Patrick Industries, Inc. $PATK Position Cut by Massachusetts Financial Services Co. MA

Key Points

• Massachusetts Financial Services Co. trimmed its stake in Patrick Industries by 9.6% in Q4, selling 55,772 shares and leaving it with 522,961 shares (about 1.57%) worth roughly $56.7 million.
• Patrick beat expectations for the quarter, reporting $0.84 EPS versus $0.74 expected and revenue of $924.2 million (up 9.2% year‑over‑year) versus $858.6 million forecast.
• Institutional ownership is 93.29% and analysts have a consensus "Moderate Buy" (7 Buys, 2 Holds) with an average price target of $133.25; the stock has a $3.69 billion market cap and a PE of 28.49.

Massachusetts Financial Services Co. MA trimmed its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 9.6% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 522,961 shares of the construction company's stock after selling 55,772 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.57% of Patrick Industries worth $56,705,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Schroder Investment Management Group raised its stake in shares of Patrick Industries by 7.2% during the third quarter. Schroder Investment Management Group now owns 413,789 shares of the construction company's stock valued at $42,798,000 after purchasing an additional 27,954 shares in the last quarter. Tributary Capital Management LLC raised its stake in shares of Patrick Industries by 52.0% during the third quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company's stock valued at $38,435,000 after purchasing an additional 127,099 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Patrick Industries by 12,134.2% during the fourth quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company's stock valued at $28,123,000 after purchasing an additional 257,245 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Patrick Industries by 14.0% during the second quarter. Ameriprise Financial Inc. now owns 239,638 shares of the construction company's stock valued at $22,111,000 after purchasing an additional 29,344 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Patrick Industries by 6.9% during the third quarter. Principal Financial Group Inc. now owns 177,260 shares of the construction company's stock valued at $18,334,000 after purchasing an additional 11,492 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $111.39 on Wednesday. The company has a current ratio of 2.51, a quick ratio of 0.80 and a debt-to-equity ratio of 1.08. The company's 50-day moving average price is $122.32 and its two-hundred day moving average price is $114.15. Patrick Industries, Inc. has a 52 week low of $75.26 and a 52 week high of $148.50. The stock has a market cap of $3.69 billion, a PE ratio of 28.49 and a beta of 1.35.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. The firm had revenue of $924.17 million for the quarter, compared to analysts' expectations of $858.62 million. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. Patrick Industries's revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 earnings per share. As a group, sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 9th. Shareholders of record on Monday, February 23rd were given a $0.47 dividend. The ex-dividend date was Monday, February 23rd. This represents a $1.88 annualized dividend and a yield of 1.7%. Patrick Industries's payout ratio is 48.08%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PATK shares. Robert W. Baird set a $140.00 price objective on shares of Patrick Industries in a research note on Friday, February 6th. BMO Capital Markets restated an "outperform" rating and set a $155.00 price objective on shares of Patrick Industries in a research note on Friday, February 6th. Truist Financial set a $126.00 price objective on shares of Patrick Industries in a research note on Friday, January 9th. KeyCorp cut their price objective on shares of Patrick Industries from $155.00 to $140.00 and set an "overweight" rating on the stock in a research note on Thursday, April 9th. Finally, Weiss Ratings upgraded shares of Patrick Industries from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, February 23rd. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $133.25.

Insider Transactions at Patrick Industries

In other Patrick Industries news, CAO Matthew S. Filer purchased 1,000 shares of the firm's stock in a transaction on Friday, February 6th. The shares were purchased at an average price of $139.91 per share, for a total transaction of $139,910.00. Following the completion of the transaction, the chief accounting officer owned 20,614 shares in the company, valued at $2,884,104.74. This represents a 5.10% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director M Scott Welch purchased 10,000 shares of the firm's stock in a transaction on Thursday, March 12th. The stock was acquired 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 of the company's stock, valued at $16,597,280. The trade was a 7.35% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have acquired 11,110 shares of company stock valued at $1,289,895 and have sold 20,121 shares valued at $2,477,337. 3.80% of the stock is owned by corporate insiders.

About Patrick Industries

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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