SG Capital Management LLC Grows Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

SG Capital Management LLC grew its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 285.3% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 163,548 shares of the construction company's stock after buying an additional 121,103 shares during the period. Patrick Industries accounts for approximately 1.3% of SG Capital Management LLC's portfolio, making the stock its 22nd largest position. SG Capital Management LLC owned about 0.49% of Patrick Industries worth $13,588,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Royal Bank of Canada grew its holdings in shares of Patrick Industries by 50.1% during the fourth quarter. Royal Bank of Canada now owns 188,869 shares of the construction company's stock worth $15,691,000 after buying an additional 63,051 shares in the last quarter. Rivermont Capital Management LP grew its holdings in Patrick Industries by 136.4% during the 4th quarter. Rivermont Capital Management LP now owns 147,899 shares of the construction company's stock worth $12,287,000 after acquiring an additional 85,348 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Patrick Industries during the fourth quarter worth $10,171,000. ProShare Advisors LLC lifted its holdings in shares of Patrick Industries by 116.4% in the 4th quarter. ProShare Advisors LLC now owns 9,788 shares of the construction company's stock worth $813,000 after purchasing an additional 5,264 shares during the last quarter. Finally, Nomura Holdings Inc. increased its holdings in shares of Patrick Industries by 76.6% in the 4th quarter. Nomura Holdings Inc. now owns 107,632 shares of the construction company's stock worth $8,942,000 after acquiring an additional 46,686 shares during the period. Institutional investors and hedge funds own 93.29% of the company's stock.

Wall Street Analyst Weigh In

PATK has been the subject of several recent analyst reports. Benchmark increased their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a report on Friday, February 7th. Raymond James decreased their price target on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Baird R W lowered Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. KeyCorp lowered their target price on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, Roth Mkm restated a "buy" rating and set a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $96.29.

Patrick Industries Stock Down 2.1%

PATK traded down $1.88 during trading on Wednesday, hitting $87.63. 185,189 shares of the company's stock were exchanged, compared to its average volume of 354,481. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90. The stock has a market cap of $2.93 billion, a P/E ratio of 21.25, a PEG ratio of 1.41 and a beta of 2.05. The business's 50 day moving average is $82.58 and its two-hundred day moving average is $86.86. 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 (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data 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. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The business had revenue of $1 billion for the quarter, compared to analysts' expectations of $959.46 million. During the same period last year, the business earned $1.79 EPS. The business's revenue was up 7.5% on a year-over-year basis. As a group, equities analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th will be paid a $0.40 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a yield of 1.83%. Patrick Industries's dividend payout ratio is presently 38.37%.

Insider Transactions at Patrick Industries

In other news, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the sale, the executive vice president now directly owns 18,044 shares in the company, valued at approximately $1,543,303.32. This represents a 13.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Todd M. Cleveland acquired 5,000 shares of the stock in a transaction on Monday, May 19th. The stock was bought at an average price of $87.49 per share, with a total value of $437,450.00. Following the completion of the acquisition, the director now directly owns 130,286 shares of the company's stock, valued at $11,398,722.14. This trade represents a 3.99% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 23,500 shares of company stock valued at $2,026,000 in the last quarter. Insiders own 4.40% of the company's stock.

Patrick Industries Company 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.