MetLife Investment Advisors LLC decreased its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 37.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,680 shares of the construction company’s stock after selling 6,298 shares during the quarter. MetLife Investment Advisors LLC’s holdings in Patrick Industries were worth $316,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of PATK. SG Americas Securities LLC increased its position in Patrick Industries by 32.5% during the 3rd quarter. SG Americas Securities LLC now owns 9,455 shares of the construction company’s stock worth $560,000 after purchasing an additional 2,321 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in Patrick Industries during the 3rd quarter worth about $238,000. Bank of New York Mellon Corp increased its position in Patrick Industries by 1.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 294,342 shares of the construction company’s stock worth $17,425,000 after purchasing an additional 3,231 shares in the last quarter. BlackRock Inc. increased its position in Patrick Industries by 2.5% during the 3rd quarter. BlackRock Inc. now owns 3,350,263 shares of the construction company’s stock worth $198,335,000 after purchasing an additional 82,322 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Patrick Industries by 0.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,023,246 shares of the construction company’s stock worth $60,576,000 after purchasing an additional 3,805 shares in the last quarter. 89.51% of the stock is currently owned by institutional investors.
Shares of NASDAQ:PATK opened at $54.12 on Wednesday. The company has a current ratio of 2.44, a quick ratio of 0.71 and a debt-to-equity ratio of 1.52. Patrick Industries, Inc. has a 12-month low of $27.32 and a 12-month high of $67.50. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 11.64, a price-to-earnings-growth ratio of 0.92 and a beta of 1.91.
Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 14th. The construction company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.21. Patrick Industries had a return on equity of 28.26% and a net margin of 5.30%. The firm had revenue of $531.00 million for the quarter, compared to analyst estimates of $519.00 million. During the same period last year, the company earned $0.87 EPS. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. Sell-side analysts expect that Patrick Industries, Inc. will post 4.77 earnings per share for the current year.
In other Patrick Industries news, Director Walter E. Wells sold 1,000 shares of the firm’s stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $45.34, for a total value of $45,340.00. Following the sale, the director now directly owns 60,030 shares of the company’s stock, valued at approximately $2,721,760.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 5.60% of the stock is currently owned by company insiders.
A number of analysts recently commented on the company. ValuEngine upgraded Patrick Industries from a “sell” rating to a “hold” rating in a research report on Tuesday. KeyCorp lifted their price objective on Patrick Industries from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Monday. BidaskClub raised Patrick Industries from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 23rd. Wells Fargo & Co raised their price target on Patrick Industries from $30.00 to $49.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 27th. Finally, Zacks Investment Research raised Patrick Industries from a “sell” rating to a “hold” rating in a research note on Wednesday, March 13th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $58.60.
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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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