Wasatch Advisors LP Has $15.04 Million Position in Patrick Industries, Inc. (NASDAQ:PATK)

Wasatch Advisors LP trimmed its position in Patrick Industries, Inc. (NASDAQ:PATK) by 64.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 125,863 shares of the construction company’s stock after selling 225,494 shares during the period. Wasatch Advisors LP owned approximately 0.56% of Patrick Industries worth $15,037,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of PATK. Janney Montgomery Scott LLC lifted its position in Patrick Industries by 457.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 17,685 shares of the construction company’s stock valued at $1,774,000 after acquiring an additional 14,510 shares in the last quarter. SummerHaven Investment Management LLC lifted its holdings in shares of Patrick Industries by 1.4% in the fourth quarter. SummerHaven Investment Management LLC now owns 8,768 shares of the construction company’s stock valued at $880,000 after purchasing an additional 117 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of Patrick Industries by 39.7% during the fourth quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock worth $104,972,000 after buying an additional 297,381 shares during the period. Envestnet Portfolio Solutions Inc. bought a new position in shares of Patrick Industries during the third quarter worth about $243,000. Finally, Meritage Portfolio Management raised its position in Patrick Industries by 3.8% in the 4th quarter. Meritage Portfolio Management now owns 8,108 shares of the construction company’s stock valued at $814,000 after buying an additional 295 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Analyst Ratings Changes

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

Patrick Industries Stock Down 2.8 %

Shares of Patrick Industries stock opened at $107.13 on Wednesday. The stock’s 50-day moving average is $109.68 and its 200 day moving average is $108.03. Patrick Industries, Inc. has a one year low of $70.15 and a one year high of $123.58. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of 15.87, a PEG ratio of 0.78 and a beta of 1.66. The company has a debt-to-equity ratio of 1.32, a current ratio of 2.38 and a quick ratio of 0.96.

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

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend was Monday, June 3rd. Patrick Industries’s dividend payout ratio (DPR) is 32.59%.

Patrick Industries 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.