Grandeur Peak Global Advisors LLC grew its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 50.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,437 shares of the construction company’s stock after purchasing an additional 3,812 shares during the quarter. Grandeur Peak Global Advisors LLC’s holdings in Patrick Industries were worth $794,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Catalyst Capital Advisors LLC bought a new position in shares of Patrick Industries during the 4th quarter valued at about $160,000. Quadrature Capital Ltd purchased a new stake in Patrick Industries during the 4th quarter valued at about $210,000. Xact Kapitalforvaltning AB purchased a new stake in Patrick Industries during the 4th quarter valued at about $216,000. M&T Bank Corp purchased a new stake in Patrick Industries during the 4th quarter valued at about $224,000. Finally, Amalgamated Bank purchased a new stake in Patrick Industries during the 4th quarter valued at about $246,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.
In other Patrick Industries news, Director M Scott Welch acquired 5,550 shares of the company’s stock in a transaction on Friday, March 2nd. The stock was acquired at an average price of $60.60 per share, for a total transaction of $336,330.00. Following the acquisition, the director now owns 63,862 shares in the company, valued at approximately $3,870,037.20. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Courtney Blosser sold 2,000 shares of the stock in a transaction that occurred on Friday, March 16th. The stock was sold at an average price of $67.32, for a total value of $134,640.00. Following the completion of the sale, the insider now owns 41,965 shares of the company’s stock, valued at approximately $2,825,083.80. The disclosure for this sale can be found here. Company insiders own 5.20% of the company’s stock.
Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 15th. The construction company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.14. Patrick Industries had a return on equity of 23.60% and a net margin of 5.24%. The business had revenue of $475.57 million during the quarter, compared to analysts’ expectations of $415.87 million. During the same quarter last year, the business posted $0.59 EPS. The business’s revenue was up 46.8% on a year-over-year basis. equities analysts predict that Patrick Industries, Inc. will post 4.17 earnings per share for the current fiscal year.
Patrick Industries announced that its board has authorized a stock repurchase program on Tuesday, January 30th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the construction company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
Several equities research analysts recently weighed in on PATK shares. Robert W. Baird restated a “buy” rating and set a $72.00 target price on shares of Patrick Industries in a report on Friday, December 22nd. ValuEngine upgraded Patrick Industries from a “hold” rating to a “buy” rating in a report on Monday, December 11th. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a report on Thursday, February 15th. BidaskClub upgraded Patrick Industries from a “hold” rating to a “buy” rating in a report on Thursday, February 15th. Finally, Bank of America increased their target price on Patrick Industries from $75.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, January 24th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $74.60.
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Patrick Industries Profile
Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.
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