Freestone Grove Partners LP Takes $2.65 Million Position in Patrick Industries, Inc. $PATK

Freestone Grove Partners LP bought a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 29,508 shares of the construction company’s stock, valued at approximately $2,649,000.

Other institutional investors have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Patrick Industries by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock valued at $1,632,000 after purchasing an additional 851 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Patrick Industries by 5.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock worth $5,957,000 after purchasing an additional 3,748 shares during the period. Strs Ohio acquired a new position in shares of Patrick Industries in the first quarter valued at $42,000. Cetera Investment Advisers increased its holdings in shares of Patrick Industries by 64.8% in the second quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company’s stock valued at $559,000 after purchasing an additional 2,381 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new position in shares of Patrick Industries in the second quarter valued at about $340,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PATK has been the subject of a number of research reports. Zacks Research cut shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Weiss Ratings lowered shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, June 29th. Truist Financial set a $108.00 price target on shares of Patrick Industries and gave the company a “buy” rating in a report on Monday, August 10th. Raymond James Financial restated an “outperform” rating and set a $94.00 price objective on shares of Patrick Industries in a research report on Friday, July 31st. Finally, Benchmark restated a “buy” rating and set a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $113.12.

Patrick Industries Stock Up 0.5%

PATK stock opened at $83.47 on Friday. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.67 and a quick ratio of 0.96. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of 19.78 and a beta of 1.11. The business’s fifty day moving average price is $86.16 and its two-hundred day moving average price is $99.74. Patrick Industries, Inc. has a fifty-two week low of $81.29 and a fifty-two week high of $148.50.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $994.95 million. During the same quarter in the previous year, the business posted $1.50 earnings per share. Patrick Industries’s quarterly revenue was down .6% on a year-over-year basis. On average, equities analysts anticipate that Patrick Industries, Inc. will post 4.26 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th will be paid a $0.47 dividend. The ex-dividend date is Monday, August 24th. This represents a $1.88 annualized dividend and a yield of 2.3%. Patrick Industries’s payout ratio is 44.55%.

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.