ClariVest Asset Management LLC boosted its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 25.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 124,801 shares of the construction company’s stock after purchasing an additional 25,698 shares during the quarter. ClariVest Asset Management LLC’s holdings in Patrick Industries were worth $3,696,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Oppenheimer Asset Management Inc. acquired a new position in Patrick Industries in the fourth quarter valued at approximately $30,000. First Hawaiian Bank acquired a new stake in shares of Patrick Industries in the third quarter valued at approximately $167,000. Quantamental Technologies LLC acquired a new stake in shares of Patrick Industries in the fourth quarter valued at approximately $100,000. Wakefield Asset Management LLLP acquired a new stake in shares of Patrick Industries in the third quarter valued at approximately $212,000. Finally, Verition Fund Management LLC acquired a new stake in shares of Patrick Industries in the third quarter valued at approximately $226,000. 92.77% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Courtney Blosser sold 2,993 shares of the company’s 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 completion of the sale, the insider now owns 39,372 shares in the company, valued at $1,418,966.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey L. Et Al Gendell sold 222,347 shares of the company’s stock in a transaction that occurred on Monday, December 17th. The stock was sold at an average price of $30.34, for a total value of $6,746,007.98. The disclosure for this sale can be found here. Insiders sold 356,737 shares of company stock valued at $11,131,139 over the last three months. Corporate insiders own 5.60% of the company’s stock.
PATK stock opened at $42.63 on Thursday. The company has a market capitalization of $975.16 million, a PE ratio of 13.41, a PEG ratio of 0.57 and a beta of 1.94. Patrick Industries, Inc. has a twelve month low of $27.32 and a twelve month high of $69.85. The company has a debt-to-equity ratio of 1.43, a current ratio of 2.24 and a quick ratio of 0.85.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research downgraded Patrick Industries from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 17th. Wells Fargo & Co decreased their price objective on Patrick Industries from $67.00 to $30.00 and set a “market perform” rating for the company in a report on Tuesday, December 18th. BidaskClub raised Patrick Industries from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 9th. TheStreet downgraded Patrick Industries from a “b-” rating to a “c+” rating in a report on Wednesday, December 12th. Finally, Sidoti decreased their price objective on Patrick Industries from $90.00 to $81.00 and set a “buy” rating for the company in a report on Tuesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $64.75.
TRADEMARK VIOLATION NOTICE: This article was originally published by Highlight Press and is owned by of Highlight Press. If you are viewing this article on another domain, it was copied illegally and republished in violation of international trademark & copyright legislation. The original version of this article can be accessed at https://highlightpress.com/2019/02/14/patrick-industries-inc-patk-shares-bought-by-clarivest-asset-management-llc.html.
Patrick Industries Profile
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.
Featured Article: What is the return on assets formula?
Want to see what other hedge funds are holding PATK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patrick Industries, Inc. (NASDAQ:PATK).
Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.