Epoch Investment Partners Inc. Sells 30,479 Shares of Patrick Industries, Inc. $PATK

Key Points

• Epoch Investment Partners Inc. significantly reduced its stake in Patrick Industries by 58.8%, selling 30,479 shares during the first quarter, bringing their ownership to 21,393 shares worth approximately $1.8 million.
• Several large investors, including Nuveen LLC and Northern Trust Corp, have increased their holdings in Patrick Industries, contributing to a high institutional ownership of 93.29% in the company.
• Patrick Industries announced a quarterly dividend of $0.40 per share, translating to an annualized yield of 1.4%, with a payout ratio of 43.36%.

Epoch Investment Partners Inc. reduced its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 58.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,393 shares of the construction company's stock after selling 30,479 shares during the quarter. Epoch Investment Partners Inc. owned approximately 0.06% of Patrick Industries worth $1,809,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Private Trust Co. NA lifted its stake in Patrick Industries by 432.4% during the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after acquiring an additional 480 shares in the last quarter. Investment Management Corp VA ADV purchased a new position in Patrick Industries during the 4th quarter worth approximately $52,000. Smartleaf Asset Management LLC grew its stake in Patrick Industries by 27.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company's stock worth $63,000 after buying an additional 160 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Patrick Industries by 50.0% in the 4th quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock valued at $68,000 after purchasing an additional 273 shares during the last quarter. Finally, Covestor Ltd grew its stake in shares of Patrick Industries by 205.1% in the 1st quarter. Covestor Ltd now owns 961 shares of the construction company's stock valued at $81,000 after purchasing an additional 646 shares during the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK traded down $0.62 during trading on Monday, hitting $111.85. 196,604 shares of the company traded hands, compared to its average volume of 331,429. Patrick Industries, Inc. has a one year low of $72.99 and a one year high of $116.78. The stock has a market capitalization of $3.72 billion, a price-to-earnings ratio of 30.31, a PEG ratio of 1.59 and a beta of 1.33. The business's fifty day moving average is $101.95 and its 200-day moving average is $91.32. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.09. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The business's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period in the prior year, the company posted $2.16 EPS. As a group, equities analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share 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 issued a $0.40 dividend. 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 is presently 43.36%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Robert W. Baird raised their price target on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 20th. Truist Financial boosted their price target on Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. BMO Capital Markets boosted their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Benchmark lifted their price objective on Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Finally, KeyCorp boosted their price target on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Patrick Industries presently has a consensus rating of "Moderate Buy" and an average price target of $104.86.

Insider Buying and Selling at Patrick Industries

In other news, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $110.68, for a total value of $2,767,000.00. Following the transaction, the chief executive officer directly owned 328,641 shares in the company, valued at approximately $36,373,985.88. The trade was a 7.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kip B. Ellis sold 21,452 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $110.01, for a total value of $2,359,934.52. Following the transaction, the insider owned 125,379 shares in the company, valued at $13,792,943.79. This 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 valued at $8,375,424 in the last quarter. Corporate insiders own 4.70% of the company's stock.

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.