Janus Henderson Group PLC Sells 20,347 Shares of Patrick Industries, Inc. $PATK

Key Points

• Janus Henderson Group cut its Patrick Industries stake by 58.6% in the first quarter, selling 20,347 shares and retaining 14,365 shares valued at approximately $1.6 million. Institutional investors collectively own 93.29% of PATK.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $116.25, despite several recent target reductions.
• Patrick Industries exceeded quarterly earnings and revenue expectations, reporting $1.29 EPS and $1.04 billion in revenue. The company also declared a quarterly dividend of $0.47 per share, equivalent to a 2.1% annualized yield.

Janus Henderson Group PLC cut its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 58.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,365 shares of the construction company's stock after selling 20,347 shares during the quarter. Janus Henderson Group PLC's holdings in Patrick Industries were worth $1,595,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PATK. 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 valued at $231,000 after acquiring an additional 80 shares during the last quarter. CIBC Asset Management Inc raised its position in 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 purchasing an additional 88 shares during the period. Oregon Public Employees Retirement Fund raised its position in Patrick Industries by 1.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company's stock valued at $821,000 after purchasing an additional 100 shares during the period. California State Teachers Retirement System lifted its stake in shares of Patrick Industries by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company's stock valued at $2,725,000 after purchasing an additional 154 shares during the last quarter. Finally, MML Investors Services LLC lifted its stake in shares of Patrick Industries by 3.5% in the 4th quarter. MML Investors Services LLC now owns 4,854 shares of the construction company's stock valued at $526,000 after purchasing an additional 162 shares during the last quarter. Institutional investors own 93.29% of the company's stock.

Wall Street Analysts Forecast Growth

PATK has been the subject of several recent analyst reports. Roth Capital set a $114.00 price objective on shares of Patrick Industries in a research note on Friday, July 31st. BMO Capital Markets restated an "outperform" rating and issued a $150.00 target price (down from $155.00) on shares of Patrick Industries in a report on Monday, April 20th. Benchmark dropped 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 note on Friday, May 1st. KeyCorp reduced their price objective on shares of Patrick Industries from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 22nd. Finally, Raymond James Financial reissued an "outperform" rating and issued a $94.00 price objective on shares of Patrick Industries in a research note on Friday, July 31st. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $116.25.

Patrick Industries Stock Performance

Shares of PATK stock opened at $88.84 on Monday. The firm has a market cap of $2.85 billion, a price-to-earnings ratio of 21.05 and a beta of 1.11. Patrick Industries, Inc. has a 52-week low of $81.29 and a 52-week high of $148.50. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25. The company's 50 day moving average is $86.71 and its 200 day moving average is $104.38.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.05. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $994.95 million. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.The firm's quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.50 earnings per share. On average, sell-side analysts anticipate that Patrick Industries, Inc. will post 4.26 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were issued a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.1%. Patrick Industries's dividend payout ratio (DPR) is currently 44.55%.

Patrick Industries 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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