Patrick Industries, Inc. (NASDAQ:PATK) Shares Sold by Empowered Funds LLC

Empowered Funds LLC trimmed its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 0.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 92,281 shares of the construction company’s stock after selling 770 shares during the quarter. Empowered Funds LLC owned approximately 0.41% of Patrick Industries worth $13,138,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Xponance Inc. grew its stake in Patrick Industries by 4.1% in the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock valued at $230,000 after acquiring an additional 83 shares during the last quarter. Trust Point Inc. lifted its holdings in shares of Patrick Industries by 1.1% in the third quarter. Trust Point Inc. now owns 8,964 shares of the construction company’s stock valued at $1,276,000 after purchasing an additional 96 shares in the last quarter. SummerHaven Investment Management LLC grew its position in shares of Patrick Industries by 1.5% in the second quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock valued at $977,000 after purchasing an additional 135 shares during the last quarter. Amalgamated Bank increased its stake in shares of Patrick Industries by 2.1% during the 3rd quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock worth $936,000 after purchasing an additional 136 shares in the last quarter. Finally, BOKF NA raised its position in shares of Patrick Industries by 3.7% during the 2nd quarter. BOKF NA now owns 4,848 shares of the construction company’s stock worth $526,000 after purchasing an additional 172 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Insider Activity at Patrick Industries

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now directly 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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jeff Rodino sold 20,000 shares of the stock in a transaction 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 $18,274,749.33. The trade was a 12.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,411 shares of company stock worth $3,858,915. 4.70% of the stock is owned by insiders.

Patrick Industries Trading Down 0.3 %

Shares of PATK stock opened at $130.79 on Friday. The firm’s 50-day simple moving average is $136.35 and its 200-day simple moving average is $123.08. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. Patrick Industries, Inc. has a 1-year low of $80.62 and a 1-year high of $148.35. The firm has a market cap of $2.93 billion, a P/E ratio of 18.84, a PEG ratio of 1.40 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The company had revenue of $919.44 million for the quarter, compared to analysts’ expectations of $935.75 million. During the same period in the prior year, the business earned $1.81 EPS. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. As a group, equities analysts forecast that Patrick Industries, Inc. will post 6.43 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PATK. KeyCorp increased their target price on Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. DA Davidson lifted their price objective on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. BMO Capital Markets boosted their target price on shares of Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday. Finally, Truist Financial boosted their price objective on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $139.88.

About Patrick Industries

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.