Patrick Industries, Inc. (NASDAQ:PATK) Shares Sold by Wasatch Advisors LP

Wasatch Advisors LP lessened its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 64.2% in the 1st quarter, Holdings Channel.com reports. The firm owned 125,863 shares of the construction company’s stock after selling 225,494 shares during the period. Wasatch Advisors LP’s holdings in Patrick Industries were worth $15,037,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. US Bancorp DE increased its holdings in shares of Patrick Industries by 1.3% during the 4th quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock worth $770,000 after buying an additional 95 shares during the last quarter. SummerHaven Investment Management LLC increased its stake in Patrick Industries by 1.4% during the fourth quarter. SummerHaven Investment Management LLC now owns 8,768 shares of the construction company’s stock worth $880,000 after acquiring an additional 117 shares during the last quarter. Meritage Portfolio Management raised its position in Patrick Industries by 3.8% in the fourth quarter. Meritage Portfolio Management now owns 8,108 shares of the construction company’s stock valued at $814,000 after purchasing an additional 295 shares during the period. GAMMA Investing LLC acquired a new position in shares of Patrick Industries in the 4th quarter valued at $35,000. Finally, WealthTrust Axiom LLC grew its holdings in shares of Patrick Industries by 6.0% during the 4th quarter. WealthTrust Axiom LLC now owns 6,582 shares of the construction company’s stock worth $661,000 after purchasing an additional 375 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PATK shares. Truist Financial restated a “buy” rating and issued a $130.00 price objective on shares of Patrick Industries in a report on Friday, April 12th. StockNews.com downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. BMO Capital Markets increased 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, Roth Mkm restated a “buy” rating and set a $126.00 price target (up from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $106.71.

Patrick Industries Trading Down 2.8 %

NASDAQ:PATK opened at $107.13 on Wednesday. The stock has a fifty day moving average price of $109.68 and a 200 day moving average price of $108.03. 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, Inc. has a 12-month low of $70.15 and a 12-month high of $123.58. The firm has a market cap of $2.40 billion, a PE ratio of 15.87, a price-to-earnings-growth ratio of 0.78 and a beta of 1.66.

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

Patrick Industries Announces Dividend

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

About Patrick Industries

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.