GW&K Investment Management LLC reduced its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 2.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 356,815 shares of the construction company's stock after selling 10,195 shares during the quarter. GW&K Investment Management LLC owned about 1.07% of Patrick Industries worth $36,905,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. Arizona State Retirement System grew its holdings in shares of Patrick Industries by 1.1% during the third quarter. Arizona State Retirement System now owns 9,387 shares of the construction company's stock valued at $971,000 after buying an additional 98 shares during the last quarter. Strs Ohio grew its stake in Patrick Industries by 11.1% during the 3rd quarter. Strs Ohio now owns 1,000 shares of the construction company's stock valued at $103,000 after purchasing an additional 100 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of Patrick Industries by 2.1% in the second quarter. Bank of Montreal Can now owns 5,200 shares of the construction company's stock valued at $480,000 after purchasing an additional 106 shares during the period. Atria Investments Inc raised its stake in shares of Patrick Industries by 3.0% in the second quarter. Atria Investments Inc now owns 3,806 shares of the construction company's stock worth $351,000 after purchasing an additional 112 shares during the last quarter. Finally, Inspire Investing LLC raised its stake in shares of Patrick Industries by 2.9% in the third quarter. Inspire Investing LLC now owns 5,367 shares of the construction company's stock worth $555,000 after purchasing an additional 151 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.
Insider Activity at Patrick Industries
In related news, CAO Matthew S. Filer acquired 1,000 shares of the firm's stock in a transaction on Friday, February 6th. The shares were acquired at an average cost of $139.91 per share, with a total value of $139,910.00. Following the completion of the acquisition, the chief accounting officer directly owned 20,614 shares in the company, valued at approximately $2,884,104.74. This trade represents a 5.10% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Stacey L. Amundson sold 3,903 shares of Patrick Industries stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $145.61, for a total transaction of $568,315.83. Following the completion of the sale, the executive vice president owned 12,819 shares in the company, valued at approximately $1,866,574.59. This trade represents a 23.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 31,607 shares of company stock valued at $3,823,904. Insiders own 4.40% of the company's stock.
Wall Street Analysts Forecast Growth
PATK has been the topic of several research reports. BMO Capital Markets reiterated an "outperform" rating and issued a $155.00 price target on shares of Patrick Industries in a report on Friday, February 6th. Robert W. Baird set a $140.00 price objective on shares of Patrick Industries in a research note on Friday, February 6th. Weiss Ratings upgraded shares of Patrick Industries from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, February 23rd. KeyCorp reaffirmed an "overweight" rating and issued a $155.00 price target (up from $135.00) on shares of Patrick Industries in a report on Friday, February 6th. Finally, Truist Financial set a $126.00 price objective on Patrick Industries in a research note on Friday, January 9th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $135.13.
Check Out Our Latest Analysis on Patrick Industries
Patrick Industries Stock Performance
NASDAQ PATK opened at $119.52 on Friday. The stock has a market capitalization of $3.97 billion, a price-to-earnings ratio of 30.57, a PEG ratio of 1.27 and a beta of 1.33. The stock has a 50-day moving average of $126.86 and a 200 day moving average of $113.55. The company has a current ratio of 2.51, a quick ratio of 0.80 and a debt-to-equity ratio of 1.08. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $148.50.
Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.74 by $0.10. The company had revenue of $924.17 million for the quarter, compared to analyst estimates of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.Patrick Industries's quarterly revenue was up 9.2% compared to the same quarter last year. During the same period last year, the company earned $0.52 earnings per share. Sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.
Patrick Industries Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Investors of record on Monday, February 23rd will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Monday, February 23rd. Patrick Industries's payout ratio is presently 48.08%.
Patrick Industries Profile
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Free Report)
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.
See Also
Want to see what other hedge funds are holding PATK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patrick Industries, Inc. (NASDAQ:PATK - Free Report).
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