Posted by admin on Aug 9th, 2022
Victory Capital Management Inc. trimmed its holdings in Patrick Industries, Inc. (NASDAQ:PATK – Get Rating) by 27.6% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 126,027 shares of the construction company’s stock after selling 47,959 shares during the quarter. Victory Capital Management Inc. owned 0.54% of Patrick Industries worth $7,843,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in PATK. Cubist Systematic Strategies LLC lifted its holdings in shares of Patrick Industries by 164.7% in the 4th quarter. Cubist Systematic Strategies LLC now owns 58,523 shares of the construction company’s stock worth $4,722,000 after acquiring an additional 36,416 shares during the last quarter. Whitebox Advisors LLC bought a new stake in Patrick Industries during the 4th quarter valued at $2,432,000. Epoch Investment Partners Inc. raised its holdings in Patrick Industries by 17.8% during the 4th quarter. Epoch Investment Partners Inc. now owns 183,867 shares of the construction company’s stock valued at $14,836,000 after buying an additional 27,726 shares during the last quarter. Wasatch Advisors Inc. raised its holdings in Patrick Industries by 17.8% during the 4th quarter. Wasatch Advisors Inc. now owns 182,039 shares of the construction company’s stock valued at $14,689,000 after buying an additional 27,569 shares during the last quarter. Finally, Aptus Capital Advisors LLC bought a new stake in Patrick Industries during the 4th quarter valued at $1,997,000. 94.85% of the stock is currently owned by institutional investors.
In other news, Chairman Todd M. Cleveland sold 5,000 shares of the company’s stock in a transaction dated Friday, May 13th. The shares were sold at an average price of $67.65, for a total value of $338,250.00. Following the sale, the chairman now directly owns 190,517 shares of the company’s stock, valued at approximately $12,888,475.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Chairman Todd M. Cleveland sold 3,103 shares of the stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $65.04, for a total transaction of $201,819.12. Following the sale, the chairman now directly owns 212,414 shares of the company’s stock, valued at approximately $13,815,406.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Todd M. Cleveland sold 5,000 shares of the stock in a transaction dated Friday, May 13th. The shares were sold at an average price of $67.65, for a total transaction of $338,250.00. Following the sale, the chairman now directly owns 190,517 shares in the company, valued at $12,888,475.05. The disclosure for this sale can be found here. Insiders own 6.10% of the company’s stock.
A number of equities research analysts recently commented on the stock. StockNews.com lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Tuesday, May 31st. KeyCorp upped their price target on shares of Patrick Industries from $65.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, August 1st. TheStreet lowered shares of Patrick Industries from a “b-” rating to a “c+” rating in a report on Thursday, July 14th. Truist Financial reduced their price objective on shares of Patrick Industries to $75.00 in a research report on Thursday, May 26th. Finally, MKM Partners initiated coverage on shares of Patrick Industries in a research report on Thursday, May 5th. They set a “buy” rating and a $93.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Patrick Industries presently has a consensus rating of “Hold” and an average price target of $74.00.
Shares of Patrick Industries stock opened at $58.89 on Tuesday. The company has a current ratio of 2.58, a quick ratio of 1.02 and a debt-to-equity ratio of 1.64. The company’s fifty day simple moving average is $56.07 and its two-hundred day simple moving average is $61.52. The company has a market cap of $1.35 billion, a P/E ratio of 4.09, a PEG ratio of 0.49 and a beta of 1.94. Patrick Industries, Inc. has a 12-month low of $49.79 and a 12-month high of $88.79.
Patrick Industries (NASDAQ:PATK – Get Rating) last released its earnings results on Thursday, July 28th. The construction company reported $5.31 earnings per share for the quarter, topping analysts’ consensus estimates of $3.42 by $1.89. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.23 billion. Patrick Industries had a net margin of 6.92% and a return on equity of 45.44%. Research analysts anticipate that Patrick Industries, Inc. will post 13.63 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, June 13th. Stockholders of record on Tuesday, May 31st were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend was Friday, May 27th. Patrick Industries’s dividend payout ratio is presently 9.17%.
Patrick Industries, Inc manufactures and distributes components, building products, and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.
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