Tributary Capital Management LLC Has $22.56 Million Stake in Patrick Industries, Inc. $PATK

Key Points

• Tributary Capital Management LLC reduced its stake in Patrick Industries by 17.4%, owning approximately $22.56 million worth, which constitutes 2.0% of its investment portfolio.
• Patrick Industries reported $1.50 earnings per share for the last quarter, exceeding analysts' expectations of $1.41, and experienced a 3.0% revenue increase year-over-year.
• A number of analysts have set new price targets for Patrick Industries, with a consensus rating of "Moderate Buy" and an average price target of $106.14.

Tributary Capital Management LLC lessened its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 17.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 244,509 shares of the construction company's stock after selling 51,572 shares during the period. Patrick Industries makes up approximately 2.0% of Tributary Capital Management LLC's investment portfolio, making the stock its 10th largest position. Tributary Capital Management LLC owned about 0.73% of Patrick Industries worth $22,561,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its holdings in shares of Patrick Industries by 2.8% during the first quarter. Principal Financial Group Inc. now owns 178,660 shares of the construction company's stock worth $15,107,000 after acquiring an additional 4,841 shares during the period. Private Trust Co. NA boosted its holdings in shares of Patrick Industries by 432.4% during the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after acquiring an additional 480 shares during the period. Cerity Partners LLC acquired a new stake in shares of Patrick Industries in the first quarter valued at approximately $729,000. Teacher Retirement System of Texas acquired a new stake in shares of Patrick Industries in the first quarter valued at approximately $478,000. Finally, New York State Common Retirement Fund raised its position in shares of Patrick Industries by 1.4% in the first quarter. New York State Common Retirement Fund now owns 81,749 shares of the construction company's stock valued at $6,913,000 after buying an additional 1,100 shares in the last quarter. Institutional investors own 93.29% of the company's stock.

Patrick Industries Stock Performance

NASDAQ PATK opened at $100.70 on Thursday. The firm's fifty day moving average price is $106.68 and its two-hundred day moving average price is $95.73. The stock has a market cap of $3.35 billion, a PE ratio of 27.29, a PEG ratio of 1.41 and a beta of 1.34. Patrick Industries, Inc. has a fifty-two week low of $72.99 and a fifty-two week high of $116.78. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.09. The firm had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.03 billion. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The company's revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.16 earnings per share. On average, equities analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Monday, August 25th were paid a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 25th. This represents a $1.60 annualized dividend and a dividend yield of 1.6%. Patrick Industries's payout ratio is currently 43.36%.

Insider Buying and Selling at Patrick Industries

In related news, CEO Andy L. Nemeth sold 25,000 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $110.68, for a total value of $2,767,000.00. Following the sale, the chief executive officer owned 328,641 shares of the company's stock, valued at $36,373,985.88. The trade was a 7.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Kip B. Ellis sold 21,452 shares of the business'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 sale, the insider directly owned 125,379 shares in the company, valued at approximately $13,792,943.79. This represents a 14.61% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 73,413 shares of company stock worth $8,112,016. Company insiders own 4.40% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PATK shares. Truist Financial set a $114.00 price target on shares of Patrick Industries and gave the company a "buy" rating in a research report on Wednesday, October 15th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Patrick Industries in a research report on Wednesday, October 8th. 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 research report on Friday, August 1st. KeyCorp boosted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, BMO Capital Markets boosted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $106.14.

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.

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