Kennedy Capital Management LLC cut its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 8.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 209,267 shares of the construction company's stock after selling 19,124 shares during the period. Kennedy Capital Management LLC owned 0.63% of Patrick Industries worth $21,644,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in PATK. Salomon & Ludwin LLC acquired a new position in Patrick Industries during the 3rd quarter valued at about $25,000. Cornerstone Planning Group LLC acquired a new position in shares of Patrick Industries during the third quarter valued at about $31,000. Parkside Financial Bank & Trust raised its position in shares of Patrick Industries by 87.5% in the 3rd quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company's stock valued at $49,000 after purchasing an additional 223 shares during the last quarter. Strs Ohio purchased a new position in shares of Patrick Industries in the 1st quarter valued at approximately $42,000. Finally, Quent Capital LLC acquired a new stake in Patrick Industries in the 3rd quarter worth approximately $66,000. Institutional investors and hedge funds own 93.29% of the company's stock.
Insider Transactions at Patrick Industries
In other Patrick Industries news, EVP Stacey L. Amundson sold 3,903 shares of the business's stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $145.61, for a total value of $568,315.83. Following the completion of the transaction, the executive vice president directly owned 12,819 shares of the company's stock, valued at approximately $1,866,574.59. The trade was a 23.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director M Scott Welch acquired 10,000 shares of the stock in a transaction on Thursday, March 12th. The stock was bought at an average price of $113.68 per share, for a total transaction of $1,136,800.00. Following the transaction, the director owned 146,000 shares in the company, valued at approximately $16,597,280. This represents a 7.35% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have bought 11,110 shares of company stock valued at $1,289,895 and have sold 31,607 shares valued at $3,823,904. 4.40% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
A number of research analysts have issued reports on PATK shares. Roth Mkm restated a "buy" rating and set a $157.00 price target on shares of Patrick Industries in a research note on Monday, February 9th. Benchmark reiterated a "buy" rating on shares of Patrick Industries in a research note on Friday, February 6th. KeyCorp reissued an "overweight" rating and set a $155.00 price objective (up from $135.00) on shares of Patrick Industries in a report on Friday, February 6th. Weiss Ratings raised Patrick Industries from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, February 23rd. Finally, Wall Street Zen cut Patrick Industries from a "buy" rating to a "hold" rating in a research report on Sunday, March 8th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $135.13.
Read Our Latest Analysis on PATK
Patrick Industries Stock Performance
Shares of PATK stock traded up $1.61 during trading hours on Friday, hitting $114.75. The company's stock had a trading volume of 57,238 shares, compared to its average volume of 338,717. The stock has a market cap of $3.81 billion, a PE ratio of 29.25 and a beta of 1.33. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $148.50. The company has a 50 day moving average of $127.34 and a 200 day moving average of $113.66. 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 (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The company had revenue of $924.17 million during the quarter, compared to the consensus estimate of $858.62 million. During the same period in the previous year, the firm posted $0.52 earnings per share. The firm's quarterly revenue was up 9.2% on a year-over-year basis. On average, sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.
Patrick Industries Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, February 23rd. Patrick Industries's payout ratio is 48.08%.
About Patrick Industries
(
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.
Further Reading
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