Tributary Capital Management LLC Has $25.04 Million Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Tributary Capital Management LLC cut its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 3.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. 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 2.2% of Tributary Capital Management LLC's holdings, making the stock its 6th biggest holding. Tributary Capital Management LLC owned approximately 0.88% of Patrick Industries worth $25,037,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of PATK. James Investment Research Inc. increased its holdings in Patrick Industries by 0.8% in the first quarter. James Investment Research Inc. now owns 15,654 shares of the construction company's stock worth $1,324,000 after purchasing an additional 125 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Patrick Industries by 44.8% during the 1st quarter. Victory Capital Management Inc. now owns 61,454 shares of the construction company's stock valued at $5,197,000 after buying an additional 19,016 shares during the last quarter. Bridgewater Advisors Inc. bought a new stake in shares of Patrick Industries during the 1st quarter valued at $263,000. New York State Common Retirement Fund increased its stake in Patrick Industries by 1.4% in the 1st quarter. New York State Common Retirement Fund now owns 81,749 shares of the construction company's stock worth $6,913,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Cerity Partners LLC bought a new position in Patrick Industries in the 1st quarter worth about $729,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Trading Down 1.5%

Shares of PATK stock traded down $1.44 during trading on Friday, hitting $95.81. 195,552 shares of the stock traded hands, compared to its average volume of 352,130. The firm has a market capitalization of $3.20 billion, a P/E ratio of 22.97, a price-to-earnings-growth ratio of 1.38 and a beta of 1.22. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.41 and a quick ratio of 1.04. The firm's fifty day moving average price is $91.39 and its 200-day moving average price is $88.38. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $102.84.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping the consensus estimate of $0.98 by $0.13. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. The company's quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.79 earnings per share. As a group, research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms recently weighed in on PATK. Roth Mkm reaffirmed a "buy" rating and set a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. KeyCorp lowered their price objective on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Raymond James Financial reduced their target price on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Finally, Robert W. Baird boosted their price objective on Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, June 20th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Patrick Industries presently has an average rating of "Moderate Buy" and a consensus target price of $96.42.

Insider Activity

In related news, Director Todd M. Cleveland bought 6,000 shares of the company's stock in a transaction on Thursday, May 15th. The stock was bought at an average cost of $85.80 per share, with a total value of $514,800.00. Following the completion of the acquisition, the director owned 125,286 shares in the company, valued at approximately $10,749,538.80. This represents a 5.03% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John A. Forbes sold 2,875 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the sale, the director owned 52,591 shares in the company, valued at $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. Insiders have purchased 14,071 shares of company stock valued at $1,205,964 over the last three months. 4.70% of the stock is currently owned by corporate insiders.

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.