Hodges Capital Management Inc. Purchases New Position in Patrick Industries, Inc. $PATK

Key Points

• Hodges Capital Management opened a new position in Patrick Industries in the first quarter, buying 17,600 shares valued at about $1.96 million.
• Patrick Industries recently posted quarterly earnings of $1.10 per share, beating analyst expectations, and revenue of $997.17 million, also ahead of estimates.
• The company continues to draw interest from insiders and institutions, with several directors buying shares and analysts maintaining an overall Moderate Buy rating with a consensus price target of $122.62.

Hodges Capital Management Inc. acquired a new position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 17,600 shares of the construction company's stock, valued at approximately $1,955,000. Hodges Capital Management Inc. owned approximately 0.05% of Patrick Industries as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Mackenzie Financial Corp lifted its holdings in shares of Patrick Industries by 4.0% in the 4th quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company's stock worth $231,000 after buying an additional 80 shares during the period. CIBC Asset Management Inc increased its stake in shares of Patrick Industries by 4.1% during the fourth quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company's stock valued at $245,000 after buying an additional 88 shares during the period. Hennion & Walsh Asset Management Inc. increased its stake in shares of Patrick Industries by 4.1% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company's stock valued at $269,000 after buying an additional 98 shares during the period. 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 acquiring an additional 100 shares in the last quarter. Finally, California State Teachers Retirement System raised its holdings 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 valued at $2,725,000 after acquiring an additional 154 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on PATK. Roth Mkm set a $128.00 target price on shares of Patrick Industries in a report on Tuesday, May 5th. Benchmark lowered their price target on shares of Patrick Industries from $150.00 to $135.00 and set a "buy" rating for the company in a research report on Friday, May 1st. Zacks Research downgraded shares of Patrick Industries from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 5th. KeyCorp cut their price objective on shares of Patrick Industries from $140.00 to $125.00 and set an "overweight" rating on the stock in a report on Friday, May 1st. Finally, BMO Capital Markets reissued an "outperform" rating and issued a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a research note on Monday, April 20th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $122.62.

Patrick Industries Stock Performance

Shares of PATK stock opened at $85.93 on Tuesday. Patrick Industries, Inc. has a 12-month low of $82.35 and a 12-month high of $148.50. The business's fifty day simple moving average is $90.27 and its 200-day simple moving average is $109.32. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. The company has a market cap of $2.83 billion, a PE ratio of 22.03 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The firm had revenue of $997.17 million during the quarter, compared to analysts' expectations of $989.06 million. During the same quarter last year, the firm earned $1.11 EPS. The business's quarterly revenue was down .6% on a year-over-year basis. Analysts expect that Patrick Industries, Inc. will post 4.89 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were paid a $0.47 dividend. The ex-dividend date was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a yield of 2.2%. Patrick Industries's dividend payout ratio (DPR) is 48.21%.

Insiders Place Their Bets

In related news, Director M Scott Welch acquired 10,050 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average cost of $88.23 per share, with a total value of $886,711.50. Following the transaction, the director directly owned 156,000 shares of the company's stock, valued at $13,763,880. This trade represents a 6.89% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Blake Augsburger bought 400 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was bought at an average price of $85.19 per share, with a total value of $34,076.00. Following the completion of the purchase, the director directly owned 2,125 shares in the company, valued at $181,028.75. This represents a 23.19% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have acquired 28,700 shares of company stock valued at $2,532,880. 3.80% of the stock is currently owned by corporate insiders.

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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