Timucuan Asset Management Inc. FL Grows Position in Patrick Industries, Inc. $PATK

Key Points

• Timucuan Asset Management Inc. FL increased its holdings in Patrick Industries, Inc. by 7.9% in the first quarter, now owning 136,000 shares valued at approximately $11.5 million.
• Patrick Industries reported $1.50 earnings per share for the last quarter, surpassing expectations, with revenue up 3.0% year-over-year to $1.05 billion.
• The company will pay a quarterly dividend of $0.40 on September 8th, which yields 1.4%, as part of a commitment that reflects a 43.36% dividend payout ratio.

Timucuan Asset Management Inc. FL boosted its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 7.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 136,000 shares of the construction company's stock after buying an additional 10,000 shares during the period. Patrick Industries makes up approximately 0.4% of Timucuan Asset Management Inc. FL's investment portfolio, making the stock its 22nd largest holding. Timucuan Asset Management Inc. FL owned 0.41% of Patrick Industries worth $11,500,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of PATK. Private Trust Co. NA boosted its position 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 last quarter. Investment Management Corp VA ADV purchased a new stake in Patrick Industries in the fourth quarter valued at approximately $52,000. Smartleaf Asset Management LLC boosted its position in Patrick Industries by 27.0% in the first quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company's stock valued at $63,000 after buying an additional 160 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position 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 last quarter. Finally, Covestor Ltd boosted its position in Patrick Industries by 205.1% in the first quarter. Covestor Ltd now owns 961 shares of the construction company's stock valued at $81,000 after buying an additional 646 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Wall Street Analyst Weigh In

PATK has been the topic of a number of recent research reports. KeyCorp upped their target price on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Raymond James Financial upped their price objective on Patrick Industries from $95.00 to $109.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. BMO Capital Markets upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Truist Financial upped their price objective on Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Finally, Robert W. Baird upped their price objective on Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, June 20th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $104.86.

Patrick Industries Price Performance

Shares of NASDAQ:PATK traded down $0.62 during midday trading on Monday, reaching $111.85. 196,604 shares of the company's stock traded hands, compared to its average volume of 331,429. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $116.78. The company has a market cap of $3.72 billion, a P/E ratio of 30.31, a PEG ratio of 1.59 and a beta of 1.33. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96. The company has a fifty day simple moving average of $101.95 and a two-hundred day simple moving average of $91.32.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the firm posted $2.16 EPS. The business's revenue was up 3.0% on a year-over-year basis. Equities analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Stockholders of record on Monday, August 25th will be given a dividend of $0.40 per share. The ex-dividend date is Monday, August 25th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.4%. Patrick Industries's dividend payout ratio (DPR) is 43.36%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $91.62, for a total value of $263,407.50. Following the completion of the sale, the director directly owned 52,591 shares of the company's stock, valued at $4,818,387.42. This trade represents a 5.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kip B. Ellis sold 21,452 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.01, for a total value of $2,359,934.52. Following the completion of the sale, the insider directly owned 125,379 shares of the company's stock, valued at $13,792,943.79. This trade represents a 14.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,288 shares of company stock worth $8,375,424 in the last quarter. 4.70% of the stock is owned by insiders.

Patrick Industries Company 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.