Wasatch Advisors LP Reduces Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Wasatch Advisors LP lessened its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 13.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 351,357 shares of the construction company’s stock after selling 52,321 shares during the quarter. Wasatch Advisors LP owned about 1.59% of Patrick Industries worth $35,259,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC bought a new stake in Patrick Industries during the 4th quarter worth approximately $35,000. Xponance Inc. purchased a new stake in shares of Patrick Industries in the fourth quarter worth $203,000. Heritage Wealth Management LLC bought a new stake in Patrick Industries during the fourth quarter valued at $238,000. Everence Capital Management Inc. purchased a new position in Patrick Industries during the fourth quarter worth about $243,000. Finally, Carmel Capital Partners LLC increased its stake in Patrick Industries by 418.6% in the 4th quarter. Carmel Capital Partners LLC now owns 3,044 shares of the construction company’s stock worth $305,000 after acquiring an additional 2,457 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Trading Down 2.2 %

Shares of PATK traded down $2.29 during mid-day trading on Tuesday, reaching $102.61. The company’s stock had a trading volume of 2,548 shares, compared to its average volume of 157,850. Patrick Industries, Inc. has a 52 week low of $70.15 and a 52 week high of $123.58. The stock has a market cap of $2.30 billion, a PE ratio of 15.54, a P/E/G ratio of 0.77 and a beta of 1.70. The company’s fifty day moving average price is $110.50 and its two-hundred day moving average price is $105.74. The company has a current ratio of 2.38, a quick ratio of 0.96 and a debt-to-equity ratio of 1.32.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.47. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The company had revenue of $933.50 million for the quarter, compared to analysts’ expectations of $829.22 million. During the same quarter last year, the company earned $1.35 EPS. The firm’s revenue was up 3.7% compared to the same quarter last year. On average, analysts predict that Patrick Industries, Inc. will post 8.12 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date is Monday, June 3rd. Patrick Industries’s dividend payout ratio (DPR) is presently 32.59%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Truist Financial reiterated a “buy” rating and set a $130.00 price target on shares of Patrick Industries in a research report on Friday, April 12th. Roth Mkm reiterated a “buy” rating and set a $126.00 target price (up from $120.00) on shares of Patrick Industries in a research report on Monday, May 6th. StockNews.com lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. Finally, BMO Capital Markets lifted their price objective on shares of Patrick Industries from $120.00 to $125.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $106.71.

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.