GAMMA Investing LLC boosted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 8,588.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,380 shares of the construction company's stock after acquiring an additional 65,616 shares during the quarter. GAMMA Investing LLC owned 0.20% of Patrick Industries worth $5,613,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the company. Kestra Investment Management LLC acquired a new stake in shares of Patrick Industries during the fourth quarter worth $25,000. Covestor Ltd grew its stake in shares of Patrick Industries by 10,400.0% in the fourth quarter. Covestor Ltd now owns 315 shares of the construction company's stock valued at $26,000 after acquiring an additional 312 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after buying an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in shares of Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after acquiring an additional 114 shares during the period. Finally, Smartleaf Asset Management LLC lifted its position in Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock worth $49,000 after purchasing an additional 528 shares during the period. 93.29% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several equities analysts have commented on PATK shares. Raymond James dropped their target price on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Truist Financial upped their price objective on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Roth Mkm reaffirmed a "buy" rating and issued a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Finally, Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $95.67.
Read Our Latest Stock Report on PATK
Patrick Industries Price Performance
Shares of NASDAQ:PATK traded down $0.37 during trading on Wednesday, hitting $90.64. 189,654 shares of the company's stock were exchanged, compared to its average volume of 361,401. The business's 50-day simple moving average is $83.21 and its 200 day simple moving average is $87.03. Patrick Industries, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90. The company has a market cap of $3.03 billion, a price-to-earnings ratio of 22.00, a PEG ratio of 1.41 and a beta of 2.00. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77.
Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $1 billion during the quarter, compared to analyst estimates of $959.46 million. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The firm's revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter last year, the business posted $1.79 EPS. As a group, equities analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.
Patrick Industries Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a yield of 1.77%. Patrick Industries's payout ratio is 38.37%.
Insiders Place Their Bets
In other Patrick Industries news, Director Todd M. Cleveland bought 5,000 shares of the business's stock in a transaction on Monday, May 19th. The stock was bought at an average price of $87.49 per share, with a total value of $437,450.00. Following the completion of the purchase, the director now directly owns 130,286 shares in the company, valued at $11,398,722.14. The trade was a 3.99% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director M Scott Welch bought 2,500 shares of the business's stock in a transaction on Thursday, March 13th. The stock was purchased at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the transaction, the director now owns 2,961 shares of the company's stock, valued at $250,559.82. This trade represents a 542.30% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 16,571 shares of company stock valued at $1,417,514. 4.40% of the stock is owned by company insiders.
About Patrick Industries
(
Free Report)
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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