Legato Capital Management LLC Has $2.06 Million Stock Position in Patrick Industries, Inc. $PATK

Legato Capital Management LLC boosted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 74.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 19,934 shares of the construction company’s stock after purchasing an additional 8,525 shares during the period. Legato Capital Management LLC owned 0.06% of Patrick Industries worth $2,062,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Salomon & Ludwin LLC acquired a new stake in shares of Patrick Industries in the 3rd quarter valued at approximately $25,000. Cornerstone Planning Group LLC bought a new stake in Patrick Industries during the third quarter worth $31,000. Parkside Financial Bank & Trust lifted its stake in Patrick Industries by 87.5% in the third quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock valued at $49,000 after acquiring an additional 223 shares during the last quarter. Strs Ohio bought a new position in shares of Patrick Industries in the 1st quarter valued at about $42,000. Finally, Quent Capital LLC bought a new position in shares of Patrick Industries in the 3rd quarter valued at about $66,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Trading Up 0.0%

Shares of Patrick Industries stock opened at $123.82 on Tuesday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. The firm has a 50-day moving average of $126.33 and a 200-day moving average of $113.38. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $148.50. The stock has a market cap of $4.12 billion, a PE ratio of 31.67, a PEG ratio of 1.30 and a beta of 1.33.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.10. The business had revenue of $924.17 million during the quarter, compared to analysts’ expectations of $858.62 million. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The business’s revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.52 EPS. As a group, sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Investors of record on Monday, February 23rd will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Monday, February 23rd. Patrick Industries’s payout ratio is 48.08%.

Insider Buying and Selling

In other news, Director John A. Forbes sold 2,704 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $140.75, for a total transaction of $380,588.00. Following the sale, the director directly owned 49,272 shares of the company’s stock, valued at approximately $6,935,034. This represents a 5.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Stacey L. Amundson sold 3,903 shares of the firm’s stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $145.61, for a total value of $568,315.83. Following the completion of the transaction, the executive vice president owned 12,819 shares in the company, valued at $1,866,574.59. The trade was a 23.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 31,607 shares of company stock worth $3,823,904. 4.70% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PATK shares. Truist Financial set a $126.00 target price on shares of Patrick Industries in a research note on Friday, January 9th. Roth Mkm reaffirmed a “buy” rating and issued a $157.00 price objective on shares of Patrick Industries in a research report on Monday, February 9th. Benchmark reissued a “buy” rating on shares of Patrick Industries in a report on Friday, February 6th. Wall Street Zen raised Patrick Industries from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Weiss Ratings upgraded shares of Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $135.13.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.