Dimensional Fund Advisors LP Has $143.78 Million Stock Position in Patrick Industries, Inc. $PATK

Key Points

• Dimensional Fund Advisors LP reduced its stake in Patrick Industries, owning 1,700,390 shares worth approximately $143.78 million after selling 163,157 shares in the first quarter, representing a 8.8% decrease.
• Patrick Industries reported earnings of $1.50 per share for the last quarter, surpassing analyst expectations, with revenues of $1.05 billion, a year-over-year growth of 3.0%.
• The company announced a quarterly dividend of $0.40, with a yield of 1.4%, scheduled for distribution to shareholders on September 8th.

Dimensional Fund Advisors LP reduced its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 8.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,700,390 shares of the construction company's stock after selling 163,157 shares during the period. Dimensional Fund Advisors LP owned about 5.07% of Patrick Industries worth $143,780,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Private Trust Co. NA increased its holdings in shares of Patrick Industries by 432.4% during the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after buying an additional 480 shares in the last quarter. Investment Management Corp VA ADV bought a new stake in Patrick Industries during the 4th quarter worth approximately $52,000. Public Employees Retirement System of Ohio grew its position in Patrick Industries by 50.0% during 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 last quarter. Covestor Ltd increased its holdings in Patrick Industries by 205.1% during the 1st quarter. Covestor Ltd now owns 961 shares of the construction company's stock valued at $81,000 after purchasing an additional 646 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its holdings in Patrick Industries by 17.5% during the 1st quarter. First Horizon Advisors Inc. now owns 1,356 shares of the construction company's stock valued at $115,000 after purchasing an additional 202 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK opened at $111.16 on Thursday. The stock has a market capitalization of $3.70 billion, a P/E ratio of 30.12, a P/E/G ratio of 1.59 and a beta of 1.23. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $114.26. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11. The business has a 50-day moving average price of $98.65 and a two-hundred day moving average price of $90.48.

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

Patrick Industries Announces Dividend

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

Insider Buying and Selling

In related news, insider Kip B. Ellis sold 21,452 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $110.01, for a total transaction of $2,359,934.52. Following the completion of the transaction, the insider owned 125,379 shares in the company, valued at approximately $13,792,943.79. The trade was a 14.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John A. Forbes sold 2,875 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the sale, the director owned 52,591 shares in the company, valued at approximately $4,818,387.42. This trade represents a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 3,071 shares of company stock worth $253,714 and sold 76,288 shares worth $8,375,424. Insiders own 4.40% of the company's stock.

Analyst Upgrades and Downgrades

PATK has been the topic of a number of recent analyst reports. Benchmark boosted their price objective on Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Raymond James Financial upped their price target on shares of Patrick Industries from $95.00 to $109.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Robert W. Baird increased 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. KeyCorp boosted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Patrick Industries currently has a consensus rating of "Moderate Buy" and a consensus target price of $104.86.

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.

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