Rivermont Capital Management LP Lowers Holdings in Patrick Industries, Inc. $PATK

Key Points

• Rivermont Capital Management LP reduced its stake in Patrick Industries by 17.6%, selling 25,960 shares and holding a total of 121,939 shares, representing 4.4% of its portfolio.
• Analysts have updated their price targets for Patrick Industries, with several raising their targets to between $90.00 and $110.00, reflecting a generally positive outlook on the stock.
• Patrick Industries declared a quarterly dividend of $0.40 per share, which translates to a 1.4% annual yield, and reported a net margin of 3.30% for the last quarter.

Rivermont Capital Management LP decreased its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 17.6% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 121,939 shares of the construction company's stock after selling 25,960 shares during the period. Patrick Industries comprises approximately 4.4% of Rivermont Capital Management LP's portfolio, making the stock its 11th biggest holding. Rivermont Capital Management LP owned about 0.36% of Patrick Industries worth $10,311,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Patrick Industries by 4.2% in the first quarter. Vanguard Group Inc. now owns 2,423,512 shares of the construction company's stock worth $204,932,000 after purchasing an additional 97,250 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Patrick Industries by 0.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 551,192 shares of the construction company's stock worth $46,609,000 after purchasing an additional 2,421 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Patrick Industries by 3.0% in the first quarter. American Century Companies Inc. now owns 532,291 shares of the construction company's stock worth $45,011,000 after purchasing an additional 15,524 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Patrick Industries by 0.4% in the first quarter. Northern Trust Corp now owns 415,657 shares of the construction company's stock worth $35,148,000 after purchasing an additional 1,602 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of Patrick Industries in the first quarter worth approximately $33,735,000. Institutional investors own 93.29% of the company's stock.

Patrick Industries Stock Down 3.0%

Patrick Industries stock traded down $3.44 on Friday, hitting $110.37. 136,955 shares of the stock traded hands, compared to its average volume of 215,806. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11. The firm has a market cap of $3.67 billion, a P/E ratio of 29.91, a price-to-earnings-growth ratio of 1.57 and a beta of 1.33. The business's fifty day simple moving average is $105.62 and its 200 day simple moving average is $92.68. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $116.78.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, beating the consensus estimate 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 company's revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.16 earnings per share. As a group, sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Monday, August 25th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, August 25th. This represents a $1.60 annualized dividend and a yield of 1.4%. Patrick Industries's dividend payout ratio (DPR) is currently 43.36%.

Analysts Set New Price Targets

PATK has been the topic of several recent analyst reports. BMO Capital Markets lifted their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Robert W. Baird lifted their price target on shares of Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 20th. Benchmark lifted their price target on shares of Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a report on Friday, August 1st. Raymond James Financial lifted their price target on shares of Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Finally, Truist Financial lifted their price target on shares of Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $104.86.

Insider Transactions at Patrick Industries

In other Patrick Industries news, 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 transaction of $2,359,934.52. Following the completion of the transaction, the insider owned 125,379 shares of the company's stock, valued at approximately $13,792,943.79. This trade represents a 14.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jeff Rodino sold 22,389 shares of the firm's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $110.32, for a total value of $2,469,954.48. Following the transaction, the insider directly owned 206,492 shares of the company's stock, valued at $22,780,197.44. This represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 73,413 shares of company stock worth $8,112,016. Corporate insiders own 4.70% of the company's stock.

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.