SG Americas Securities LLC Lowers Holdings in Patrick Industries, Inc. $PATK

Key Points

• SG Americas Securities LLC cut its stake in Patrick Industries by 95% in the first quarter, leaving it with 12,974 shares valued at about $1.44 million.
• Patrick Industries reported better-than-expected quarterly earnings, posting $1.10 EPS versus the $1.08 consensus and revenue of $997.17 million, while revenue still slipped 0.6% year over year.
• The company recently paid a $0.47 quarterly dividend and has seen mixed analyst sentiment, with a Moderate Buy consensus and an average price target of $122.62.

SG Americas Securities LLC decreased its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 95.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,974 shares of the construction company's stock after selling 246,391 shares during the period. SG Americas Securities LLC's holdings in Patrick Industries were worth $1,441,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of PATK. Advisory Services Network LLC purchased a new position in Patrick Industries in the third quarter worth about $25,000. Torren Management LLC bought a new position in shares of Patrick Industries in the fourth quarter worth approximately $26,000. Allworth Financial LP grew its holdings in shares of Patrick Industries by 181.2% during the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company's stock valued at $34,000 after buying an additional 203 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Patrick Industries by 200.9% during the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company's stock valued at $37,000 after buying an additional 229 shares during the last quarter. Finally, Strs Ohio bought a new stake in shares of Patrick Industries during the first quarter valued at approximately $42,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Price Performance

PATK stock opened at $85.03 on Friday. Patrick Industries, Inc. has a fifty-two week low of $82.35 and a fifty-two week high of $148.50. The business's 50-day moving average is $90.56 and its two-hundred day moving average is $109.55. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71. The company has a market cap of $2.80 billion, a price-to-earnings ratio of 21.80 and a beta of 1.11.

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 (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.02. The business had revenue of $997.17 million for the quarter, compared to analysts' expectations of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The business's revenue for the quarter was down .6% on a year-over-year basis. During the same period last year, the firm posted $1.11 earnings per share. As a group, analysts forecast that Patrick Industries, Inc. will post 4.89 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were issued a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.2%. Patrick Industries's dividend payout ratio (DPR) is presently 48.21%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Robert W. Baird set a $110.00 price objective on shares of Patrick Industries in a report on Friday, May 1st. Wall Street Zen downgraded Patrick Industries from a "buy" rating to a "hold" rating in a research note on Sunday, April 12th. Benchmark reduced their target price on Patrick Industries from $150.00 to $135.00 and set a "buy" rating for the company in a report on Friday, May 1st. Raymond James Financial set a $108.00 target price on Patrick Industries in a report on Friday, May 1st. Finally, KeyCorp decreased their price target on Patrick Industries from $140.00 to $125.00 and set an "overweight" rating for the company in a research note on Friday, May 1st. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $122.62.

Insider Buying and Selling

In other Patrick Industries news, insider Charles R. Roeder bought 5,750 shares of Patrick Industries stock in a transaction on Tuesday, May 5th. The stock was acquired at an average cost of $87.83 per share, with a total value of $505,022.50. Following the completion of the acquisition, the insider owned 42,147 shares in the company, valued at approximately $3,701,771.01. This represents a 15.80% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Andy L. Nemeth purchased 10,000 shares of the firm's stock in a transaction on Tuesday, May 5th. The stock was acquired at an average price of $88.00 per share, for a total transaction of $880,000.00. Following the completion of the transaction, the chief executive officer directly owned 287,745 shares of the company's stock, valued at approximately $25,321,560. This trade represents a 3.60% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought a total of 28,700 shares of company stock valued at $2,532,880 in the last 90 days. 3.80% of the stock is owned by insiders.

About Patrick Industries

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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