Crossmark Global Holdings Inc. Invests $236,000 in Patrick Industries, Inc. (NASDAQ:PATK)

Crossmark Global Holdings Inc. acquired a new stake in Patrick Industries, Inc. (NASDAQ:PATK) during the third quarter, Holdings Channel.com reports. The firm acquired 1,660 shares of the construction company’s stock, valued at approximately $236,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PATK. Pacer Advisors Inc. raised 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 period. Massachusetts Financial Services Co. MA acquired a new position in Patrick Industries during the 2nd quarter worth $22,460,000. Fiera Capital Corp bought a new stake in Patrick Industries during the third quarter valued at about $27,888,000. Argent Capital Management LLC grew its position in shares of Patrick Industries by 758.4% in the third 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. Finally, Copeland Capital Management LLC acquired a new position in shares of Patrick Industries during the 3rd quarter worth about $8,070,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the transaction, the insider now owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The trade was a 12.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the sale, the director now owns 82,374 shares in the company, valued at $10,795,112.70. The trade was a 8.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,411 shares of company stock worth $3,858,915 over the last ninety days. Corporate insiders own 4.70% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on PATK. BMO Capital Markets lifted their price target on Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Benchmark reiterated a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a research note on Monday, November 4th. Raymond James decreased their price target on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Robert W. Baird upped their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $139.88.

Patrick Industries Price Performance

Patrick Industries stock opened at $131.21 on Tuesday. The business has a 50 day simple moving average of $136.51 and a 200 day simple moving average of $123.64. 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 $2.94 billion, a PE ratio of 18.85, a price-to-earnings-growth ratio of 1.36 and a beta of 1.62. Patrick Industries, Inc. has a one year low of $80.62 and a one year high of $148.35.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data 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 company had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. During the same period in the previous year, the business posted $1.81 earnings per share. The firm’s revenue was up 6.2% compared to the same quarter last year. On average, sell-side analysts forecast that Patrick Industries, Inc. will post 6.43 EPS 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.