Teachers Advisors LLC boosted its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 66.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 373,109 shares of the construction company’s stock after purchasing an additional 148,369 shares during the quarter. Teachers Advisors LLC owned approximately 1.48% of Patrick Industries worth $25,912,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Wasatch Advisors Inc. increased its stake in Patrick Industries by 61.5% in the fourth quarter. Wasatch Advisors Inc. now owns 66,270 shares of the construction company’s stock valued at $4,602,000 after purchasing an additional 25,243 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Patrick Industries by 0.3% in the third quarter. Dimensional Fund Advisors LP now owns 675,042 shares of the construction company’s stock valued at $56,771,000 after purchasing an additional 2,083 shares during the last quarter. New Amsterdam Partners LLC NY increased its stake in Patrick Industries by 50.0% in the fourth quarter. New Amsterdam Partners LLC NY now owns 142,289 shares of the construction company’s stock valued at $9,882,000 after purchasing an additional 47,413 shares during the last quarter. Crossmark Global Holdings Inc. increased its stake in Patrick Industries by 13.1% in the fourth quarter. Crossmark Global Holdings Inc. now owns 7,940 shares of the construction company’s stock valued at $551,000 after purchasing an additional 920 shares during the last quarter. Finally, FDx Advisors Inc. increased its stake in Patrick Industries by 89.8% in the fourth quarter. FDx Advisors Inc. now owns 4,901 shares of the construction company’s stock valued at $340,000 after purchasing an additional 2,319 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.
Shares of Patrick Industries stock opened at $61.50 on Friday. The company has a market capitalization of $1,566.47, a PE ratio of 17.67, a price-to-earnings-growth ratio of 1.29 and a beta of 0.89. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.72 and a current ratio of 2.01. Patrick Industries, Inc. has a 12 month low of $40.07 and a 12 month high of $72.35.
Patrick Industries announced that its board has initiated a share repurchase plan on Tuesday, January 30th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the construction company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
In other Patrick Industries news, insider Courtney Blosser sold 2,000 shares of the company’s stock in a transaction dated Friday, March 16th. The stock was sold at an average price of $67.32, for a total transaction of $134,640.00. Following the completion of the sale, the insider now directly owns 41,965 shares in the company, valued at $2,825,083.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director M Scott Welch purchased 5,550 shares of the company’s stock in a transaction on Friday, March 2nd. The shares were purchased at an average price of $60.60 per share, with a total value of $336,330.00. Following the completion of the purchase, the director now directly owns 63,862 shares of the company’s stock, valued at $3,870,037.20. The disclosure for this purchase can be found here. Corporate insiders own 5.20% of the company’s stock.
PATK has been the subject of several analyst reports. Robert W. Baird reiterated a “buy” rating and issued a $72.00 target price on shares of Patrick Industries in a research note on Friday, December 22nd. KeyCorp initiated coverage on Patrick Industries in a research note on Friday, December 15th. They issued an “overweight” rating and a $80.00 target price for the company. Bank of America upped their price target on Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. BidaskClub lowered Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, January 18th. Finally, ValuEngine upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research note on Monday, December 11th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price 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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