Dimensional Fund Advisors LP Reduces 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 lessened its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 8.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,700,390 shares of the construction company's stock after selling 163,157 shares during the quarter. Dimensional Fund Advisors LP owned approximately 5.07% of Patrick Industries worth $143,780,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Patrick Industries by 4.2% during the first quarter. Vanguard Group Inc. now owns 2,423,512 shares of the construction company's stock valued at $204,932,000 after acquiring an additional 97,250 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Patrick Industries by 0.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 551,192 shares of the construction company's stock valued at $46,609,000 after acquiring an additional 2,421 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Patrick Industries by 41.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 470,718 shares of the construction company's stock valued at $39,108,000 after acquiring an additional 136,836 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Patrick Industries by 80.3% during the fourth quarter. Northern Trust Corp now owns 414,055 shares of the construction company's stock valued at $34,400,000 after acquiring an additional 184,459 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of Patrick Industries during the first quarter valued at approximately $33,735,000. Institutional investors own 93.29% of the company's stock.

Patrick Industries Stock Down 1.1%

Shares of NASDAQ PATK traded down $1.30 during trading on Tuesday, reaching $113.69. The company had a trading volume of 275,706 shares, compared to its average volume of 396,021. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $116.78. The stock has a market cap of $3.78 billion, a PE ratio of 30.81, a P/E/G ratio of 1.63 and a beta of 1.23. The business's 50-day moving average is $100.55 and its 200 day moving average is $90.94. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, July 31st. The construction company reported $1.50 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 firm had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same period in the prior year, the firm posted $2.16 earnings per share. The company's quarterly revenue was up 3.0% on a year-over-year basis. As a group, equities analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

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%.

Insider Transactions at Patrick Industries

In related news, CEO Andy L. Nemeth sold 25,000 shares of the stock in a transaction on Wednesday, August 13th. The stock was 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 of the company's stock, valued at $36,373,985.88. This trade represents a 7.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael A. Kitson sold 4,572 shares of the stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $112.67, for a total value of $515,127.24. Following the sale, the director directly owned 11,850 shares in the company, valued at $1,335,139.50. This trade represents a 27.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders bought 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.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Raymond James Financial upped their target price on Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Roth Mkm reiterated a "buy" rating and issued a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Truist Financial increased their price objective on Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. 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. Finally, Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Six 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 an average rating of "Moderate Buy" and a consensus target price of $104.86.

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.