Assenagon Asset Management S.A. Takes $287,000 Position in Patrick Industries, Inc. (NASDAQ:PATK)

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Assenagon Asset Management S.A. purchased a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the second quarter, according to its most recent filing with the SEC. The firm purchased 4,693 shares of the construction company’s stock, valued at approximately $287,000.

Several other hedge funds also recently bought and sold shares of PATK. State Street Corp raised its position in shares of Patrick Industries by 3.7% during the 1st quarter. State Street Corp now owns 671,364 shares of the construction company’s stock worth $18,906,000 after purchasing an additional 23,688 shares during the last quarter. Capital Research Global Investors acquired a new position in shares of Patrick Industries during the 1st quarter worth approximately $11,779,000. Geode Capital Management LLC raised its position in shares of Patrick Industries by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 312,315 shares of the construction company’s stock worth $16,374,000 after purchasing an additional 4,734 shares during the last quarter. Norges Bank acquired a new position in shares of Patrick Industries during the 4th quarter worth approximately $16,090,000. Finally, Matarin Capital Management LLC acquired a new position in shares of Patrick Industries during the 1st quarter worth approximately $6,745,000. Institutional investors own 88.16% of the company’s stock.

Shares of PATK opened at $63.95 on Friday. The stock has a fifty day moving average of $60.15 and a two-hundred day moving average of $48.72. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.17 and a current ratio of 2.46. The company has a market capitalization of $1.50 billion, a PE ratio of 23.51, a price-to-earnings-growth ratio of 11.24 and a beta of 2.48. Patrick Industries, Inc. has a fifty-two week low of $16.70 and a fifty-two week high of $69.84.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $0.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.13. Patrick Industries had a net margin of 2.97% and a return on equity of 12.86%. The company had revenue of $424.00 million during the quarter, compared to analysts’ expectations of $412.46 million. During the same period in the previous year, the company earned $1.18 EPS. The business’s quarterly revenue was down 30.9% compared to the same quarter last year. As a group, equities research analysts forecast that Patrick Industries, Inc. will post 2.77 earnings per share for the current fiscal year.

In related news, CEO Andy L. Nemeth sold 2,500 shares of the company’s stock in a transaction on Thursday, July 16th. The shares were sold at an average price of $66.00, for a total transaction of $165,000.00. Following the completion of the sale, the chief executive officer now directly owns 225,633 shares of the company’s stock, valued at approximately $14,891,778. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Todd M. Cleveland sold 1,650 shares of the company’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $61.16, for a total transaction of $100,914.00. Following the sale, the chairman now directly owns 297,730 shares of the company’s stock, valued at $18,209,166.80. The disclosure for this sale can be found here. Insiders have sold a total of 62,033 shares of company stock valued at $3,959,190 over the last three months. Corporate insiders own 7.60% of the company’s stock.

Several brokerages recently issued reports on PATK. Wells Fargo & Co lifted their price objective on Patrick Industries from $33.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Sidoti lifted their price objective on Patrick Industries from $51.00 to $59.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. BidaskClub upgraded Patrick Industries from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 18th. BofA Securities upgraded Patrick Industries from a “neutral” rating to a “buy” rating and boosted their price target for the company from $74.00 to $88.00 in a report on Friday. Finally, Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a report on Tuesday, June 16th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Patrick Industries has an average rating of “Buy” and an average price target of $67.14.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; decorative vinyl and paper laminated panels; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.

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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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