Peregrine Capital Management LLC Buys 4,830 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Peregrine Capital Management LLC boosted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 3.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 146,989 shares of the construction company's stock after buying an additional 4,830 shares during the period. Peregrine Capital Management LLC owned approximately 0.44% of Patrick Industries worth $12,429,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Quadrant Capital Group LLC raised its holdings in shares of Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after purchasing an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its position in Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after purchasing an additional 114 shares in the last quarter. Global Retirement Partners LLC grew its position in Patrick Industries by 44.8% in the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company's stock valued at $53,000 after purchasing an additional 199 shares in the last quarter. Handelsbanken Fonder AB increased its stake in Patrick Industries by 4.6% in the 1st quarter. Handelsbanken Fonder AB now owns 4,561 shares of the construction company's stock valued at $386,000 after buying an additional 200 shares during the last quarter. Finally, Public Employees Retirement System of Ohio lifted its position in Patrick Industries by 50.0% during the 4th quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock worth $68,000 after buying an additional 273 shares in the last quarter. Institutional investors own 93.29% of the company's stock.

Insider Buying and Selling

In other news, Director Todd M. Cleveland acquired 1,000 shares of the stock in a transaction on Tuesday, June 3rd. The shares were purchased at an average price of $82.75 per share, for a total transaction of $82,750.00. Following the transaction, the director directly owned 133,286 shares of the company's stock, valued at approximately $11,029,416.50. This represents a 0.76% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John A. Forbes sold 2,875 shares of Patrick Industries 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 sale, the director directly owned 52,591 shares of the company's stock, valued at $4,818,387.42. This represents a 5.18% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 14,071 shares of company stock valued at $1,205,964. Corporate insiders own 4.40% of the company's stock.

Patrick Industries Stock Performance

PATK stock traded down $0.67 during midday trading on Thursday, reaching $98.44. 153,495 shares of the company were exchanged, compared to its average volume of 350,132. Patrick Industries, Inc. has a one year low of $69.86 and a one year high of $99.99. The firm has a market capitalization of $3.29 billion, a price-to-earnings ratio of 23.61, a price-to-earnings-growth ratio of 1.37 and a beta of 1.22. The business has a 50-day moving average price of $87.21 and a two-hundred day moving average price of $87.13. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.41 and a quick ratio of 1.04.

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

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.60 annualized dividend and a yield of 1.63%. Patrick Industries's dividend payout ratio (DPR) is presently 38.37%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PATK shares. Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Raymond James Financial decreased their target price on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Truist Financial boosted their target price on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Robert W. Baird lifted their price objective on shares of Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, June 20th. Finally, Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $96.42.

Patrick Industries 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.