The Manufacturers Life Insurance Company acquired a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 302,587 shares of the construction company's stock, valued at approximately $27,166,000. The Manufacturers Life Insurance Company owned 0.94% of Patrick Industries at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Sanctuary Advisors LLC acquired a new stake in Patrick Industries in the second quarter valued at $507,000. Kendall Capital Management purchased a new stake in shares of Patrick Industries during the 2nd quarter worth $204,000. Commerce Bank acquired a new position in shares of Patrick Industries during the 2nd quarter worth $451,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Patrick Industries during the 2nd quarter worth $75,000. Finally, De Lisle Partners LLP purchased a new position in shares of Patrick Industries in the 2nd quarter valued at about $5,561,000. Hedge funds and other institutional investors own 93.29% of the company's stock.
Patrick Industries Trading Down 0.7%
NASDAQ:PATK opened at $83.09 on Friday. Patrick Industries, Inc. has a 52-week low of $81.29 and a 52-week high of $148.50. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25. The stock has a fifty day simple moving average of $86.23 and a 200-day simple moving average of $99.86. The company has a market capitalization of $2.67 billion, a PE ratio of 19.69 and a beta of 1.11.
Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, beating analysts' consensus estimates of $1.24 by $0.05. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The firm's revenue was down .6% on a year-over-year basis. During the same period in the prior year, the company earned $1.50 EPS. On average, equities research analysts expect that Patrick Industries, Inc. will post 4.26 earnings per share for the current fiscal year.
Patrick Industries Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Monday, August 24th. Patrick Industries's payout ratio is currently 44.55%.
Analyst Upgrades and Downgrades
A number of analysts recently commented on the stock. Benchmark reissued a "buy" rating and set a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Robert W. Baird set a $110.00 target price on shares of Patrick Industries in a report on Friday, May 1st. Truist Financial set a $108.00 price target on shares of Patrick Industries and gave the company a "buy" rating in a research report on Monday, August 10th. Zacks Research lowered Patrick Industries from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 5th. Finally, Weiss Ratings cut Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, June 29th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $113.12.
Get Our Latest Research Report on PATK
About Patrick Industries
(
Free Report)
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.
See Also
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