Epoch Investment Partners Inc. Cuts Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Epoch Investment Partners Inc. decreased its position in Patrick Industries, Inc. (NASDAQ:PATK) by 81.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 27,766 shares of the construction company’s stock after selling 121,428 shares during the period. Epoch Investment Partners Inc. owned 0.12% of Patrick Industries worth $3,014,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of PATK. Janney Montgomery Scott LLC lifted its holdings in Patrick Industries by 457.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 17,685 shares of the construction company’s stock worth $1,774,000 after acquiring an additional 14,510 shares during the period. Norges Bank purchased a new position in shares of Patrick Industries in the 4th quarter worth about $14,782,000. US Bancorp DE grew its position in Patrick Industries by 1.3% during the fourth quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock valued at $770,000 after buying an additional 95 shares during the period. BTC Capital Management Inc. purchased a new stake in Patrick Industries during the first quarter worth about $303,000. Finally, Congress Asset Management Co. MA raised its position in Patrick Industries by 1.0% in the first quarter. Congress Asset Management Co. MA now owns 93,959 shares of the construction company’s stock worth $11,225,000 after acquiring an additional 925 shares during the period. Institutional investors own 93.29% of the company’s stock.

Insider Transactions at Patrick Industries

In related news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the transaction, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the sale, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,411 shares of company stock valued at $3,858,915. 4.70% of the stock is currently owned by company insiders.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $142.72 on Tuesday. The business’s fifty day moving average is $127.40 and its 200 day moving average is $116.54. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of 21.14, a PEG ratio of 1.10 and a beta of 1.62. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.94 and a current ratio of 2.29. Patrick Industries, Inc. has a 52-week low of $70.15 and a 52-week high of $147.80.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $972.06 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.94 earnings per share. Research analysts predict that Patrick Industries, Inc. will post 7.32 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.54%. Patrick Industries’s dividend payout ratio (DPR) is currently 32.59%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PATK shares. Robert W. Baird increased their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. DA Davidson raised their target price on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Benchmark reaffirmed a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a research report on Tuesday, September 17th. KeyCorp increased their price target on Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Finally, BMO Capital Markets boosted their price objective on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $135.43.

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.