GAMMA Investing LLC Has $5.61 Million Position in Patrick Industries, Inc. (NASDAQ:PATK)

GAMMA Investing LLC increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 8,588.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 66,380 shares of the construction company's stock after acquiring an additional 65,616 shares during the quarter. GAMMA Investing LLC owned about 0.20% of Patrick Industries worth $5,613,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in PATK. Wellington Management Group LLP lifted its stake in shares of Patrick Industries by 391.8% during the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock valued at $168,462,000 after acquiring an additional 1,615,412 shares during the period. Vanguard Group Inc. lifted 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 acquiring an additional 768,102 shares during the period. Dimensional Fund Advisors LP increased its holdings in 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 valued at $154,823,000 after purchasing an additional 609,036 shares during the last quarter. Capital Research Global Investors acquired a new position in Patrick Industries in the fourth quarter valued at about $38,275,000. Finally, Schroder Investment Management Group acquired a new position in Patrick Industries in the fourth quarter valued at about $26,602,000. Institutional investors and hedge funds own 93.29% of the company's stock.

Analyst Upgrades and Downgrades

PATK has been the topic of several analyst reports. Raymond James cut their target price on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. KeyCorp lowered their price target on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. 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. Finally, Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, Patrick Industries presently has a consensus rating of "Moderate Buy" and an average price target of $95.67.

Patrick Industries Stock Down 3.3%

PATK stock traded down $3.11 during mid-day trading on Friday, reaching $89.92. The company had a trading volume of 410,179 shares, compared to its average volume of 362,473. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The stock has a 50 day simple moving average of $84.07 and a two-hundred day simple moving average of $87.03. The company has a market capitalization of $3.01 billion, a price-to-earnings ratio of 21.82, a PEG ratio of 1.41 and a beta of 2.00. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.98 by $0.13. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. During the same period last year, the company earned $1.79 earnings per share. The business's revenue was up 7.5% compared to the same quarter last year. As a group, equities analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were given a $0.40 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.78%. Patrick Industries's payout ratio is 38.37%.

Insider Activity

In other news, Director Todd M. Cleveland purchased 6,000 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The stock was acquired at an average cost of $85.80 per share, with a total value of $514,800.00. Following the acquisition, the director now owns 125,286 shares in the company, valued at approximately $10,749,538.80. This trade represents a 5.03% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders acquired a total of 14,071 shares of company stock valued at $1,205,964 over the last three months. Insiders own 4.40% of the company's stock.

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.