GW&K Investment Management LLC Lowers Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

GW&K Investment Management LLC trimmed its holdings in Patrick Industries, Inc. (NASDAQ:PATKGet Rating) by 0.6% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 664,283 shares of the construction company’s stock after selling 4,102 shares during the period. GW&K Investment Management LLC owned approximately 2.81% of Patrick Industries worth $53,601,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Epoch Investment Partners Inc. boosted its position in shares of Patrick Industries by 17.8% during the fourth quarter. Epoch Investment Partners Inc. now owns 183,867 shares of the construction company’s stock worth $14,836,000 after buying an additional 27,726 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Patrick Industries by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 282,891 shares of the construction company’s stock worth $22,827,000 after buying an additional 4,124 shares during the period. Allianz Asset Management GmbH purchased a new position in shares of Patrick Industries during the fourth quarter worth $339,000. Essex Investment Management Co. LLC raised its stake in shares of Patrick Industries by 30.5% in the fourth quarter. Essex Investment Management Co. LLC now owns 71,420 shares of the construction company’s stock valued at $5,763,000 after acquiring an additional 16,706 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Patrick Industries by 3.4% in the fourth quarter. Rhumbline Advisers now owns 54,353 shares of the construction company’s stock valued at $4,386,000 after acquiring an additional 1,800 shares in the last quarter. Institutional investors and hedge funds own 94.85% of the company’s stock.

Several brokerages have recently issued reports on PATK. StockNews.com began coverage on Patrick Industries in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Truist Financial began coverage on Patrick Industries in a research note on Tuesday, April 12th. They issued a “buy” rating and a $75.00 price target on the stock. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “strong-buy” rating and set a $78.00 price target on the stock in a research note on Thursday, May 5th. Bank of America began coverage on Patrick Industries in a research note on Monday, April 4th. They issued an “underperform” rating and a $60.00 price target on the stock. Finally, MKM Partners assumed coverage on Patrick Industries in a research note on Thursday, May 5th. They issued a “buy” rating and a $93.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries presently has a consensus rating of “Buy” and an average target price of $83.33.

In other news, Chairman Todd M. Cleveland sold 3,103 shares of the business’s stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $65.04, for a total transaction of $201,819.12. Following the transaction, the chairman now owns 212,414 shares in the company, valued at approximately $13,815,406.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Todd M. Cleveland sold 5,000 shares of the company’s stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $66.68, for a total transaction of $333,400.00. Following the completion of the sale, the chairman now directly owns 215,517 shares in the company, valued at approximately $14,370,673.56. The disclosure for this sale can be found here. Insiders sold a total of 23,103 shares of company stock worth $1,556,669 in the last quarter. Insiders own 6.10% of the company’s stock.

Shares of NASDAQ PATK traded down $1.61 during midday trading on Friday, reaching $57.26. 413,019 shares of the company were exchanged, compared to its average volume of 233,157. Patrick Industries, Inc. has a 1 year low of $54.80 and a 1 year high of $89.56. The company has a current ratio of 2.37, a quick ratio of 0.96 and a debt-to-equity ratio of 1.86. The stock has a market cap of $1.32 billion, a P/E ratio of 4.72, a PEG ratio of 0.72 and a beta of 1.95. The stock has a fifty day simple moving average of $62.85 and a 200 day simple moving average of $70.46.

Patrick Industries (NASDAQ:PATKGet Rating) last issued its earnings results on Thursday, April 28th. The construction company reported $4.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.89 by $2.04. The company had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.18 billion. Patrick Industries had a net margin of 6.35% and a return on equity of 39.75%. The company’s revenue for the quarter was up 57.8% on a year-over-year basis. During the same quarter last year, the business posted $1.80 EPS. As a group, analysts forecast that Patrick Industries, Inc. will post 13.16 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, June 13th. Investors of record on Tuesday, May 31st will be issued a $0.33 dividend. The ex-dividend date is Friday, May 27th. This represents a $1.32 annualized dividend and a yield of 2.31%. Patrick Industries’s dividend payout ratio (DPR) is presently 10.88%.

Patrick Industries Company Profile (Get Rating)

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, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.

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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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