Tributary Capital Management LLC Sells 41,111 Shares of Patrick Industries, Inc. $PATK

Key Points

• Tributary Capital sold 41,111 shares of Patrick Industries in Q4, cutting its stake by 22.1% to 144,693 shares worth about $15.69 million (≈0.43% of the company and its 29th-largest holding).
• Patrick Industries beat quarterly estimates, reporting EPS of $0.84 versus $0.74 expected and revenue of $924.17 million (up 9.2% year-over-year); the company has a $3.54 billion market cap, a P/E of 27.35 and a quarterly dividend of $0.47 (1.8% yield).
• Insider moves included the CAO buying 1,000 shares and the COO selling 13,514 shares, institutional investors hold about 93.29% of the stock, and analysts' consensus is a “Moderate Buy” with a $131.13 target price.

Tributary Capital Management LLC lowered its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 22.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 144,693 shares of the construction company's stock after selling 41,111 shares during the quarter. Patrick Industries accounts for 1.5% of Tributary Capital Management LLC's holdings, making the stock its 29th biggest holding. Tributary Capital Management LLC owned approximately 0.43% of Patrick Industries worth $15,689,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the stock. Arizona State Retirement System increased its position in shares of Patrick Industries by 1.1% during the 3rd quarter. Arizona State Retirement System now owns 9,387 shares of the construction company's stock valued at $971,000 after purchasing an additional 98 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its position in shares of Patrick Industries by 4.1% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company's stock valued at $269,000 after purchasing an additional 98 shares during the last quarter. Strs Ohio increased its position in shares of Patrick Industries by 11.1% during the 3rd quarter. Strs Ohio now owns 1,000 shares of the construction company's stock valued at $103,000 after purchasing an additional 100 shares during the last quarter. Inspire Investing LLC increased its position in shares of Patrick Industries by 2.9% during the 3rd quarter. Inspire Investing LLC now owns 5,367 shares of the construction company's stock valued at $555,000 after purchasing an additional 151 shares during the last quarter. Finally, California State Teachers Retirement System grew its position in Patrick Industries by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company's stock valued at $2,725,000 after acquiring an additional 154 shares during the last quarter. Institutional investors own 93.29% of the company's stock.

Patrick Industries Price Performance

PATK opened at $106.93 on Friday. Patrick Industries, Inc. has a 12-month low of $75.26 and a 12-month high of $148.50. The company has a current ratio of 2.51, a quick ratio of 0.80 and a debt-to-equity ratio of 1.08. The business's fifty day simple moving average is $120.18 and its 200-day simple moving average is $114.06. The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of 27.35 and a beta of 1.35.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.74 by $0.10. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The business had revenue of $924.17 million for the quarter, compared to the consensus estimate of $858.62 million. During the same quarter in the prior year, the company earned $0.52 EPS. The business's revenue was up 9.2% compared to the same quarter last year. On average, equities research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.8%. Patrick Industries's dividend payout ratio is presently 48.08%.

Analyst Ratings Changes

PATK has been the topic of several research analyst reports. Robert W. Baird set a $140.00 price objective on Patrick Industries in a research report on Friday, February 6th. KeyCorp cut their price objective on Patrick Industries from $155.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday, April 9th. Truist Financial set a $126.00 price objective on Patrick Industries in a research report on Friday, January 9th. Benchmark reaffirmed a "buy" rating on shares of Patrick Industries in a research report on Friday, February 6th. Finally, Weiss Ratings raised Patrick Industries from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, February 23rd. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $131.13.

Insider Buying and Selling at Patrick Industries

In other news, CAO Matthew S. Filer purchased 1,000 shares of the company's stock in a transaction dated Friday, February 6th. The shares were acquired at an average price of $139.91 per share, with a total value of $139,910.00. Following the transaction, the chief accounting officer owned 20,614 shares of the company's stock, valued at $2,884,104.74. This represents a 5.10% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Hugo E. Gonzalez sold 13,514 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $113.10, for a total value of $1,528,433.40. Following the transaction, the chief operating officer directly owned 33,864 shares in the company, valued at $3,830,018.40. The trade was a 28.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have purchased 11,110 shares of company stock worth $1,289,895 and have sold 20,121 shares worth $2,477,337. 3.80% of the stock is owned by corporate 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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