Crossmark Global Holdings Inc. Takes Position in Patrick Industries, Inc. (NASDAQ:PATK)

Crossmark Global Holdings Inc. bought a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,660 shares of the construction company’s stock, valued at approximately $236,000.

Other hedge funds have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Patrick Industries during the second quarter valued at about $41,000. Sound Income Strategies LLC acquired a new stake in shares of Patrick Industries during the third quarter worth $46,000. GAMMA Investing LLC boosted its holdings in shares of 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 buying an additional 205 shares during the period. UMB Bank n.a. boosted its stake in Patrick Industries by 176.6% in the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after acquiring an additional 362 shares during the period. Finally, nVerses Capital LLC acquired a new position in Patrick Industries during the 3rd quarter valued at approximately $157,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Insider Transactions at Patrick Industries

In other news, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 139,109 shares of the company’s stock, valued at $18,274,749.33. This trade represents a 12.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the transaction, the chief operating officer now owns 23,759 shares in the company, valued at $3,091,283.49. This represents a 7.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,411 shares of company stock valued at $3,858,915 over the last quarter. Company insiders own 4.70% of the company’s stock.

Analyst Ratings Changes

PATK has been the subject of a number of analyst reports. Truist Financial boosted their target price on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. KeyCorp raised 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. Raymond James reduced their price objective on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company 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 company a “neutral” rating in a research note on Monday, August 5th. Finally, Robert W. Baird upped 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. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $139.88.

Patrick Industries Trading Up 2.1 %

Shares of PATK opened at $131.21 on Tuesday. The business’s 50-day moving average price is $136.51 and its 200 day moving average price is $123.64. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $2.94 billion, a P/E ratio of 18.85, a P/E/G ratio of 1.36 and a beta of 1.62. Patrick Industries, Inc. has a 1-year low of $80.62 and a 1-year high of $148.35.

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

Patrick Industries Profile

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.