Freestone Grove Partners LP Invests $2.65 Million in Patrick Industries, Inc. $PATK

Key Points

• Freestone Grove Partners initiated a $2.65 million position in Patrick Industries, purchasing 29,508 shares, while institutional investors collectively own 93.29% of the company.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $113.12, though ratings range from “outperform” to “strong sell.”
• Patrick Industries exceeded quarterly earnings expectations with $1.29 EPS and $1.04 billion in revenue, and announced a quarterly dividend of $0.47 per share, representing a 2.3% yield.

Freestone Grove Partners LP bought a new stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 29,508 shares of the construction company's stock, valued at approximately $2,649,000. Freestone Grove Partners LP owned about 0.09% of Patrick Industries as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of PATK. Mackenzie Financial Corp boosted its position in Patrick Industries by 4.0% during the 4th quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company's stock worth $231,000 after acquiring an additional 80 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of Patrick Industries by 4.1% in the fourth quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company's stock valued at $245,000 after purchasing an additional 88 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of Patrick Industries by 1.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company's stock valued at $821,000 after purchasing an additional 100 shares during the last quarter. California State Teachers Retirement System lifted its position in shares of Patrick Industries by 0.5% in the second quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company's stock worth $2,725,000 after purchasing an additional 154 shares in the last quarter. Finally, MML Investors Services LLC lifted its position in shares of Patrick Industries by 3.5% in the fourth quarter. MML Investors Services LLC now owns 4,854 shares of the construction company's stock worth $526,000 after purchasing an additional 162 shares in the last quarter. Institutional investors own 93.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PATK. Weiss Ratings downgraded shares of Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, June 29th. Raymond James Financial reissued an "outperform" rating and set a $94.00 price target on shares of Patrick Industries in a research report on Friday, July 31st. KeyCorp reduced their price objective on shares of Patrick Industries from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Wednesday, July 22nd. Robert W. Baird set a $110.00 price objective on Patrick Industries in a report on Friday, May 1st. Finally, Zacks Research downgraded Patrick Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday, May 5th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Patrick Industries has a consensus rating of "Moderate Buy" and a consensus target price of $113.12.

Patrick Industries Price Performance

NASDAQ:PATK opened at $83.47 on Friday. Patrick Industries, Inc. has a 1-year low of $81.29 and a 1-year high of $148.50. The company has a current ratio of 2.67, a quick ratio of 0.96 and a debt-to-equity ratio of 1.25. The firm has a fifty day simple moving average of $86.16 and a 200 day simple moving average of $99.74. The stock has a market capitalization of $2.68 billion, a PE ratio of 19.78 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.05. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The company's quarterly revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.50 earnings per share. On average, research analysts expect that Patrick Industries, Inc. will post 4.26 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th will be paid a dividend of $0.47 per share. The ex-dividend date is Monday, August 24th. This represents a $1.88 annualized dividend and a dividend yield of 2.3%. Patrick Industries's payout ratio is currently 44.55%.

Patrick Industries Company 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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