Roubaix Capital LLC Buys Shares of 24,063 Patrick Industries, Inc. (NASDAQ:PATK)

Key Points

• Roubaix Capital LLC acquired 24,063 shares of Patrick Industries, Inc. valued at approximately $2,035,000, representing a small ownership stake of 0.07% as of the end of the most recent quarter.
• Several major institutional investors, including Vanguard Group Inc. and Dimensional Fund Advisors LP, have recently increased their stakes in Patrick Industries, contributing to a total institutional ownership of 93.29%.
• Patrick Industries announced a quarterly dividend of $0.40 per share, which represents a 1.4% yield based on an annualized basis, with a payout ratio of 43.36%.

Roubaix Capital LLC purchased a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 24,063 shares of the construction company's stock, valued at approximately $2,035,000. Roubaix Capital LLC owned 0.07% of Patrick Industries at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Patrick Industries by 4.2% in the 1st quarter. Vanguard Group Inc. now owns 2,423,512 shares of the construction company's stock valued at $204,932,000 after purchasing an additional 97,250 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Patrick Industries by 48.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock valued at $154,823,000 after buying an additional 609,036 shares in the last quarter. Capital World Investors grew its position in Patrick Industries by 50.0% in the fourth quarter. Capital World Investors now owns 944,319 shares of the construction company's stock valued at $78,454,000 after acquiring an additional 314,773 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in 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 valued at $46,609,000 after acquiring an additional 2,421 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Patrick Industries by 3.0% during the first quarter. American Century Companies Inc. now owns 532,291 shares of the construction company's stock worth $45,011,000 after acquiring an additional 15,524 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. BMO Capital Markets upped their price objective on shares of 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 boosted their target price on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Robert W. Baird increased their price target on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, June 20th. Roth Mkm reissued a "buy" rating and set a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Finally, KeyCorp upped their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $104.86.

Patrick Industries Stock Performance

Shares of Patrick Industries stock opened at $112.13 on Friday. 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, Inc. has a twelve month low of $72.99 and a twelve month high of $114.26. The stock has a market cap of $3.73 billion, a price-to-earnings ratio of 30.39, a P/E/G ratio of 1.59 and a beta of 1.23. The company's fifty day moving average is $97.43 and its 200 day moving average is $90.14.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.41 by $0.09. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%. The business's quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.16 EPS. Sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

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

Insider Buying and Selling at Patrick Industries

In related news, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $110.68, for a total transaction of $2,767,000.00. Following the completion of the transaction, the chief executive officer owned 328,641 shares of the company's stock, valued at $36,373,985.88. This trade represents a 7.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John A. Forbes sold 2,875 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the transaction, the director owned 52,591 shares in the company, valued at approximately $4,818,387.42. The trade was a 5.18% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have acquired 8,071 shares of company stock worth $691,164 and have sold 71,716 shares worth $7,860,297. 4.40% of the stock is owned by company insiders.

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.

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