Entropy Technologies LP Increases Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Entropy Technologies LP raised its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 29.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 3,922 shares of the construction company’s stock after acquiring an additional 901 shares during the quarter. Entropy Technologies LP’s holdings in Patrick Industries were worth $558,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of PATK. Pacer Advisors Inc. raised its stake in Patrick Industries by 20.1% during the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after acquiring an additional 221,904 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in shares of Patrick Industries during the 2nd quarter valued at $22,460,000. Fiera Capital Corp purchased a new position in shares of Patrick Industries during the 3rd quarter valued at $27,888,000. Argent Capital Management LLC increased its stake in Patrick Industries by 758.4% in the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after buying an additional 133,413 shares in the last quarter. Finally, Copeland Capital Management LLC bought a new position in shares of Patrick Industries in the third quarter worth about $8,070,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Benchmark reissued a “buy” rating and issued a $145.00 price target on shares of Patrick Industries in a report on Monday, November 4th. Raymond James lowered their target price on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. KeyCorp raised their target price on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Truist Financial boosted their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $139.88.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, 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 transaction of $2,627,400.00. Following the completion of the transaction, the insider now owns 139,109 shares in the company, valued at $18,274,749.33. The trade was a 12.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the completion of the sale, the director now owns 82,374 shares in the company, valued at approximately $10,795,112.70. The trade was a 8.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock worth $3,858,915 over the last quarter. Insiders own 4.70% of the company’s stock.

Patrick Industries Trading Down 2.0 %

PATK opened at $128.50 on Friday. The stock has a 50-day moving average of $136.41 and a 200 day moving average of $123.23. 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. The firm has a market cap of $2.88 billion, a P/E ratio of 18.46, a P/E/G ratio of 1.40 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, October 31st. The construction company reported $1.80 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 company had revenue of $919.44 million during the quarter, compared to analysts’ expectations of $935.75 million. During the same quarter last year, the firm posted $1.81 EPS. Patrick Industries’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, research analysts forecast 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.