Bridgeway Capital Management LLC Buys 66,424 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Bridgeway Capital Management LLC raised its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 38.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 239,782 shares of the construction company's stock after purchasing an additional 66,424 shares during the quarter. Patrick Industries accounts for about 0.4% of Bridgeway Capital Management LLC's investment portfolio, making the stock its 29th biggest holding. Bridgeway Capital Management LLC owned 0.71% of Patrick Industries worth $19,921,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Patrick Industries by 49.3% during the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock valued at $193,266,000 after buying an additional 768,102 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Patrick Industries by 391.8% during the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock valued at $168,462,000 after acquiring an additional 1,615,412 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Patrick Industries by 48.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock worth $154,823,000 after acquiring an additional 609,036 shares during the period. Capital World Investors raised its holdings in shares of Patrick Industries by 50.0% during the fourth quarter. Capital World Investors now owns 944,319 shares of the construction company's stock valued at $78,454,000 after purchasing an additional 314,773 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Patrick Industries by 50.0% during the fourth quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company's stock valued at $64,752,000 after purchasing an additional 259,783 shares during the period. 93.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PATK has been the subject of a number of research analyst reports. Raymond James decreased their target price on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. KeyCorp reduced their price objective on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Benchmark increased their target price on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a report on Friday, February 7th. Baird R W cut shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Finally, Robert W. Baird cut their target price on shares of Patrick Industries from $96.00 to $84.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $96.29.

Patrick Industries Price Performance

PATK stock traded down $0.58 during trading on Friday, reaching $82.82. The company's stock had a trading volume of 207,852 shares, compared to its average volume of 352,604. The company has a market capitalization of $2.78 billion, a P/E ratio of 20.10, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The company's fifty day moving average is $82.34 and its 200-day moving average is $86.85. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.13. The company had revenue of $1 billion for the quarter, compared to analysts' expectations of $959.46 million. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The firm's revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.79 EPS. On average, research analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Insider Activity

In other news, Director M Scott Welch acquired 10,000 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were acquired at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the completion of the transaction, the director now directly owns 136,000 shares of the company's stock, valued at approximately $11,725,920. The trade was a 7.94 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the firm's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the sale, the executive vice president now owns 18,044 shares of the company's stock, valued at $1,543,303.32. This trade represents a 13.78 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.70% of the company's stock.

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.