Advantage Alpha Capital Partners LP Raises Holdings in Patrick Industries, Inc. $PATK

Key Points

• Advantage Alpha Capital Partners LP increased its holdings in Patrick Industries by 46.1% in the first quarter, now owning approximately $3.2 million worth of shares.
• Patrick Industries reported a quarterly EPS of $1.50, exceeding the consensus estimate by $0.09, with revenue of $1.05 billion for the quarter.
• The company announced a quarterly dividend of $0.40 per share, representing a 1.4% annual yield, set to be paid on September 8th.

Advantage Alpha Capital Partners LP lifted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 46.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,809 shares of the construction company's stock after buying an additional 11,924 shares during the period. Advantage Alpha Capital Partners LP owned about 0.11% of Patrick Industries worth $3,197,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Private Trust Co. NA grew its holdings in shares of Patrick Industries by 432.4% in the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after acquiring an additional 480 shares during the period. Investment Management Corp VA ADV acquired a new stake in shares of Patrick Industries in the 4th quarter worth approximately $52,000. Public Employees Retirement System of Ohio grew its holdings in shares of Patrick Industries by 50.0% in the 4th quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock worth $68,000 after acquiring an additional 273 shares during the period. Covestor Ltd grew its holdings in shares of Patrick Industries by 205.1% in the 1st quarter. Covestor Ltd now owns 961 shares of the construction company's stock worth $81,000 after acquiring an additional 646 shares during the period. Finally, First Horizon Advisors Inc. grew its holdings in shares of Patrick Industries by 17.5% in the 1st quarter. First Horizon Advisors Inc. now owns 1,356 shares of the construction company's stock worth $115,000 after acquiring an additional 202 shares during the period. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Price Performance

PATK stock opened at $111.11 on Friday. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $114.26. The stock's fifty day simple moving average is $99.02 and its 200-day simple moving average is $90.58. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of 30.11, a price-to-earnings-growth ratio of 1.58 and a beta of 1.23.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.09. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The business had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter last year, the firm earned $2.16 earnings per share. The business's revenue was up 3.0% on a year-over-year basis. Equities research analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Monday, August 25th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Monday, August 25th. Patrick Industries's dividend payout ratio (DPR) is 43.36%.

Insiders Place Their Bets

In related news, Director Michael A. Kitson sold 4,572 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $112.67, for a total value of $515,127.24. Following the transaction, the director directly owned 11,850 shares of the company's stock, valued at approximately $1,335,139.50. This trade represents a 27.84% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jeff Rodino sold 22,389 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total value of $2,469,954.48. Following the completion of the transaction, the insider directly owned 206,492 shares in the company, valued at $22,780,197.44. This trade represents a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders bought 3,071 shares of company stock worth $253,714 and sold 76,288 shares worth $8,375,424. Corporate insiders own 4.40% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. BMO Capital Markets upped their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. KeyCorp increased their target price on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Truist Financial increased their target price on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Roth Mkm reiterated a "buy" rating and set a $100.00 target price (down previously from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Finally, Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $104.86.

Patrick Industries Company Profile

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.

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