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

Entropy Technologies LP grew its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 29.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 3,922 shares of the construction company’s stock after buying an additional 901 shares during the quarter. Entropy Technologies LP’s holdings in Patrick Industries were worth $558,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Versor Investments LP boosted its stake in shares of Patrick Industries by 65.4% during the 3rd quarter. Versor Investments LP now owns 4,300 shares of the construction company’s stock valued at $612,000 after purchasing an additional 1,700 shares in the last quarter. Meritage Portfolio Management lifted its holdings in Patrick Industries by 10.0% in the third quarter. Meritage Portfolio Management now owns 8,344 shares of the construction company’s stock worth $1,188,000 after buying an additional 760 shares during the period. Crossmark Global Holdings Inc. bought a new stake in Patrick Industries during the 3rd quarter valued at approximately $236,000. Assetmark Inc. grew its holdings in shares of Patrick Industries by 1,589.0% during the 3rd quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock worth $938,000 after acquiring an additional 6,197 shares during the period. Finally, Fiera Capital Corp bought a new position in shares of Patrick Industries in the 3rd quarter worth approximately $27,888,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. BMO Capital Markets upped their price target on Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. DA Davidson upped 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 lifted their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Truist Financial upped their price objective on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, Benchmark reiterated a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $139.88.

Insider Buying and Selling at Patrick Industries

In other news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction 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 transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. This trade represents a 7.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the sale, the insider now owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. This trade represents a 12.57 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,411 shares of company stock worth $3,858,915. Company insiders own 4.70% of the company’s stock.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $128.50 on Friday. The firm has a market cap of $2.88 billion, a P/E ratio of 18.46, a PEG ratio of 1.40 and a beta of 1.62. Patrick Industries, Inc. has a twelve month low of $80.62 and a twelve month high of $148.35. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. The company has a 50 day moving average of $136.41 and a 200 day moving average of $123.23.

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