SG Americas Securities LLC Sells 246,391 Shares of Patrick Industries, Inc. $PATK

SG Americas Securities LLC decreased its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 95.0% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 12,974 shares of the construction company’s stock after selling 246,391 shares during the period. SG Americas Securities LLC’s holdings in Patrick Industries were worth $1,441,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Mackenzie Financial Corp raised its stake in shares of Patrick Industries by 4.0% in the fourth quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock worth $231,000 after buying an additional 80 shares during the period. CIBC Asset Management Inc grew its stake in shares of Patrick Industries by 4.1% during the 4th quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock valued at $245,000 after acquiring an additional 88 shares during the period. Hennion & Walsh Asset Management Inc. grew its stake in shares of Patrick Industries by 4.1% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock valued at $269,000 after acquiring an additional 98 shares during the period. Oregon Public Employees Retirement Fund increased its holdings in Patrick Industries by 1.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company’s stock worth $821,000 after acquiring an additional 100 shares in the last quarter. Finally, California State Teachers Retirement System increased its holdings in Patrick Industries by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company’s stock worth $2,725,000 after acquiring an additional 154 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Performance

PATK stock opened at $85.03 on Friday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. Patrick Industries, Inc. has a 1-year low of $82.35 and a 1-year high of $148.50. The business has a 50 day simple moving average of $90.56 and a two-hundred day simple moving average of $109.55. The company has a market capitalization of $2.80 billion, a price-to-earnings ratio of 21.80 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The firm had revenue of $997.17 million for the quarter, compared to analysts’ expectations of $989.06 million. During the same quarter last year, the business posted $1.11 earnings per share. The company’s revenue for the quarter was down .6% compared to the same quarter last year. Research analysts anticipate that Patrick Industries, Inc. will post 4.89 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, May 26th. Patrick Industries’s dividend payout ratio (DPR) is presently 48.21%.

Insider Activity at Patrick Industries

In related news, insider Charles R. Roeder acquired 5,750 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was acquired at an average price of $87.83 per share, with a total value of $505,022.50. Following the acquisition, the insider directly owned 42,147 shares of the company’s stock, valued at approximately $3,701,771.01. This trade represents a 15.80% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CFO Matthew S. Filer acquired 1,000 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were bought at an average cost of $85.50 per share, with a total value of $85,500.00. Following the acquisition, the chief financial officer directly owned 21,614 shares in the company, valued at approximately $1,847,997. The trade was a 4.85% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 28,700 shares of company stock valued at $2,532,880 in the last ninety days. Corporate insiders own 3.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PATK shares. Robert W. Baird set a $110.00 target price on shares of Patrick Industries in a research note on Friday, May 1st. Weiss Ratings lowered shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday. Benchmark reduced their price objective on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a research note on Friday, May 1st. KeyCorp decreased their price objective on shares of Patrick Industries from $140.00 to $125.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Finally, BMO Capital Markets restated an “outperform” rating and set a $150.00 target price (down from $155.00) on shares of Patrick Industries in a research note on Monday, April 20th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $122.62.

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.