Versor Investments LP Boosts Stock Position 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 1st quarter, according to its most recent filing with the SEC. The firm owned 10,843 shares of the construction company's stock after acquiring an additional 3,189 shares during the period. Versor Investments LP's holdings in Patrick Industries were worth $917,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of PATK. Dimensional Fund Advisors LP lifted its stake in shares of Patrick Industries by 48.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock worth $154,823,000 after purchasing an additional 609,036 shares during the period. Capital Research Global Investors bought a new stake in Patrick Industries during the 4th quarter worth approximately $38,275,000. Nuveen LLC purchased a new stake in Patrick Industries during the 1st quarter valued at approximately $33,735,000. Capital World Investors grew its holdings in Patrick Industries by 50.0% during the 4th quarter. Capital World Investors now owns 944,319 shares of the construction company's stock valued at $78,454,000 after buying an additional 314,773 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its holdings in Patrick Industries by 495.5% during the 4th quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company's stock valued at $28,730,000 after buying an additional 287,739 shares in the last quarter. Institutional investors own 93.29% of the company's stock.

Insider Transactions at Patrick Industries

In related news, insider Kip B. Ellis sold 21,452 shares of Patrick Industries stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $110.01, for a total value of $2,359,934.52. Following the completion of the sale, the insider directly owned 125,379 shares in the company, valued at $13,792,943.79. The trade was a 14.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John A. Forbes sold 2,875 shares of Patrick Industries stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $91.62, for a total value of $263,407.50. Following the completion of the sale, the director owned 52,591 shares of the company's stock, valued at $4,818,387.42. The trade was a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders purchased 3,071 shares of company stock valued at $253,714 and sold 76,288 shares valued at $8,375,424. Insiders own 4.40% of the company's stock.

Patrick Industries Stock Up 4.4%

Shares of PATK stock traded up $4.93 on Friday, hitting $116.04. The stock had a trading volume of 334,226 shares, compared to its average volume of 392,096. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. The business has a 50 day moving average price of $99.54 and a 200 day moving average price of $90.72. The company has a market cap of $3.86 billion, a PE ratio of 31.45, a P/E/G ratio of 1.58 and a beta of 1.23. Patrick Industries, Inc. has a one year low of $72.99 and a one year high of $116.78.

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

Patrick Industries Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on PATK shares. Raymond James Financial raised their target price on shares of Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Benchmark raised their price target on Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Robert W. Baird raised their price target on Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, June 20th. Finally, Roth Mkm restated a "buy" rating and issued a $100.00 price target (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $104.86.

Patrick Industries 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.