Patrick Industries, Inc. $PATK is Watchtower Advisors LP’s 6th Largest Position

Watchtower Advisors LP boosted its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 50.0% during the third quarter, Holdings Channel reports. The firm owned 150,000 shares of the construction company’s stock after buying an additional 50,000 shares during the quarter. Patrick Industries comprises approximately 7.2% of Watchtower Advisors LP’s holdings, making the stock its 6th biggest position. Watchtower Advisors LP’s holdings in Patrick Industries were worth $15,514,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PATK. Geode Capital Management LLC increased its position in shares of Patrick Industries by 0.9% in the second quarter. Geode Capital Management LLC now owns 812,740 shares of the construction company’s stock valued at $75,000,000 after buying an additional 7,011 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Patrick Industries by 33.8% in the 2nd quarter. American Century Companies Inc. now owns 712,383 shares of the construction company’s stock worth $65,732,000 after buying an additional 180,092 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Patrick Industries by 2.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 578,733 shares of the construction company’s stock valued at $59,858,000 after acquiring an additional 15,582 shares during the last quarter. Schroder Investment Management Group increased its holdings in Patrick Industries by 7.2% during the 3rd quarter. Schroder Investment Management Group now owns 413,789 shares of the construction company’s stock valued at $42,798,000 after acquiring an additional 27,954 shares in the last quarter. Finally, Tributary Capital Management LLC increased its holdings in Patrick Industries by 52.0% during the 3rd quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company’s stock valued at $38,435,000 after acquiring an additional 127,099 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Insiders Place Their Bets

In other Patrick Industries news, EVP Stacey L. Amundson sold 3,903 shares of the firm’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $145.61, for a total value of $568,315.83. Following the sale, the executive vice president directly owned 12,819 shares of the company’s stock, valued at approximately $1,866,574.59. This trade represents a 23.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John A. Forbes sold 2,704 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $140.75, for a total transaction of $380,588.00. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders acquired 1,110 shares of company stock worth $153,095 and sold 31,607 shares worth $3,823,904. Company insiders own 4.40% of the company’s stock.

Patrick Industries Price Performance

Patrick Industries stock opened at $115.05 on Thursday. The stock has a market capitalization of $3.82 billion, a P/E ratio of 29.42 and a beta of 1.33. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $148.50. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. The firm’s 50-day moving average is $127.25 and its two-hundred day moving average is $113.66.

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

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.6%. Patrick Industries’s payout ratio is currently 48.08%.

Analyst Ratings Changes

PATK has been the topic of several recent research reports. Roth Mkm reaffirmed a “buy” rating and issued a $157.00 price target on shares of Patrick Industries in a report on Monday, February 9th. BMO Capital Markets reissued an “outperform” rating and set a $155.00 price objective on shares of Patrick Industries in a research note on Friday, February 6th. Truist Financial set a $126.00 price objective on Patrick Industries in a research report on Friday, January 9th. KeyCorp reaffirmed an “overweight” rating and issued a $155.00 target price (up from $135.00) on shares of Patrick Industries in a research note on Friday, February 6th. Finally, Benchmark reissued a “buy” rating on shares of Patrick Industries in a research report on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Patrick Industries has an average rating of “Moderate Buy” and a consensus price target of $135.13.

Patrick Industries Company Profile

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.