Dimensional Fund Advisors LP Acquires 101,703 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Dimensional Fund Advisors LP increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK – Get Rating) by 9.3% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,189,660 shares of the construction company’s stock after buying an additional 101,703 shares during the period. Dimensional Fund Advisors LP owned approximately 0.05% of Patrick Industries worth $72,094,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Copeland Capital Management LLC raised its stake in Patrick Industries by 28.6% during the fourth quarter. Copeland Capital Management LLC now owns 701 shares of the construction company’s stock worth $42,000 after buying an additional 156 shares during the last quarter. Quantbot Technologies LP acquired a new stake in Patrick Industries in the second quarter worth $71,000. Public Employees Retirement System of Ohio grew its holdings in Patrick Industries by 12.1% in the third quarter. Public Employees Retirement System of Ohio now owns 1,800 shares of the construction company’s stock worth $79,000 after purchasing an additional 195 shares during the period. Captrust Financial Advisors grew its holdings in Patrick Industries by 80.2% in the first quarter. Captrust Financial Advisors now owns 1,656 shares of the construction company’s stock worth $100,000 after purchasing an additional 737 shares during the period. Finally, US Bancorp DE grew its holdings in Patrick Industries by 18.6% in the first quarter. US Bancorp DE now owns 2,024 shares of the construction company’s stock worth $122,000 after purchasing an additional 317 shares during the period. Institutional investors own 89.53% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on PATK. Bank of America raised their price target on shares of Patrick Industries from $53.00 to $63.00 in a report on Monday, March 27th. TheStreet upgraded shares of Patrick Industries from a “c+” rating to a “b-” rating in a report on Thursday, February 9th. Robert W. Baird lifted their price objective on shares of Patrick Industries from $74.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, February 10th. StockNews.com started coverage on shares of Patrick Industries in a report on Thursday, May 18th. They set a “hold” rating for the company. Finally, Roth Capital reiterated a “buy” rating on shares of Patrick Industries in a report on Friday, February 10th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Patrick Industries presently has a consensus rating of “Moderate Buy” and an average target price of $73.17.

Insider Activity

In other news, Director Todd M. Cleveland sold 2,500 shares of the stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $69.09, for a total transaction of $172,725.00. Following the completion of the transaction, the director now directly owns 125,416 shares of the company’s stock, valued at approximately $8,664,991.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Todd M. Cleveland sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $68.52, for a total transaction of $685,200.00. Following the sale, the director now directly owns 97,916 shares in the company, valued at approximately $6,709,204.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Todd M. Cleveland sold 2,500 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $69.09, for a total transaction of $172,725.00. Following the completion of the sale, the director now owns 125,416 shares in the company, valued at $8,664,991.44. The disclosure for this sale can be found here. Insiders own 6.80% of the company’s stock.

Patrick Industries Trading Up 1.3 %

Shares of PATK stock opened at $69.34 on Friday. Patrick Industries, Inc. has a 52-week low of $41.75 and a 52-week high of $77.96. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.98 and a current ratio of 2.87. The company has a 50-day simple moving average of $67.44 and a two-hundred day simple moving average of $65.36. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 6.76, a PEG ratio of 3.29 and a beta of 1.88.

Patrick Industries (NASDAQ:PATK – Get Rating) last issued its quarterly earnings data on Thursday, April 27th. The construction company reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.02. Patrick Industries had a net margin of 5.53% and a return on equity of 27.78%. The business had revenue of $900.10 million during the quarter, compared to the consensus estimate of $834.46 million. During the same period in the prior year, the firm posted $4.54 EPS. The firm’s quarterly revenue was down 32.9% compared to the same quarter last year. Research analysts anticipate that Patrick Industries, Inc. will post 6.9 EPS for the current fiscal year.

Patrick Industries Profile

(Get Rating)

Patrick Industries, Inc engages in the manufacture of components products and distribution of building products for industrial markets. It operates through the following segments: Manufacturing and Distribution. The Manufacturing segment includes laminated products what are utilized to produce furniture, shelving, walls, countertops, cabinet products, cabinet doors, fiberglass bat fixtures, hardwood furniture, vinyl printing, solid surface, granite, quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components, and other products.