First Trust Advisors LP Raises Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

First Trust Advisors LP grew its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 14.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,915 shares of the construction company's stock after acquiring an additional 3,112 shares during the period. First Trust Advisors LP owned 0.07% of Patrick Industries worth $2,070,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Kestra Investment Management LLC bought a new stake in shares of Patrick Industries during the 4th quarter valued at $25,000. Covestor Ltd raised its position in shares of Patrick Industries by 10,400.0% during the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock valued at $26,000 after purchasing an additional 312 shares during the period. Quadrant Capital Group LLC raised its position in shares of Patrick Industries by 49.8% during the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after purchasing an additional 109 shares during the period. Nomura Asset Management Co. Ltd. raised its position in shares of Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after purchasing an additional 114 shares during the period. Finally, Smartleaf Asset Management LLC raised its position in shares of Patrick Industries by 812.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after purchasing an additional 528 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Insider Transactions at Patrick Industries

In related news, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction dated Tuesday, March 11th. The shares were 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 in the company, valued at $1,543,303.32. This trade represents a 13.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director M Scott Welch acquired 2,500 shares of the firm's stock in a transaction that occurred on Thursday, March 13th. The shares were bought at an average price of $84.62 per share, with a total value of $211,550.00. Following the acquisition, the director now directly owns 2,961 shares in the company, valued at $250,559.82. This represents a 542.30% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 4.70% of the company's stock.

Patrick Industries Trading Down 0.7%

Shares of Patrick Industries stock traded down $0.58 during trading on Friday, hitting $82.82. The stock had a trading volume of 207,852 shares, compared to its average volume of 353,444. The firm's fifty day simple moving average is $82.34 and its 200-day simple moving average is $86.81. The stock has a market cap of $2.78 billion, a PE ratio of 20.10, a PEG ratio of 1.41 and a beta of 2.05. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.13. The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $959.46 million. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The business's revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the business earned $1.79 EPS. As a group, sell-side analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PATK. Roth Mkm reaffirmed a "buy" rating and set a $100.00 target price (down from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. KeyCorp cut their target price on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. 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. Raymond James cut 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. 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 note on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Patrick Industries presently has an average rating of "Moderate Buy" and an average target price of $96.29.

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.