PDT Partners LLC Has $388,000 Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

PDT Partners LLC trimmed its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 72.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,668 shares of the construction company's stock after selling 12,125 shares during the quarter. PDT Partners LLC's holdings in Patrick Industries were worth $388,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Northern Trust Corp grew its position in Patrick Industries by 80.3% during the 4th quarter. Northern Trust Corp now owns 414,055 shares of the construction company's stock worth $34,400,000 after acquiring an additional 184,459 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Patrick Industries by 48.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 17,028 shares of the construction company's stock worth $1,415,000 after purchasing an additional 5,590 shares during the last quarter. Tudor Investment Corp ET AL acquired a new stake in shares of Patrick Industries in the fourth quarter valued at $605,000. Aquatic Capital Management LLC bought a new position in shares of Patrick Industries in the fourth quarter valued at about $378,000. Finally, Two Sigma Securities LLC acquired a new position in Patrick Industries during the 4th quarter worth about $334,000. Institutional investors and hedge funds own 93.29% of the company's stock.

Analyst Upgrades and Downgrades

PATK has been the subject of a number of research analyst reports. Benchmark boosted their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Truist Financial dropped their price objective on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating for the company in a research report on Monday, April 14th. KeyCorp decreased their price objective on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $96.00 price target (down previously from $100.00) on shares of Patrick Industries in a report on Friday, April 4th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Patrick Industries presently has a consensus rating of "Moderate Buy" and an average target price of $96.79.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK opened at $81.58 on Friday. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of 19.80, a P/E/G ratio of 1.41 and a beta of 2.17. The firm's 50 day simple moving average is $83.26 and its 200 day simple moving average is $87.37. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.13. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The company had revenue of $1 billion for the quarter, compared to analysts' expectations of $959.46 million. During the same period last year, the firm posted $1.79 earnings per share. The business's quarterly revenue was up 7.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 annualized dividend and a dividend yield of 1.96%. Patrick Industries's dividend payout ratio (DPR) is currently 38.83%.

Insider Transactions at Patrick Industries

In related news, Director M Scott Welch acquired 2,500 shares of the business's stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average cost of $84.62 per share, with a total value of $211,550.00. Following the transaction, the director now owns 2,961 shares of the company's stock, valued at $250,559.82. The trade was a 542.30 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the transaction, the executive vice president now directly owns 18,044 shares of the company's stock, valued at $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.70% of the stock is currently owned by insiders.

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.

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