Bryce Point Capital LLC Invests $872,000 in Patrick Industries, Inc. (NASDAQ:PATK)

Key Points

• Bryce Point Capital LLC has invested approximately $872,000 in Patrick Industries, acquiring 10,146 shares in the 1st quarter.
• Major institutional investors have increased their stakes in Patrick Industries, with Private Trust Co. NA boosting its position by 432.4% in the same quarter.
• Patrick Industries recently declared a quarterly dividend of $0.40 per share, resulting in an annualized dividend of $1.60 and a dividend yield of 1.60%.

Bryce Point Capital LLC purchased a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 10,146 shares of the construction company's stock, valued at approximately $872,000.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Patrick Industries by 49.3% during the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock valued at $193,266,000 after buying an additional 768,102 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Patrick Industries by 391.8% in the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock worth $168,462,000 after purchasing an additional 1,615,412 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Patrick Industries by 48.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock worth $154,823,000 after purchasing an additional 609,036 shares during the last quarter. Capital World Investors grew its stake in shares of Patrick Industries by 50.0% in the fourth quarter. Capital World Investors now owns 944,319 shares of the construction company's stock worth $78,454,000 after purchasing an additional 314,773 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Patrick Industries by 50.0% in the fourth quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company's stock worth $64,752,000 after purchasing an additional 259,783 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Patrick Industries Trading Down 1.3%

Shares of Patrick Industries stock traded down $1.36 on Thursday, reaching $99.75. The company had a trading volume of 337,146 shares, compared to its average volume of 357,263. The firm's 50 day moving average price is $93.21 and its two-hundred day moving average price is $89.19. The firm has a market cap of $3.33 billion, a PE ratio of 23.94, a PEG ratio of 1.46 and a beta of 1.22. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $103.25. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 2.41.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.09. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. During the same quarter in the prior year, the company posted $2.16 EPS. The business's revenue was up 3.0% compared to the same quarter last year. Sell-side analysts predict 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 was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend was Tuesday, May 27th. Patrick Industries's payout ratio is 38.37%.

Analyst Upgrades and Downgrades

PATK has been the topic of several recent analyst reports. KeyCorp cut their target price on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Roth Mkm reiterated a "buy" rating and set a $100.00 target price (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Robert W. Baird boosted their price objective on shares of Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, June 20th. Raymond James Financial decreased their price objective on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Finally, Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $96.42.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the transaction, the director owned 52,591 shares in the company, valued at approximately $4,818,387.42. This represents a 5.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd M. Cleveland acquired 6,000 shares of the business's stock in a transaction on Thursday, May 15th. The shares were purchased at an average price of $85.80 per share, with a total value of $514,800.00. Following the transaction, the director owned 125,286 shares in the company, valued at $10,749,538.80. The trade was a 5.03% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 14,071 shares of company stock valued at $1,205,964. Company insiders own 4.40% of the company's stock.

About Patrick Industries

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.