Peregrine Capital Management LLC Sells 5,858 Shares of Patrick Industries, Inc. $PATK

Peregrine Capital Management LLC decreased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 4.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 136,250 shares of the construction company’s stock after selling 5,858 shares during the quarter. Peregrine Capital Management LLC’s holdings in Patrick Industries were worth $15,133,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Advisory Services Network LLC acquired a new stake in shares of Patrick Industries in the 3rd quarter valued at approximately $25,000. Torren Management LLC bought a new position in Patrick Industries in the 4th quarter valued at approximately $26,000. Allworth Financial LP lifted its stake in Patrick Industries by 181.2% in the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after purchasing an additional 203 shares during the last quarter. Farther Finance Advisors LLC boosted its position in Patrick Industries by 200.9% in the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock valued at $37,000 after buying an additional 229 shares in the last quarter. Finally, Strs Ohio acquired a new stake in Patrick Industries in the first quarter valued at approximately $42,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Patrick Industries

In related news, Director M Scott Welch purchased 10,050 shares of Patrick Industries stock in a transaction on Tuesday, May 5th. The shares were purchased at an average price of $88.23 per share, for a total transaction of $886,711.50. Following the transaction, the director owned 156,000 shares of the company’s stock, valued at approximately $13,763,880. This represents a 6.89% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Andy L. Nemeth purchased 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was bought at an average cost of $88.00 per share, with a total value of $880,000.00. Following the purchase, the chief executive officer owned 287,745 shares of the company’s stock, valued at approximately $25,321,560. This trade represents a 3.60% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 28,700 shares of company stock worth $2,532,880 over the last 90 days. Company insiders own 3.80% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on PATK. Wall Street Zen downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Robert W. Baird set a $110.00 price objective on Patrick Industries in a report on Friday, May 1st. Zacks Research lowered Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Benchmark reduced their price objective on Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Finally, KeyCorp lowered their target price on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus target price of $122.62.

Patrick Industries Stock Down 3.6%

NASDAQ:PATK opened at $89.78 on Wednesday. Patrick Industries, Inc. has a one year low of $82.35 and a one year high of $148.50. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. The company has a market cap of $2.95 billion, a PE ratio of 23.02 and a beta of 1.09. The firm’s 50 day simple moving average is $91.62 and its 200 day simple moving average is $110.15.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. The firm had revenue of $997.17 million during the quarter, compared to analysts’ expectations of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The company’s revenue was down .6% on a year-over-year basis. During the same period in the prior year, the company posted $1.11 EPS. On average, research analysts anticipate that Patrick Industries, Inc. will post 4.94 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Tuesday, May 26th. Patrick Industries’s dividend payout ratio is presently 48.21%.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.