Patrick Industries, Inc. $PATK Shares Sold by Lisanti Capital Growth LLC

Key Points

• Lisanti Capital Growth LLC cut its stake in Patrick Industries by 58.2% in the fourth quarter, selling 20,025 shares and leaving it with 14,369 shares worth about $1.56 million.
• Patrick Industries reported quarterly earnings of $1.10 per share, topping estimates, while revenue came in at $997.2 million, slightly above expectations but down 0.6% year over year.
• The company announced a quarterly dividend of $0.47 per share payable June 8, and insiders have also been buying shares, including CEO Andy L. Nemeth and CFO Matthew S. Filer.

Lisanti Capital Growth LLC lessened its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 58.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,369 shares of the construction company's stock after selling 20,025 shares during the quarter. Lisanti Capital Growth LLC's holdings in Patrick Industries were worth $1,558,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PATK. Vanguard Group Inc. increased its holdings in Patrick Industries by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 2,470,559 shares of the construction company's stock valued at $267,883,000 after acquiring an additional 16,959 shares in the last quarter. Copeland Capital Management LLC lifted its holdings in Patrick Industries by 23.4% in the 4th quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company's stock valued at $51,938,000 after purchasing an additional 90,691 shares in the last quarter. Schroder Investment Management Group boosted its stake in shares of Patrick Industries by 7.2% during the 3rd quarter. Schroder Investment Management Group now owns 413,789 shares of the construction company's stock worth $42,798,000 after purchasing an additional 27,954 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Patrick Industries by 12,134.2% in the fourth quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company's stock valued at $28,123,000 after buying an additional 257,245 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted 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 buying an additional 29,344 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Stock Performance

Patrick Industries stock opened at $90.87 on Friday. Patrick Industries, Inc. has a 12-month low of $82.24 and a 12-month high of $148.50. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of 23.30 and a beta of 1.12. The firm's fifty day moving average price is $103.88 and its 200 day moving average price is $113.14.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The company had revenue of $997.17 million during the quarter, compared to the consensus estimate of $989.06 million. During the same period last year, the firm earned $1.11 earnings per share. The company's revenue was down .6% on a year-over-year basis. On average, research analysts forecast that Patrick Industries, Inc. will post 4.94 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th will be issued a dividend of $0.47 per share. The ex-dividend date is Tuesday, May 26th. This represents a $1.88 annualized dividend and a yield of 2.1%. Patrick Industries's payout ratio is currently 48.21%.

Insider Buying and Selling

In other Patrick Industries news, CFO Matthew S. Filer bought 1,000 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were bought at an average cost of $85.50 per share, with a total value of $85,500.00. Following the transaction, the chief financial officer directly owned 21,614 shares in the company, valued at approximately $1,847,997. This trade represents a 4.85% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Andy L. Nemeth purchased 10,000 shares of the firm's stock in a transaction dated Tuesday, May 5th. The shares were bought at an average cost of $88.00 per share, with a total value of $880,000.00. Following the transaction, the chief executive officer directly owned 287,745 shares of the company's stock, valued at approximately $25,321,560. This represents a 3.60% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired a total of 37,410 shares of company stock worth $3,550,239 over the last 90 days. 3.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PATK. Zacks Research lowered shares of Patrick Industries from a "hold" rating to a "strong sell" rating in a report on Tuesday, May 5th. Wall Street Zen lowered shares of Patrick Industries from a "buy" rating to a "hold" rating in a report on Sunday, April 12th. Robert W. Baird set a $110.00 price target on shares of Patrick Industries in a research report on Friday, May 1st. Raymond James Financial set a $108.00 price objective on Patrick Industries in a research report on Friday, May 1st. Finally, Benchmark reduced their price objective on Patrick Industries from $150.00 to $135.00 and set a "buy" rating on the stock in a research note on Friday, May 1st. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $122.63.

Patrick Industries Company Profile

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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