Victory Capital Management Inc. Has $5.20 Million Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Key Points

• Victory Capital Management Inc. increased its position in Patrick Industries by 44.8%, owning approximately 61,454 shares worth about $5.2 million after buying 19,016 additional shares.
• Patrick Industries reported a quarterly earnings per share (EPS) of $1.11, exceeding analysts' expectations of $0.98, with a year-over-year revenue increase of 7.5%.
• The company announced a quarterly dividend of $0.40 per share, representing a 1.60% yield and a payout ratio of 38.37%.

Victory Capital Management Inc. lifted its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 44.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 61,454 shares of the construction company's stock after acquiring an additional 19,016 shares during the quarter. Victory Capital Management Inc. owned approximately 0.18% of Patrick Industries worth $5,197,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PATK. Vanguard Group Inc. boosted its position in shares of Patrick Industries by 49.3% in the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock worth $193,266,000 after buying an additional 768,102 shares during the period. Wellington Management Group LLP lifted its stake in Patrick Industries by 391.8% in the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock worth $168,462,000 after acquiring an additional 1,615,412 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Patrick Industries by 48.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock worth $154,823,000 after acquiring an additional 609,036 shares during the period. Capital World Investors boosted its position in Patrick Industries by 50.0% during the 4th quarter. Capital World Investors now owns 944,319 shares of the construction company's stock worth $78,454,000 after acquiring an additional 314,773 shares during the period. Finally, Geode Capital Management LLC grew its stake in Patrick Industries by 50.0% during the 4th quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company's stock valued at $64,752,000 after acquiring an additional 259,783 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Stock Performance

Patrick Industries stock traded down $0.19 during trading hours on Wednesday, reaching $101.10. 739,458 shares of the company were exchanged, compared to its average volume of 258,831. The company has a current ratio of 2.41, a quick ratio of 1.04 and a debt-to-equity ratio of 1.25. The stock has a 50-day moving average of $93.21 and a 200 day moving average of $89.19. The firm has a market cap of $3.38 billion, a price-to-earnings ratio of 24.24, a PEG ratio of 1.46 and a beta of 1.22. Patrick Industries, Inc. has a 12 month low of $72.99 and a 12 month high of $103.25.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping the consensus estimate of $0.98 by $0.13. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $959.46 million. During the same period in the previous year, the business posted $1.79 EPS. The company's revenue for the quarter was up 7.5% on a year-over-year basis. As a group, research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were given a $0.40 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 annualized dividend and a yield of 1.58%. Patrick Industries's dividend payout ratio is 38.37%.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. KeyCorp decreased their price target on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Raymond James Financial dropped their price target on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Truist Financial lifted their price objective on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Roth Mkm reaffirmed a "buy" rating and issued a $100.00 target price (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Finally, Baird R W lowered Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Patrick Industries currently has a consensus rating of "Moderate Buy" and an average price target of $96.42.

Insider Activity

In related news, Director Todd M. Cleveland bought 6,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, May 15th. The stock was acquired at an average price of $85.80 per share, for a total transaction of $514,800.00. Following the completion of the purchase, the director owned 125,286 shares in the company, valued at approximately $10,749,538.80. This represents a 5.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John A. Forbes sold 2,875 shares of Patrick Industries stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $91.62, for a total value of $263,407.50. Following the sale, the director directly owned 52,591 shares in the company, valued at approximately $4,818,387.42. This trade represents a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 14,071 shares of company stock worth $1,205,964. Insiders own 4.40% of the company's stock.

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.