GW&K Investment Management LLC Reduces Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

GW&K Investment Management LLC lowered its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 6.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 290,804 shares of the construction company's stock after selling 21,404 shares during the quarter. GW&K Investment Management LLC owned about 1.31% of Patrick Industries worth $29,182,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Pacer Advisors Inc. lifted its stake in Patrick Industries by 39.7% in the fourth quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company's stock valued at $104,972,000 after buying an additional 297,381 shares in the last quarter. Norges Bank bought a new stake in Patrick Industries in the 4th quarter valued at $14,782,000. Dimensional Fund Advisors LP increased its holdings in Patrick Industries by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company's stock worth $144,828,000 after purchasing an additional 21,735 shares in the last quarter. O Shaughnessy Asset Management LLC increased its holdings in Patrick Industries by 103.4% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 42,470 shares of the construction company's stock worth $3,188,000 after purchasing an additional 21,585 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Patrick Industries by 7.0% in the third quarter. Invesco Ltd. now owns 277,265 shares of the construction company's stock valued at $20,812,000 after purchasing an additional 18,256 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Stock Performance

Shares of NASDAQ PATK traded down $0.76 during midday trading on Tuesday, hitting $112.09. 60,060 shares of the company's stock were exchanged, compared to its average volume of 165,617. Patrick Industries, Inc. has a 12 month low of $64.28 and a 12 month high of $123.58. The company's 50 day moving average price is $111.65 and its 200 day moving average price is $102.62. The company has a quick ratio of 0.96, a current ratio of 2.38 and a debt-to-equity ratio of 1.32. The firm has a market capitalization of $2.51 billion, a PE ratio of 16.67, a price-to-earnings-growth ratio of 0.80 and a beta of 1.73.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings data on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, beating the consensus estimate of $1.32 by $0.47. The firm had revenue of $933.50 million for the quarter, compared to the consensus estimate of $829.22 million. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The company's quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.35 earnings per share. As a group, analysts predict that Patrick Industries, Inc. will post 8.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Patrick Industries news, CEO Andy L. Nemeth sold 5,000 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $116.50, for a total transaction of $582,500.00. Following the transaction, the chief executive officer now owns 284,619 shares in the company, valued at approximately $33,158,113.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Patrick Industries news, CEO Andy L. Nemeth sold 10,000 shares of Patrick Industries stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $115.00, for a total value of $1,150,000.00. Following the completion of the transaction, the chief executive officer now directly owns 289,619 shares of the company's stock, valued at approximately $33,306,185. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Andy L. Nemeth sold 5,000 shares of the company's stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $116.50, for a total value of $582,500.00. Following the sale, the chief executive officer now owns 284,619 shares of the company's stock, valued at $33,158,113.50. The disclosure for this sale can be found here. Insiders sold 45,583 shares of company stock worth $5,317,194 over the last three months. Insiders own 4.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PATK. KeyCorp upped their price target on Patrick Industries from $110.00 to $115.00 and gave the stock an "overweight" rating in a research report on Friday, February 9th. Truist Financial reissued a "buy" rating and set a $130.00 price target on shares of Patrick Industries in a research report on Friday, April 12th. StockNews.com cut Patrick Industries from a "buy" rating to a "hold" rating in a report on Thursday, March 21st. Roth Mkm reiterated a "buy" rating and set a $126.00 target price (up previously from $120.00) on shares of Patrick Industries in a report on Monday, May 6th. Finally, BMO Capital Markets raised their price target on Patrick Industries from $120.00 to $125.00 and gave the company an "outperform" rating in a research note on Friday, May 3rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $106.71.

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.