NBW Capital LLC Sells 24,221 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Key Points

• NBW Capital LLC decreased its stake in Patrick Industries, Inc. by 22.6%, selling 24,221 shares to own a total of 82,971 shares, which represents 1.6% of their portfolio.
• Insider transactions included Director Todd M. Cleveland purchasing 6,000 shares, while Director John A. Forbes sold 2,875 shares, indicating fluctuating confidence among company insiders.
• Patrick Industries reported a quarterly EPS of $1.50, beating estimates, and announced a quarterly dividend of $0.40 per share, reflecting a 1.6% dividend yield.

NBW Capital LLC lowered its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 22.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 82,971 shares of the construction company's stock after selling 24,221 shares during the quarter. Patrick Industries makes up approximately 1.6% of NBW Capital LLC's investment portfolio, making the stock its 19th largest position. NBW Capital LLC owned approximately 0.25% of Patrick Industries worth $7,016,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Covestor Ltd raised its stake in Patrick Industries by 10,400.0% in the fourth quarter. Covestor Ltd now owns 315 shares of the construction company's stock valued at $26,000 after buying an additional 312 shares during the period. Quadrant Capital Group LLC raised its stake in Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after buying an additional 109 shares during the period. Private Trust Co. NA raised its stake in Patrick Industries by 432.4% in the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock valued at $50,000 after buying an additional 480 shares during the period. Investment Management Corp VA ADV bought a new stake in Patrick Industries in the fourth quarter valued at approximately $52,000. Finally, Public Employees Retirement System of Ohio raised its stake in Patrick Industries by 50.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock valued at $68,000 after buying an additional 273 shares during the period. Institutional investors and hedge funds own 93.29% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on PATK shares. Benchmark upped their price objective on Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Truist Financial upped their target price on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Roth Mkm reaffirmed a "buy" rating and issued a $100.00 target price (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. Finally, Robert W. Baird upped their target price on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, June 20th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Patrick Industries has an average rating of "Moderate Buy" and a consensus target price of $104.86.

Patrick Industries Price Performance

NASDAQ:PATK traded down $0.76 during trading hours on Friday, reaching $100.37. 257,636 shares of the company were exchanged, compared to its average volume of 322,211. The business has a 50 day moving average of $95.16 and a 200 day moving average of $89.64. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $103.99. The company has a market capitalization of $3.36 billion, a P/E ratio of 27.20, a P/E/G ratio of 1.42 and a beta of 1.23.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.09. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%. The firm had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.03 billion. During the same period in the prior year, the company earned $2.16 earnings per share. The company's quarterly revenue was up 3.0% on a year-over-year basis. Research analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.60 annualized dividend and a yield of 1.6%. Patrick Industries's payout ratio is presently 43.36%.

Insider Activity

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of the business's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the transaction, the director owned 52,591 shares of the company's stock, valued at approximately $4,818,387.42. The trade was a 5.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd M. Cleveland bought 6,000 shares of the stock in a transaction 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 purchase, the director owned 125,286 shares of the company's stock, valued at approximately $10,749,538.80. This represents a 5.03% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 14,071 shares of company stock valued at $1,205,964. Insiders own 4.40% of the company's stock.

Patrick Industries Profile

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.