Advantage Alpha Capital Partners LP Purchases 11,924 Shares of 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 raised its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 46.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,809 shares of the construction company's stock after purchasing an additional 11,924 shares during the quarter. Advantage Alpha Capital Partners LP owned 0.11% of Patrick Industries worth $3,197,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its position in Patrick Industries by 2.8% in the first quarter. Principal Financial Group Inc. now owns 178,660 shares of the construction company's stock worth $15,107,000 after acquiring an additional 4,841 shares during the period. Private Trust Co. NA raised its stake in shares of Patrick Industries by 432.4% in the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock valued at $50,000 after buying an additional 480 shares during the period. Cerity Partners LLC purchased a new position in shares of Patrick Industries during the 1st quarter valued at $729,000. Nuveen Asset Management LLC grew its stake in shares of Patrick Industries by 495.5% during the 4th quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company's stock worth $28,730,000 after acquiring an additional 287,739 shares during the period. Finally, Teacher Retirement System of Texas purchased a new stake in Patrick Industries in the 1st quarter worth about $478,000. Institutional investors own 93.29% of the company's stock.

Insider Activity

In other news, Director John A. Forbes sold 2,875 shares of Patrick Industries stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $91.62, for a total value of $263,407.50. Following the completion of the transaction, the director owned 52,591 shares of the company's stock, valued at $4,818,387.42. The trade was a 5.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Andy L. Nemeth sold 25,000 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $110.68, for a total transaction of $2,767,000.00. Following the sale, the chief executive officer directly owned 328,641 shares in the company, valued at $36,373,985.88. This trade represents a 7.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders purchased 3,071 shares of company stock valued at $253,714 and sold 76,288 shares valued at $8,375,424. Insiders own 4.70% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PATK shares. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. KeyCorp lifted their price target on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Benchmark increased their price objective on Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Truist Financial increased their price objective on Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Finally, Roth Mkm reaffirmed a "buy" rating and set a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $104.86.

Patrick Industries Trading Down 0.4%

PATK traded down $0.45 during midday trading on Wednesday, reaching $113.25. 64,874 shares of the company's stock traded hands, compared to its average volume of 357,141. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75. The firm has a fifty day moving average of $100.55 and a two-hundred day moving average of $90.94. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 30.69, a P/E/G ratio of 1.63 and a beta of 1.23. Patrick Industries, Inc. has a 52 week low of $72.99 and a 52 week high of $116.78.

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 analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the company earned $2.16 earnings per share. The firm's quarterly revenue was up 3.0% compared to the same quarter last year. On average, equities analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

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

Patrick Industries 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.