Royce & Associates LP boosted its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 12.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 96,526 shares of the construction company's stock after buying an additional 10,990 shares during the quarter. Royce & Associates LP owned approximately 0.29% of Patrick Industries worth $8,162,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. HighTower Advisors LLC raised its holdings in Patrick Industries by 55.9% in the 4th quarter. HighTower Advisors LLC now owns 4,470 shares of the construction company's stock worth $371,000 after acquiring an additional 1,603 shares during the period. Commonwealth Equity Services LLC raised its holdings in Patrick Industries by 26.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 3,602 shares of the construction company's stock worth $299,000 after acquiring an additional 763 shares during the period. Corient Private Wealth LLC raised its holdings in Patrick Industries by 35.8% in the 4th quarter. Corient Private Wealth LLC now owns 2,506 shares of the construction company's stock worth $208,000 after acquiring an additional 661 shares during the period. Xponance Inc. raised its holdings in Patrick Industries by 13.8% in the 4th quarter. Xponance Inc. now owns 3,070 shares of the construction company's stock worth $255,000 after acquiring an additional 372 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in Patrick Industries in the 4th quarter worth $548,000. Hedge funds and other institutional investors own 93.29% of the company's stock.
Insider Buying and Selling
In related news, Director John A. Forbes sold 2,875 shares of the business's stock in a transaction that occurred 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Todd M. Cleveland acquired 6,000 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were purchased at an average price of $85.80 per share, with a total value of $514,800.00. Following the acquisition, the director owned 125,286 shares of the company's stock, valued at approximately $10,749,538.80. This trade represents a 5.03% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 14,071 shares of company stock valued at $1,205,964. Corporate insiders own 4.40% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have recently weighed in on the stock. Raymond James Financial decreased their target price on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Roth Mkm reiterated a "buy" rating and set a $100.00 target price (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Robert W. Baird lifted their target price 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. Baird R W lowered shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Patrick Industries presently has an average rating of "Moderate Buy" and an average target price of $96.42.
Check Out Our Latest Stock Report on PATK
Patrick Industries Price Performance
Shares of NASDAQ PATK traded down $0.02 during trading on Monday, reaching $99.98. The company had a trading volume of 234,068 shares, compared to its average volume of 354,331. Patrick Industries, Inc. has a 52 week low of $72.99 and a 52 week high of $102.83. The stock has a market cap of $3.34 billion, a PE ratio of 23.97, a PEG ratio of 1.44 and a beta of 1.22. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 2.41. The business's 50 day moving average price is $92.46 and its 200-day moving average price is $88.90.
Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.13. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. Patrick Industries's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.79 earnings per share. Analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.
Patrick Industries Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Tuesday, May 27th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend was Tuesday, May 27th. Patrick Industries's dividend payout ratio is currently 38.37%.
About Patrick Industries
(
Free Report)
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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