Cambria Investment Management L.P. trimmed its holdings in Patrick Industries, Inc. (NASDAQ:PATK – Free Report) by 18.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,132 shares of the construction company’s stock after selling 1,661 shares during the period. Cambria Investment Management L.P.’s holdings in Patrick Industries were worth $571,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in PATK. Citigroup Inc. raised its holdings in Patrick Industries by 30.7% in the 2nd quarter. Citigroup Inc. now owns 21,051 shares of the construction company’s stock valued at $1,684,000 after acquiring an additional 4,941 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Patrick Industries by 5.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,370,231 shares of the construction company’s stock worth $109,618,000 after purchasing an additional 71,397 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Patrick Industries by 5.1% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,971 shares of the construction company’s stock worth $1,918,000 after purchasing an additional 1,174 shares during the last quarter. Foster & Motley Inc. boosted its stake in Patrick Industries by 51.4% in the 2nd quarter. Foster & Motley Inc. now owns 6,178 shares of the construction company’s stock valued at $494,000 after purchasing an additional 2,098 shares during the period. Finally, Wasatch Advisors LP grew its holdings in Patrick Industries by 136.0% in the 2nd quarter. Wasatch Advisors LP now owns 557,123 shares of the construction company’s stock valued at $44,570,000 after buying an additional 321,042 shares in the last quarter. 93.18% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
PATK has been the subject of a number of research reports. DA Davidson lifted their target price on Patrick Industries from $75.00 to $81.00 and gave the stock a “neutral” rating in a report on Tuesday, August 1st. KeyCorp boosted their price objective on shares of Patrick Industries from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, July 31st. StockNews.com raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a report on Tuesday. Truist Financial cut their price target on Patrick Industries from $100.00 to $95.00 and set a “buy” rating for the company in a research note on Tuesday, October 17th. Finally, Bank of America raised their price objective on Patrick Industries from $63.00 to $75.00 and gave the stock an “underperform” rating in a research note on Monday, August 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $88.20.
Patrick Industries Stock Down 0.5 %
Shares of PATK opened at $83.58 on Friday. The firm has a 50 day simple moving average of $76.12 and a two-hundred day simple moving average of $76.94. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.42 and a quick ratio of 0.87. Patrick Industries, Inc. has a one year low of $52.55 and a one year high of $87.36. The company has a market cap of $1.85 billion, a P/E ratio of 12.33, a P/E/G ratio of 4.29 and a beta of 1.85.
Patrick Industries (NASDAQ:PATK – Get Free Report) last posted its quarterly earnings results on Thursday, October 26th. The construction company reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.09. Patrick Industries had a return on equity of 15.75% and a net margin of 4.18%. The company had revenue of $866.07 million during the quarter, compared to analysts’ expectations of $839.93 million. During the same quarter in the previous year, the firm earned $2.43 EPS. Patrick Industries’s revenue was down 22.1% on a year-over-year basis. Research analysts forecast that Patrick Industries, Inc. will post 6.48 EPS for the current fiscal year.
Patrick Industries Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Monday, November 27th will be paid a $0.55 dividend. This is an increase from Patrick Industries’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 24th. This represents a $2.20 annualized dividend and a yield of 2.63%. Patrick Industries’s dividend payout ratio is presently 26.55%.
Insider Buying and Selling at Patrick Industries
In other news, Director Derrick B. Mayes sold 1,900 shares of the company’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $77.42, for a total transaction of $147,098.00. Following the completion of the transaction, the director now directly owns 7,001 shares in the company, valued at $542,017.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Derrick B. Mayes sold 1,900 shares of the business’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $77.42, for a total transaction of $147,098.00. Following the sale, the director now directly owns 7,001 shares in the company, valued at $542,017.42. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Todd M. Cleveland sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $83.57, for a total transaction of $208,925.00. Following the completion of the transaction, the director now owns 88,690 shares of the company’s stock, valued at approximately $7,411,823.30. The disclosure for this sale can be found here. Insiders have sold 29,390 shares of company stock worth $2,360,221 over the last quarter. Corporate insiders own 6.80% of the company’s stock.
Patrick Industries Company Profile
Patrick Industries, Inc manufactures and distributes components, building 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.
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