According to the most recent Form 13F filing that Assenagon Asset Management S.A. made with the Securities and Exchange Commission, one of the companies targeted for purchase included Patrick Industries, Inc. (NASDAQ: PATK), which was the subject of a recent transaction. Approximately $318,500 was spent by the investment fund to purchase 7,252 shares of stock in the construction company.
Several additional institutional investors have recently made modifications to the proportion of the company’s stock that they own at their respective institutions. In the third quarter, Versor Investments L.P. completed the acquisition of Patrick Industries by paying an aggregate price of close to $259,000 for the business. Raymond James & Associates increased the amount of Patrick Industries stock it owns by 12.4% during the third quarter of the fiscal year. The purchase of an additional 576 shares during the relevant period resulted in Raymond James & Associates’ current holdings of the construction company’s stock amounting to 5,226 units, which have a combined market value of $229,000 as of this moment. Raymond James Financial Services Advisors Inc. initiated a new investment in Patrick Industries for approximately $573,000 during the third quarter of the fiscal year. Islay Capital Management LLC saw a 96.9% increase in the percentage of Patrick Industries stock it owned during the third quarter compared to the previous quarter. Islay Capital Management LLC now has a total of 5,993 shares of the construction company’s stock, valued at $263,000 after the acquisition of an additional 2,949 shares during the most recent period. The most recent period encompasses the acquisition of these shares. Last but not least, during the third quarter of 2018, Patrick Industries successfully acquired a new post from the Louisiana State Employees Retirement System for approximately $460,000. To the tune of 89.53% of the company’s shares, hedge funds and other institutional investors are the owners of those shares.
By writing reports, a multitude of equity analysts has contributed to the body of work that has been done on the company. In a research note published on Monday, October 3, MKM Partners lowered their price target for Patrick Industries’ shares from $80.00 to $60.00, giving the stock a “buy” rating. The note was about Patrick Industries. A recommendation to “buy” the stock was included in the research note. On Wednesday, October 12, StockNews.com issued a research report. This was the first time Patrick Industries had been mentioned in print. They advised their clients to “hold” the stock moving forward. Patrick Industries’ target price was $65.00 before Trust Financial lowered it to $60.00 in a research report published on Wednesday, October 5. Trust Financial gave the company a “buy” rating and decreased its price from $65.00 to $60.00. The research team also suggested “buying” the stock in their conclusion. Although Robert W. Baird lowered their price objective for Patrick Industries from $90.00 to $75.00 in a research report published on Friday, October 28, they assigned the stock the rating of “outperform,” even though they dropped its price objective for the stock. The report’s subject matter was the stock of the company. There has been one recommendation from a financial analyst to sell the stock, two to hold the stock, and four to buy the stock. According to Bloomberg, most market analysts currently have the stock rated as “Hold,” and the average price objective they have set for the stock is $65.67 per share.
Beginning for $65.48 on Wednesday, trading on the NASDAQ PATK got underway. The price-to-earnings ratio for the company is 4.55, the price-to-growth ratio for the company is 2.49, and the beta value for the company is 1.83. Currently, the company has a market capitalization of approximately $1.48 billion. The stock’s current price is trading at $58.82, while its simple moving average over the previous 200 days is $54.31. During the previous year, the stock price of Patrick Industries, Inc. ranged from a high of $77.27 to a low of $77.27. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.86, and a current ratio of 2.54. These are all ratios that measure liquidity.
On Thursday, October 27, Patrick Industries (NASDAQ: PATK) shared its most recent quarterly earnings report with the public. The construction company announced earnings per share for the quarter of $2.43, which is $0.41 higher than the average estimate of $2.02 provided by market experts. The revenue for the quarter came in at $1.11 billion, which was less than the $1.12 billion that analysts had anticipated would be generated during the period. Patrick Industries had a return on equity of 42.22 percent, while the company’s net margin was 6.87 percent. The majority opinion held by financial market analysts is that Patrick Industries, Inc. will generate 13.48 dollars in revenue per share during the current fiscal year.
Additionally, the company declared a quarterly dividend, which was paid out on December 12 and distributed the following day, December 12. On Monday, November 28, shareholders of record were each given a dividend payment of $0.45. This payment was made. This translates to a dividend payment of $1.80 per share and a yield of 2.75% if we look at it from an annual perspective. On November 25, shareholders will no longer be eligible to receive a dividend payment for this payment. The previous quarterly dividend payment that Patrick Industries made was $0.33, so this represents an increase from that amount. The percentage of earnings distributed as dividends by Patrick Industries comes at 12.52%.
As was reported elsewhere in the news about Patrick Industries, on Monday, January 9, director Todd M. Cleveland sold 10,000 shares of the company’s stock. The amount of stock sold came to a total of $657,700.00, and the price of $65.77 per share was determined to be the average selling price. Following the conclusion of the transaction, the director now holds 156,316 shares in the company, the total value of which is approximately 10,280,903.32 dollars. Information regarding the sale submitted to the Securities and Exchange Commission can currently be accessed online at the SEC’s website company stock. The amount of stock sold came to a total of $657,700.00, and the price of $65.77 per share was determined to be the average selling price. Following the conclusion of the transaction, the director now holds 156,316 shares in the company, the total value of which is approximately 10,280,903.32 dollars. Information regarding the sale submitted to the Securities and Exchange Commission can currently be accessed online at the SEC’s website. The company’s management and employees collectively own 6.10 percent of the company’s shares.