Dimensional Fund Advisors LP Sells 117,869 Shares of Patrick Industries, Inc. $PATK

Key Points

• Dimensional Fund Advisors LP cut its holding in Patrick Industries by 7.2%, selling 117,869 shares and leaving it with 1,519,736 shares (4.57% of the company) valued at about $157.19 million.
• Patrick Industries beat estimates for the quarter with $0.84 EPS (vs. $0.74 expected) and $924.17M in revenue (vs. $858.62M expected), a 9.2% year-over-year revenue increase.
• Institutional ownership is very high at 93.29%; insiders were net sellers of 31,607 shares last quarter despite the CAO purchasing 1,000 shares, and the company pays a $0.47 quarterly dividend (1.6% yield).

Dimensional Fund Advisors LP trimmed its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 7.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,519,736 shares of the construction company's stock after selling 117,869 shares during the quarter. Dimensional Fund Advisors LP owned 4.57% of Patrick Industries worth $157,186,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Geode Capital Management LLC boosted its holdings in Patrick Industries by 0.9% in the 2nd quarter. Geode Capital Management LLC now owns 812,740 shares of the construction company's stock valued at $75,000,000 after purchasing an additional 7,011 shares during the period. American Century Companies Inc. increased its holdings in shares of Patrick Industries by 33.8% during the 2nd quarter. American Century Companies Inc. now owns 712,383 shares of the construction company's stock worth $65,732,000 after purchasing an additional 180,092 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Patrick Industries by 2.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 578,733 shares of the construction company's stock valued at $59,858,000 after buying an additional 15,582 shares during the last quarter. Schroder Investment Management Group lifted its stake in shares of Patrick Industries by 5.1% in the second quarter. Schroder Investment Management Group now owns 385,835 shares of the construction company's stock valued at $35,601,000 after buying an additional 18,773 shares during the period. Finally, Tributary Capital Management LLC grew its position in Patrick Industries by 52.0% during the third quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company's stock worth $38,435,000 after buying an additional 127,099 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Trading Up 0.3%

Shares of PATK opened at $116.21 on Tuesday. The company has a current ratio of 2.51, a quick ratio of 0.80 and a debt-to-equity ratio of 1.08. The stock has a market cap of $3.86 billion, a PE ratio of 29.72 and a beta of 1.33. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $148.50. The stock has a 50 day simple moving average of $127.03 and a 200-day simple moving average of $113.65.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.74 by $0.10. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The business had revenue of $924.17 million for the quarter, compared to analyst estimates of $858.62 million. During the same quarter in the previous year, the firm earned $0.52 EPS. Patrick Industries's quarterly revenue was up 9.2% on a year-over-year basis. On average, sell-side analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Monday, February 23rd. Patrick Industries's payout ratio is currently 48.08%.

Analysts Set New Price Targets

A number of analysts have commented on PATK shares. Robert W. Baird set a $140.00 price objective on Patrick Industries in a research report on Friday, February 6th. Benchmark restated a "buy" rating on shares of Patrick Industries in a research note on Friday, February 6th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $155.00 target price on shares of Patrick Industries in a research report on Friday, February 6th. Truist Financial set a $126.00 price target on shares of Patrick Industries in a report on Friday, January 9th. Finally, Wall Street Zen cut shares of Patrick Industries from a "buy" rating to a "hold" rating in a research note on Sunday. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Patrick Industries presently has a consensus rating of "Moderate Buy" and a consensus price target of $135.13.

Insider Activity

In other news, CAO Matthew S. Filer bought 1,000 shares of the company's stock in a transaction that occurred on Friday, February 6th. The stock was acquired at an average price of $139.91 per share, for a total transaction of $139,910.00. Following the transaction, the chief accounting officer directly owned 20,614 shares of the company's stock, valued at $2,884,104.74. This trade represents a 5.10% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director John A. Forbes sold 2,704 shares of the business's stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $140.75, for a total transaction of $380,588.00. Following the completion of the transaction, the director owned 49,272 shares in the company, valued at approximately $6,935,034. This trade represents a 5.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 31,607 shares of company stock worth $3,823,904 in the last quarter. 4.70% of the stock is owned by company insiders.

Patrick Industries Profile

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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