Versor Investments LP Boosts Stake in Patrick Industries, Inc. $PATK

Key Points

• Versor Investments LP acquired an additional 3,189 shares of Patrick Industries, increasing its holdings by 41.7% to a total of 10,843 shares, valued at approximately $917,000.
• CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock, resulting in a 7.07% decrease in his ownership, while insiders sold a total of 71,716 shares worth around $7.86 million over the last three months.
• Patrick Industries reported a quarterly EPS of $1.50, surpassing estimates, and announced a quarterly dividend of $0.40 per share set to be paid on September 8.

Versor Investments LP raised its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 41.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,843 shares of the construction company's stock after purchasing an additional 3,189 shares during the quarter. Versor Investments LP's holdings in Patrick Industries were worth $917,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Roubaix Capital LLC acquired a new stake in shares of Patrick Industries in the first quarter worth $2,035,000. American Century Companies Inc. increased its stake in shares of Patrick Industries by 3.0% in the first quarter. American Century Companies Inc. now owns 532,291 shares of the construction company's stock worth $45,011,000 after acquiring an additional 15,524 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Patrick Industries by 17.3% in the first quarter. Russell Investments Group Ltd. now owns 22,271 shares of the construction company's stock worth $1,883,000 after acquiring an additional 3,279 shares during the period. Public Sector Pension Investment Board increased its stake in shares of Patrick Industries by 27.2% in the first quarter. Public Sector Pension Investment Board now owns 106,513 shares of the construction company's stock worth $9,007,000 after acquiring an additional 22,804 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Patrick Industries in the first quarter worth $33,735,000. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Stock Performance

PATK stock traded up $4.93 during midday trading on Friday, hitting $116.04. 334,226 shares of the stock traded hands, compared to its average volume of 397,208. The firm has a market cap of $3.86 billion, a P/E ratio of 31.45, a PEG ratio of 1.65 and a beta of 1.23. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75. The stock's fifty day simple moving average is $99.54 and its 200-day simple moving average is $90.64. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $116.78.

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

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 8th. Shareholders of record on Monday, August 25th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Monday, August 25th. Patrick Industries's dividend payout ratio (DPR) is presently 43.36%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Roth Mkm reiterated a "buy" rating and issued a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Truist Financial increased their price objective on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Robert W. Baird raised their price target 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. Finally, Raymond James Financial raised their price target on shares of Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Patrick Industries currently has a consensus rating of "Moderate Buy" and an average target price of $104.86.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, insider Jeff Rodino sold 22,389 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $110.32, for a total transaction of $2,469,954.48. Following the transaction, the insider directly owned 206,492 shares of the company's stock, valued at $22,780,197.44. This trade represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Andy L. Nemeth sold 25,000 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $110.68, for a total transaction of $2,767,000.00. Following the transaction, the chief executive officer directly owned 328,641 shares in the company, valued at approximately $36,373,985.88. The trade was a 7.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders bought 3,071 shares of company stock valued at $253,714 and sold 76,288 shares valued at $8,375,424. 4.70% of the stock is currently owned by company insiders.

About Patrick Industries

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.