Atom Investors LP Acquires New Stake in Patrick Industries, Inc. $PATK

Key Points

• Atom Investors LP opened a new position in Patrick Industries during the fourth quarter, buying 67,065 shares worth about $7.27 million. The stake represented about 0.20% of the company.
• Patrick Industries reported better-than-expected quarterly earnings, posting $1.10 EPS versus the $1.08 consensus and revenue of $997.17 million, slightly above estimates. However, revenue was still down 0.6% from a year earlier.
• The company paid a quarterly dividend of $0.47 per share, or $1.88 annually, for a yield of about 2.2%. Meanwhile, analysts currently rate the stock a Moderate Buy with a consensus target price of $122.63.

Atom Investors LP acquired a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 67,065 shares of the construction company's stock, valued at approximately $7,272,000. Atom Investors LP owned 0.20% of Patrick Industries as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Patrick Industries by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company's stock valued at $1,632,000 after acquiring an additional 851 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Patrick Industries by 5.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company's stock valued at $5,957,000 after acquiring an additional 3,748 shares during the period. Strs Ohio purchased a new position in Patrick Industries during the 1st quarter valued at $42,000. Cetera Investment Advisers boosted its holdings in Patrick Industries by 64.8% during the 2nd quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company's stock valued at $559,000 after acquiring an additional 2,381 shares during the period. Finally, Hsbc Holdings PLC purchased a new position in Patrick Industries during the 2nd quarter valued at $340,000. Hedge funds and other institutional investors own 93.29% of the company's stock.

Patrick Industries Price Performance

Shares of PATK stock opened at $87.13 on Wednesday. Patrick Industries, Inc. has a twelve month low of $82.35 and a twelve month high of $148.50. The stock has a market capitalization of $2.87 billion, a price-to-earnings ratio of 22.34 and a beta of 1.09. The stock has a fifty day simple moving average of $96.02 and a two-hundred day simple moving average of $111.48. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.02. The business had revenue of $997.17 million during the quarter, compared to analysts' expectations of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The business's revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.11 EPS. On average, analysts predict that Patrick Industries, Inc. will post 4.94 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Tuesday, May 26th. Patrick Industries's dividend payout ratio is 48.21%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PATK shares. Wall Street Zen cut Patrick Industries from a "buy" rating to a "hold" rating in a report on Sunday, April 12th. KeyCorp lowered their target price on Patrick Industries from $140.00 to $125.00 and set an "overweight" rating for the company in a report on Friday, May 1st. Zacks Research cut Patrick Industries from a "hold" rating to a "strong sell" rating in a report on Tuesday, May 5th. Weiss Ratings cut Patrick Industries from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, June 4th. Finally, Robert W. Baird set a $110.00 target price on Patrick Industries in a report on Friday, May 1st. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $122.63.

Insider Activity

In related news, Director M Scott Welch acquired 10,050 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average cost of $88.23 per share, for a total transaction of $886,711.50. Following the purchase, the director directly owned 156,000 shares of the company's stock, valued at $13,763,880. This trade represents a 6.89% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Charles R. Roeder acquired 5,750 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The shares were bought at an average price of $87.83 per share, with a total value of $505,022.50. Following the completion of the purchase, the insider directly owned 42,147 shares in the company, valued at $3,701,771.01. The trade was a 15.80% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 27,400 shares of company stock worth $2,408,639 over the last ninety days. 3.80% of the stock is currently owned by corporate insiders.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.

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