14,702 Shares in Patrick Industries, Inc. $PATK Acquired by ARGA Investment Management LP

Key Points

• ARGA Investment Management initiated a position in Patrick Industries, buying 14,702 shares valued at approximately $997,000 in the third quarter. Institutional investors collectively own 93.29% of the company’s shares.
• Patrick Industries reported quarterly EPS of $1.03, beating the $0.97 consensus, and revenue of $975.28 million, above estimates of $938.49 million.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $103; ratings included seven Buys, one Hold, and one Sell.

ARGA Investment Management LP bought a new position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 14,702 shares of the construction company's stock, valued at approximately $997,000.

Several other hedge funds have also modified their holdings of PATK. Foster & Motley Inc. bought a new position in shares of Patrick Industries during the 2nd quarter worth approximately $1,347,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Patrick Industries in the first quarter valued at approximately $5,220,000. Jupiter Topco LLC acquired a new stake in Patrick Industries in the second quarter valued at approximately $1,289,000. Bank of America Corp DE purchased a new position in Patrick Industries in the second quarter worth $30,646,000. Finally, Congress Asset Management Co. grew its holdings in Patrick Industries by 21.4% in the third quarter. Congress Asset Management Co. now owns 202,196 shares of the construction company's stock worth $13,705,000 after purchasing an additional 35,679 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Price Performance

Shares of PATK opened at $81.40 on Wednesday. The firm has a market capitalization of $2.61 billion, a PE ratio of 21.14, a price-to-earnings-growth ratio of 2.12 and a beta of 1.21. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.51 and a quick ratio of 0.86. Patrick Industries, Inc. has a 1-year low of $63.00 and a 1-year high of $148.50. The company's fifty day moving average price is $72.24 and its 200-day moving average price is $95.55.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, October 29th. The construction company reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.97 by $0.06. Patrick Industries had a return on equity of 12.61% and a net margin of 3.38%. The company had revenue of $975.28 million during the quarter, compared to analyst estimates of $938.49 million. During the same quarter last year, the business posted $1.01 EPS. The firm's quarterly revenue was up .0% on a year-over-year basis. On average, equities research analysts predict that Patrick Industries, Inc. will post 4.24 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Monday, August 24th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, August 24th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.3%. Patrick Industries's payout ratio is 48.83%.

Analysts Set New Price Targets

PATK has been the topic of a number of recent analyst reports. Wall Street Zen downgraded Patrick Industries from a "hold" rating to a "sell" rating in a research report on Saturday. Weiss Ratings cut Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, September 29th. Raymond James Financial restated an "outperform" rating on shares of Patrick Industries in a research note on Thursday, October 29th. Truist Financial set a $88.00 target price on Patrick Industries and gave the company a "buy" rating in a research report on Friday, October 23rd. Finally, Northcoast Research set a $121.00 price target on Patrick Industries and gave the company a "buy" rating in a research note on Tuesday, September 1st. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $103.00.

About Patrick Industries

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials serving the recreational vehicle, marine, manufactured housing, and industrial markets. The company supplies products used in the construction, furnishing, and finishing of recreational and residential vehicles, boats, homes, and other manufactured structures.

Its product offerings include cabinetry, furniture, countertops, flooring, interior and exterior components, electronics, audio systems, lighting, plumbing products, hardware, adhesives, and related materials.

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