KBC Group NV lifted its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 7.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 43,125 shares of the construction company’s stock after acquiring an additional 2,958 shares during the period. KBC Group NV owned 0.18% of Patrick Industries worth $1,277,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the stock. BlackRock Inc. increased its position in Patrick Industries by 2.5% in the 3rd quarter. BlackRock Inc. now owns 3,350,263 shares of the construction company’s stock worth $198,335,000 after buying an additional 82,322 shares during the period. Vanguard Group Inc. increased its position in Patrick Industries by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,386,725 shares of the construction company’s stock worth $82,094,000 after buying an additional 19,460 shares during the period. Vanguard Group Inc increased its position in Patrick Industries by 1.4% in the 3rd quarter. Vanguard Group Inc now owns 1,386,725 shares of the construction company’s stock worth $82,094,000 after buying an additional 19,460 shares during the period. Dimensional Fund Advisors LP increased its position in Patrick Industries by 0.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,023,246 shares of the construction company’s stock worth $60,576,000 after buying an additional 3,805 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Patrick Industries by 3.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 593,889 shares of the construction company’s stock worth $35,158,000 after buying an additional 20,554 shares during the period. 92.77% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Courtney Blosser sold 2,993 shares of Patrick Industries stock in a transaction that occurred on Thursday, December 6th. The stock was sold at an average price of $36.04, for a total transaction of $107,867.72. Following the sale, the insider now owns 39,372 shares of the company’s stock, valued at approximately $1,418,966.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd M. Cleveland acquired 10,000 shares of the firm’s stock in a transaction dated Monday, December 17th. The shares were purchased at an average cost of $29.59 per share, for a total transaction of $295,900.00. Following the acquisition, the chief executive officer now directly owns 601,219 shares in the company, valued at approximately $17,790,070.21. The disclosure for this purchase can be found here. Insiders have sold a total of 356,737 shares of company stock worth $11,131,139 in the last three months. 5.60% of the stock is owned by insiders.
Several research analysts have commented on the company. Zacks Investment Research downgraded Patrick Industries from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 17th. Wells Fargo & Co dropped their price target on Patrick Industries from $67.00 to $30.00 and set a “market perform” rating on the stock in a research report on Tuesday, December 18th. BidaskClub raised Patrick Industries from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 9th. TheStreet downgraded Patrick Industries from a “b-” rating to a “c+” rating in a research report on Wednesday, December 12th. Finally, Sidoti dropped their price target on Patrick Industries from $90.00 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, October 23rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $64.75.
Shares of NASDAQ:PATK opened at $40.62 on Tuesday. Patrick Industries, Inc. has a 1-year low of $27.32 and a 1-year high of $69.85. The company has a market cap of $956.20 million, a PE ratio of 12.77, a PEG ratio of 0.57 and a beta of 1.94. The company has a current ratio of 2.24, a quick ratio of 0.85 and a debt-to-equity ratio of 1.43.
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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; 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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