Patrick Industries, Inc. (NASDAQ:PATK) Shares Sold by Royce & Associates LP

Royce & Associates LP cut its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 25.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,195 shares of the construction company's stock after selling 26,267 shares during the period. Royce & Associates LP owned about 0.34% of Patrick Industries worth $10,848,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its position in shares of Patrick Industries by 20.1% in the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company's stock valued at $143,889,000 after purchasing an additional 221,904 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Patrick Industries by 10.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company's stock valued at $33,078,000 after buying an additional 26,389 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in Patrick Industries during the second quarter worth $22,460,000. Tributary Capital Management LLC raised its holdings in shares of Patrick Industries by 0.3% in the second quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company's stock worth $22,338,000 after acquiring an additional 613 shares during the last quarter. Finally, Fiera Capital Corp purchased a new stake in shares of Patrick Industries in the third quarter valued at $27,888,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Patrick Industries

In other news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the sale, the chief operating officer now owns 23,759 shares in the company, valued at $3,091,283.49. This trade represents a 7.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jeff Rodino sold 20,000 shares of the business's stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the transaction, the insider now directly owns 139,109 shares in the company, valued at approximately $18,274,749.33. The trade was a 12.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock valued at $3,858,915 over the last 90 days. Corporate insiders own 4.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PATK. BMO Capital Markets upped their target price on shares of Patrick Industries from $150.00 to $155.00 and gave the company an "outperform" rating in a report on Friday, November 1st. DA Davidson raised their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a "neutral" rating in a research report on Monday, August 5th. KeyCorp boosted their price target on Patrick Industries from $135.00 to $150.00 and gave the company an "overweight" rating in a report on Wednesday, October 23rd. StockNews.com cut Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday. Finally, Robert W. Baird upped their target price on Patrick Industries from $120.00 to $128.00 and gave the company an "outperform" rating in a research note on Friday, August 2nd. One 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $139.88.

Patrick Industries Price Performance

PATK stock opened at $128.50 on Friday. The stock has a 50-day moving average price of $136.41 and a two-hundred day moving average price of $123.36. The company has a market cap of $2.88 billion, a PE ratio of 18.46, a price-to-earnings-growth ratio of 1.36 and a beta of 1.62. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. Patrick Industries, Inc. has a 12-month low of $80.62 and a 12-month high of $148.35.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its 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). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The firm had revenue of $919.44 million for the quarter, compared to analysts' expectations of $935.75 million. During the same quarter in the previous year, the firm posted $1.81 EPS. The firm's revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, research analysts predict that Patrick Industries, Inc. will post 6.43 EPS 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.