Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by Anchor Capital Management Company LLC

Anchor Capital Management Company LLC boosted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 67.1% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 244,132 shares of the construction company's stock after acquiring an additional 98,044 shares during the period. Patrick Industries comprises about 17.5% of Anchor Capital Management Company LLC's holdings, making the stock its 3rd biggest holding. Anchor Capital Management Company LLC owned 0.73% of Patrick Industries worth $20,282,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Kestra Investment Management LLC purchased a new stake in Patrick Industries during the 4th quarter valued at about $25,000. Covestor Ltd increased its holdings in shares of Patrick Industries by 10,400.0% in the fourth 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 last quarter. Quadrant Capital Group LLC lifted its position in Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock worth $27,000 after buying an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after buying an additional 114 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after buying an additional 528 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PATK. Roth Mkm restated a "buy" rating and issued a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a report on Friday. Robert W. Baird reduced their price target on shares of Patrick Industries from $96.00 to $84.00 and set a "neutral" rating on the stock in a research note on Friday. Raymond James dropped their target price on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a report on Friday. Baird R W lowered Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, StockNews.com upgraded Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $96.29.

Patrick Industries Stock Performance

Shares of PATK traded down $1.16 during mid-day trading on Tuesday, hitting $81.76. 321,974 shares of the company's stock were exchanged, compared to its average volume of 352,881. The firm has a market capitalization of $2.74 billion, a P/E ratio of 19.84, a P/E/G ratio of 1.41 and a beta of 2.05. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90. The business's 50 day moving average is $82.75 and its two-hundred day moving average is $87.02. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share 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 the consensus estimate of $959.46 million. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The company's revenue for the quarter was up 7.5% on a year-over-year basis. During the same period last year, the company earned $1.79 earnings per share. On average, equities analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Stacey L. Neu sold 2,885 shares of the business'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 directly owns 18,044 shares in the company, valued at $1,543,303.32. The trade was a 13.78 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director M Scott Welch bought 10,000 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were acquired at an average price of $86.22 per share, with a total value of $862,200.00. Following the completion of the acquisition, the director now directly owns 136,000 shares in the company, valued at $11,725,920. This represents a 7.94 % increase in their position. The disclosure for this purchase can be found here. 4.40% of the stock is currently owned by company insiders.

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.