Assetmark Inc. Buys 6,197 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Assetmark Inc. increased its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 1,589.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,587 shares of the construction company's stock after buying an additional 6,197 shares during the quarter. Assetmark Inc.'s holdings in Patrick Industries were worth $938,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Sound Income Strategies LLC purchased a new position in shares of Patrick Industries in the 3rd quarter worth approximately $46,000. Northwestern Mutual Wealth Management Co. purchased a new position in Patrick Industries in the second quarter worth $41,000. GAMMA Investing LLC grew its stake in Patrick Industries by 76.2% in the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company's stock valued at $67,000 after purchasing an additional 205 shares during the period. UMB Bank n.a. increased its position in shares of Patrick Industries by 176.6% during the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company's stock valued at $81,000 after purchasing an additional 362 shares during the last quarter. Finally, nVerses Capital LLC bought a new stake in shares of Patrick Industries during the 3rd quarter worth $157,000. Institutional investors own 93.29% of the company's stock.

Analyst Ratings Changes

PATK has been the subject of several research reports. Benchmark restated a "buy" rating and set a $145.00 price target on shares of Patrick Industries in a research report on Monday, November 4th. Robert W. Baird raised their price target on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an "outperform" rating in a research note on Friday, August 2nd. StockNews.com downgraded Patrick Industries from a "hold" rating to a "sell" rating in a research note on Thursday. BMO Capital Markets raised their target price on Patrick Industries from $150.00 to $155.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Finally, DA Davidson upped their price target on Patrick Industries from $108.00 to $114.00 and gave the company a "neutral" rating in a research report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $139.88.

Insider Activity

In related news, Director Todd M. Cleveland sold 7,500 shares of the firm's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the transaction, the director now directly owns 82,374 shares of the company's stock, valued at approximately $10,795,112.70. This trade represents a 8.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jeff Rodino sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the sale, the insider now owns 139,109 shares of the company's stock, valued at $18,274,749.33. The trade was a 12.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock worth $3,858,915 in the last three months. Corporate insiders own 4.70% of the company's stock.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK traded down $2.66 during midday trading on Friday, reaching $128.50. 309,220 shares of the company traded hands, compared to its average volume of 189,384. Patrick Industries, Inc. has a 12 month low of $80.62 and a 12 month high of $148.35. The firm's fifty day moving average price is $136.41 and its two-hundred day moving average price is $123.36. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $2.88 billion, a price-to-earnings ratio of 18.46, a price-to-earnings-growth ratio of 1.40 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.83 by ($0.03). The firm had revenue of $919.44 million during the quarter, compared to analysts' expectations of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The company's quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.81 earnings per share. On average, equities analysts expect that Patrick Industries, Inc. will post 6.43 earnings per share for the current year.

About Patrick Industries

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.