GW&K Investment Management LLC cut its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 3.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 404,296 shares of the construction company's stock after selling 13,943 shares during the quarter. GW&K Investment Management LLC owned 1.20% of Patrick Industries worth $34,187,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. Covestor Ltd boosted its position 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 worth $26,000 after buying an additional 312 shares during the period. Quadrant Capital Group LLC boosted 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 worth $27,000 after buying an additional 109 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in shares of Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after buying an additional 114 shares during the period. Private Trust Co. NA boosted its position in Patrick Industries by 432.4% during the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock valued at $50,000 after purchasing an additional 480 shares during the last quarter. Finally, Investment Management Corp VA ADV acquired a new stake in Patrick Industries during the fourth quarter valued at $52,000. 93.29% of the stock is owned by institutional investors.
Patrick Industries Stock Performance
Shares of Patrick Industries stock traded down $1.57 during trading on Thursday, reaching $97.95. The company's stock had a trading volume of 156,147 shares, compared to its average volume of 355,328. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 2.41. The business's fifty day moving average price is $92.01 and its 200-day moving average price is $88.61. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of 23.49, a price-to-earnings-growth ratio of 1.43 and a beta of 1.22. Patrick Industries, Inc. has a one year low of $72.99 and a one year high of $102.83.
Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.13. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $959.46 million. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The firm's revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.79 earnings per share. As a group, equities research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.
Patrick Industries Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.63%. Patrick Industries's payout ratio is presently 38.37%.
Wall Street Analysts Forecast Growth
A number of research firms recently issued reports on PATK. Baird R W cut Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Roth Mkm reissued a "buy" rating and set a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Wall Street Zen raised Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Truist Financial lifted their price objective on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Finally, Robert W. Baird lifted their price objective on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, June 20th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $96.42.
Check Out Our Latest Stock Report on PATK
Insider Transactions at Patrick Industries
In other news, Director Todd M. Cleveland bought 6,000 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were acquired at an average cost of $85.80 per share, with a total value of $514,800.00. Following the completion of the transaction, the director directly owned 125,286 shares in the company, valued at $10,749,538.80. This represents a 5.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John A. Forbes sold 2,875 shares of Patrick Industries stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $91.62, for a total value of $263,407.50. Following the sale, the director directly owned 52,591 shares in the company, valued at approximately $4,818,387.42. This trade represents a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders bought 14,071 shares of company stock worth $1,205,964 over the last quarter. 4.40% of the stock is currently owned by corporate insiders.
About Patrick Industries
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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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