Rivermont Capital Management LP Grows Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Rivermont Capital Management LP grew its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 136.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 147,899 shares of the construction company's stock after buying an additional 85,348 shares during the period. Patrick Industries accounts for 4.6% of Rivermont Capital Management LP's investment portfolio, making the stock its 14th largest position. Rivermont Capital Management LP owned about 0.44% of Patrick Industries worth $12,287,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. grew its holdings in Patrick Industries by 2.1% during the 3rd quarter. Principal Financial Group Inc. now owns 111,952 shares of the construction company's stock valued at $15,939,000 after buying an additional 2,275 shares in the last quarter. Park Avenue Securities LLC purchased a new stake in Patrick Industries in the 4th quarter worth approximately $217,000. Argent Capital Management LLC boosted its holdings in Patrick Industries by 48.8% in the 4th quarter. Argent Capital Management LLC now owns 224,636 shares of the construction company's stock valued at $18,663,000 after purchasing an additional 73,632 shares during the period. Heritage Family Offices LLP grew its position in shares of Patrick Industries by 48.0% during the 4th quarter. Heritage Family Offices LLP now owns 3,066 shares of the construction company's stock valued at $255,000 after purchasing an additional 994 shares in the last quarter. Finally, Ritholtz Wealth Management increased its holdings in shares of Patrick Industries by 53.9% in the fourth quarter. Ritholtz Wealth Management now owns 21,320 shares of the construction company's stock worth $1,771,000 after purchasing an additional 7,468 shares during the period. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PATK. Benchmark lifted their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Robert W. Baird reduced their target price on shares of Patrick Industries from $96.00 to $84.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Truist Financial lowered their price target on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating for the company in a research note on Monday, April 14th. StockNews.com raised Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Finally, Baird R W cut Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Patrick Industries currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.29.

Patrick Industries Price Performance

Patrick Industries stock traded up $2.02 during midday trading on Tuesday, reaching $89.77. 133,236 shares of the stock traded hands, compared to its average volume of 387,450. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90. The stock's fifty day moving average is $82.46 and its 200-day moving average is $86.85. The stock has a market cap of $3.00 billion, a P/E ratio of 21.79, a PEG ratio of 1.41 and a beta of 2.05.

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

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date is Tuesday, May 27th. Patrick Industries's dividend payout ratio is currently 38.37%.

Insider Activity

In other news, Director M Scott Welch acquired 2,500 shares of the business's stock in a transaction on Thursday, March 13th. The stock was bought at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the purchase, the director now owns 2,961 shares in the company, valued at approximately $250,559.82. This represents a 542.30% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction that occurred on 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 owns 18,044 shares in the company, valued at approximately $1,543,303.32. The trade was a 13.78% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders acquired 23,500 shares of company stock worth $2,026,000. 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.