Fidelity Management & Research Co has recently announced that it has increased stake in Patrick Industries Inc. (NASDAQ:PATK) by 9.47%. After grabbing 2.34 million shares, the institutional investor is now in possession of 0.2 million shares of the Industrials Company. The new investment brought the stake of investor firm to 10.32% having worth around $141.66 million. Moreover, The Vanguard Group, Inc. increased its share by 73140.0 to have a control over 1.81 million shares. And Dimensional Fund Advisors LP raised its holdings to 95948.0 shares by acquiring 1.09 million shares or 4.80% of the stake.
Patrick Industries Inc. (PATK) concluded trading on 01/18/23 at a closing price of $63.63, with 0.3 million shares of worth about $18.8 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 13.99% during that period and on Wednesday the price saw a loss of about -2.83%. Currently the company’s common shares owned by public are about 22.09M shares, out of which, 21.26M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 6 analysts are covering the PATK stock and their offered price forecasts bring an average price target of $65.33. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $80.00 and could fall to a lowest price of $49.00. The stock’s current price level is 2.6% above of average price target set by the analysts, while a rise to estimated low would result in loss of -29.86% for the stock. However, touching the estimated high of $80.00 would mean a gain of 20.46% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 41 times over the past 12 months. They bought 211,953 shares in 26 of the transactions. In 15 selling transactions, insiders dumped 193,204 shares.
iShares Core S&P Small Cap ETF, Fidelity Comwlth. Tr. – Small Cap, and Vanguard Total Stock Market Index are the top 3 mutual funds which are holding stakes in Patrick Industries Inc. iShares Core S&P Small Cap ETF is currently holding 1.59 million shares of worth totaling $96.52 million. The company recently came selling 1176.0 shares which brought its stake up to 7.03% of the company’s outstanding shares. Vanguard Total Stock Market Index, after buying 0.65 million shares, have now control over 2.87% of the stake in the company. It holds 0.0 shares of worth $39.46 million.
Patrick Industries Inc. (NASDAQ: PATK) started trading at $66.08, above $0.6 from concluding price of the previous day. However, the stock later moved at a day high price of 66.32, or with a loss of -2.83%. Stock saw a price change of -2.74% in past 5 days and over the past one month there was a price change of 2.45%. Year-to-date (YTD), PATK shares are showing a performance of 5.00% which decreased to -17.39% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $41.75 but also hit the highest price of $77.27 during that period. The average intraday trading volume for Patrick Industries Inc. shares is 201.95K. The stock is currently trading 2.12% above its 20-day simple moving average (SMA20), while that difference is up 10.29% for SMA50 and it goes to 14.04% higher than SMA200.
Fidelity Management & Research Co acquired 2.34 million shares of Patrick Industries Inc. having value of about $141.66 million. Data submitted at the U.S SEC by Fidelity Management & Research Co revealed that the firm now holds 0.2 million shares in the company valued at close to $12869867.43, or have control over 9.47% stake in the company. Patrick Industries Inc. (NASDAQ: PATK) currently have 22.09M outstanding shares and institutions hold larger chunk of about 92.80% of that. Holding of mutual funds in the company is about 28.03% while other institutional holders and individual stake holders have control over 63.72% and 12.27% of the stake respectively.
The stock has a current market capitalization of $1.44B and its 3Y-monthly beta is at 1.88. PE ratio of stock for trailing 12 months is 4.44, while it has posted earnings per share of $14.32 in the same period. Its PEG reads 0.81 and has Quick Ratio of 0.90 while making debt-to-equity ratio of 1.42. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for PATK, volatility over the week remained 3.11% while standing at 3.50% over the month.
Analysts are in expectations that Patrick Industries Inc. (PATK) stock would likely to be making an EPS of $1.73 in the current quarter, while forecast for next quarter EPS is $2.46 and it is $9.24 for next year. For the current quarter EPS, analysts have given the company a lowest target $1.21 which is $2 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $2.62 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 129.10% while it is estimated to decrease by -39.00% in next year. EPS is likely to shrink at an annualized rate of 5.50% for next 5-years, compared to annual growth of 31.70% made by the stock over the past 5-years.
Analysts at 6 brokerage firms have issued recommendations for the Patrick Industries Inc. (PATK)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.30. Out of those 6 Wall Street analysts, 3 recommended a “Buy” rating, while 1 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by DA Davidson on August 26, 2022 offering a Neutral rating for the stock and assigned a target price of $65 to it. Coverage by MKM Partners stated Patrick Industries Inc. (PATK) stock as a Buy in their note to investors on May 05, 2022, suggesting a price target of $93 for the stock. On April 12, 2022, Truist Initiated their recommendations, while on April 04, 2022, BofA Securities Initiated their ratings for the stock with a price target of $60. Stock get a Buy rating from BofA Securities on July 31, 2020.
