Castleark Management LLC Purchases 8,340 Shares of Patrick Industries, Inc. $PATK

Castleark Management LLC grew its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 15.5% in the 1st quarter, Holdings Channel.com reports. The firm owned 62,180 shares of the construction company’s stock after purchasing an additional 8,340 shares during the quarter. Castleark Management LLC’s holdings in Patrick Industries were worth $6,906,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Mackenzie Financial Corp boosted its holdings in shares of Patrick Industries by 4.0% in the fourth quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock worth $231,000 after buying an additional 80 shares during the last quarter. CIBC Asset Management Inc increased its holdings in Patrick Industries by 4.1% during the fourth quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock valued at $245,000 after buying an additional 88 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its position in Patrick Industries by 4.1% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock worth $269,000 after acquiring an additional 98 shares during the period. Oregon Public Employees Retirement Fund raised its position in Patrick Industries by 1.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company’s stock worth $821,000 after acquiring an additional 100 shares during the period. Finally, California State Teachers Retirement System boosted its stake in shares of Patrick Industries by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company’s stock worth $2,725,000 after acquiring an additional 154 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PATK. Robert W. Baird set a $110.00 price objective on shares of Patrick Industries in a research report on Friday, May 1st. KeyCorp lowered their target price on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 22nd. Zacks Research lowered Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Truist Financial reduced their price target on Patrick Industries from $126.00 to $113.00 and set a “buy” rating for the company in a research report on Wednesday, July 8th. Finally, Wall Street Zen downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Patrick Industries has a consensus rating of “Moderate Buy” and an average target price of $119.75.

Patrick Industries Price Performance

Shares of PATK stock opened at $84.50 on Monday. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of 21.67 and a beta of 1.11. Patrick Industries, Inc. has a one year low of $81.29 and a one year high of $148.50. The company’s fifty day moving average price is $87.76 and its 200-day moving average price is $106.78. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The company had revenue of $997.17 million for 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%. Patrick Industries’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.11 EPS. Sell-side analysts expect that Patrick Industries, Inc. will post 4.63 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Tuesday, May 26th. Patrick Industries’s payout ratio is presently 48.21%.

Insiders Place Their Bets

In other Patrick Industries news, insider Jacob R. Petkovich acquired 1,300 shares of the company’s stock in a transaction dated Wednesday, May 6th. The stock was purchased at an average price of $95.57 per share, with a total value of $124,241.00. Following the completion of the purchase, the insider directly owned 46,290 shares in the company, valued at approximately $4,423,935.30. The trade was a 2.89% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Charles R. Roeder bought 5,750 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were acquired at an average price of $87.83 per share, with a total value of $505,022.50. Following the transaction, the insider directly owned 42,147 shares of the company’s stock, valued at $3,701,771.01. This represents a 15.80% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders bought 28,700 shares of company stock valued at $2,532,880. Insiders own 3.80% of the company’s stock.

Patrick Industries 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.