Patrick Industries by 758.4% in the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after purchasing an additional 133,413 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. KeyCorp raised their target price on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday. Robert W. Baird raised their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Benchmark reaffirmed a “buy” rating and issued a $145.00 price target 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 report on Friday, November 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $139.88.

Insider Activity at Patrick Industries

In other news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the sale, the insider now directly owns 139,109 shares in the company, valued at approximately $18,274,749.33. The trade was a 12.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The trade was a 7.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,411 shares of company stock valued at $3,858,915. Corporate insiders own 4.70% of the company’s stock.

Patrick Industries Stock Down 2.0 %

NASDAQ PATK opened at $128.50 on Friday. Patrick Industries, Inc. has a 12 month low of $80.62 and a 12 month high of $148.35. The company’s 50 day simple moving average is $136.41 and its 200 day simple moving average is $123.23. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. The company has a market capitalization of $2.88 billion, a P/E ratio of 18.46, a PEG ratio of 1.40 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $935.75 million. During the same quarter in the prior year, the firm earned $1.81 EPS. The firm’s revenue was up 6.2% compared to the same quarter last year. Equities research analysts expect that Patrick Industries, Inc. will post 6.43 earnings per share for the current fiscal year.

Patrick Industries 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.