Tributary Capital Management LLC Sells 10,715 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Tributary Capital Management LLC trimmed its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 3.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 296,081 shares of the construction company's stock after selling 10,715 shares during the quarter. Patrick Industries makes up about 2.2% of Tributary Capital Management LLC's portfolio, making the stock its 6th largest holding. Tributary Capital Management LLC owned about 0.88% of Patrick Industries worth $25,037,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Covestor Ltd increased its position in Patrick Industries by 10,400.0% in the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock valued at $26,000 after acquiring an additional 312 shares during the period. Quadrant Capital Group LLC increased its position in Patrick Industries by 49.8% in the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after acquiring an additional 109 shares during the period. Nomura Asset Management Co. Ltd. increased its position in Patrick Industries by 49.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after acquiring an additional 114 shares during the period. Private Trust Co. NA increased its position in Patrick Industries by 432.4% in the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock valued at $50,000 after acquiring an additional 480 shares during the period. Finally, Investment Management Corp VA ADV acquired a new position in Patrick Industries in the 4th quarter valued at approximately $52,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Trading Down 1.5%

Shares of NASDAQ:PATK traded down $1.44 during trading on Friday, reaching $95.81. The stock had a trading volume of 195,552 shares, compared to its average volume of 351,003. The firm's fifty day moving average is $91.13 and its 200 day moving average is $88.21. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 2.41. Patrick Industries, Inc. has a 52 week low of $72.99 and a 52 week high of $102.84. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of 22.97, a P/E/G ratio of 1.40 and a beta of 1.22.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 3.74% and a return on equity of 12.90%. Patrick Industries's revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.79 earnings per share. As a group, equities analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Tuesday, May 27th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.67%. The ex-dividend date was Tuesday, May 27th. Patrick Industries's dividend payout ratio is presently 38.37%.

Insider Buying and Selling at Patrick Industries

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PATK shares. Baird R W cut shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Truist Financial upped their price target on shares of Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. KeyCorp reduced their price objective on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, Roth Mkm reaffirmed a "buy" rating and issued a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, Patrick Industries currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.42.

About Patrick Industries

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.