Balyasny Asset Management L.P. Purchases 35,517 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Balyasny Asset Management L.P. raised its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 117.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,737 shares of the construction company's stock after purchasing an additional 35,517 shares during the quarter. Balyasny Asset Management L.P. owned 0.20% of Patrick Industries worth $5,461,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. Quadrant Capital Group LLC grew its stake in Patrick Industries by 49.8% in the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after buying an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. grew 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 in the last quarter. UMB Bank n.a. grew its position in shares of Patrick Industries by 35.1% during the 4th quarter. UMB Bank n.a. now owns 766 shares of the construction company's stock valued at $64,000 after purchasing an additional 199 shares in the last quarter. Global Retirement Partners LLC grew its position in shares of Patrick Industries by 44.8% during the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company's stock valued at $53,000 after purchasing an additional 199 shares in the last quarter. Finally, IFP Advisors Inc grew its position in shares of Patrick Industries by 35.8% during the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company's stock valued at $87,000 after purchasing an additional 275 shares in the last quarter. Institutional investors own 93.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Robert W. Baird dropped their price objective on shares of Patrick Industries from $96.00 to $84.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. StockNews.com raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Roth Mkm reaffirmed a "buy" rating and set a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Baird R W downgraded shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Finally, Truist Financial lowered their price target on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $96.29.

Insider Activity at Patrick Industries

In other Patrick Industries news, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the sale, the executive vice president now owns 18,044 shares in the company, valued at approximately $1,543,303.32. This represents a 13.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director M Scott Welch acquired 2,500 shares of the business's stock in a transaction on Thursday, March 13th. The stock was acquired at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the acquisition, the director now owns 2,961 shares of the company's stock, valued at approximately $250,559.82. This trade represents a 542.30% increase in their position. The disclosure for this purchase can be found here. 4.40% of the stock is owned by corporate insiders.

Patrick Industries Trading Down 3.6%

Shares of NASDAQ:PATK traded down $3.21 during midday trading on Wednesday, hitting $86.60. 421,506 shares of the stock traded hands, compared to its average volume of 354,316. The stock has a market capitalization of $2.91 billion, a PE ratio of 21.02, a P/E/G ratio of 1.41 and a beta of 2.05. The business's 50 day moving average is $82.39 and its two-hundred day moving average is $86.81. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a one year low of $67.72 and a one year high of $98.90.

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

Patrick Industries Company 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.