Financial Consulate Inc Lowers stake in Patrick Industries (PATK)

Patrick Industries (PATK) : Financial Consulate Inc reduced its stake in Patrick Industries by 43.19% during the most recent quarter end. The investment management company now holds a total of 39,462 shares of Patrick Industries which is valued at $2,533,460 after selling 30,000 shares in Patrick Industries , the firm said in a disclosure report filed with the SEC on Jul 22, 2016.Patrick Industries makes up approximately 1.88% of Financial Consulate Inc’s portfolio.

Other Hedge Funds, Including , 1st Global Advisors added PATK to its portfolio by purchasing 7,359 company shares during the most recent quarter which is valued at $472,448. Patrick Industries makes up approx 0.06% of 1st Global Advisors’s portfolio.Creative Planning reduced its stake in PATK by selling 193 shares or 40.38% in the most recent quarter. The Hedge Fund company now holds 285 shares of PATK which is valued at $18,508.

Patrick Industries closed down -1.84 points or -2.77% at $64.56 with 1,74,489 shares getting traded on Friday. Post opening the session at $66.45, the shares hit an intraday low of $64.01 and an intraday high of $66.89 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Patrick Industries reported $1.10 EPS for the quarter, beating the analyst consensus estimate by $ 0.11 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.99. The company had revenue of $315.20 million for the quarter, compared to analysts expectations of $292.68 million. The company’s revenue was up 35.0% compared to the same quarter last year.

Many Wall Street Analysts have commented on Patrick Industries. Patrick Industries was Initiated by Sidoti to “Buy” on Jun 16, 2016.

Patrick Industries Inc. is a manufacturer of component products and distributor of building products and materials for the recreational vehicle and manufactured housing industries. It is a supplier to certain other industrial markets such as kitchen cabinet office and household furniture fixtures and commercial furnishings marine and other industrial markets. The Company operates in two segments: Manufacturing and Distribution. The Company manufactures a variety of products including decorative vinyl and paper laminated panels fabricated aluminum products wrapped vinyl paper and hardwood profile moldings solid surface granite and quartz countertops cabinet doors and components hardwood furniture fiberglass bath and shower fixtures fiberglass and plastic component products including front and rear caps and marine helms slide-out trim and fascia interior passage doors exterior graphics and RV painting and slotwall panels and components among others.

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