AlphaQuest LLC Increases Stake in Patrick Industries, Inc. $PATK

AlphaQuest LLC boosted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 1,267.3% during the third quarter, HoldingsChannel.com reports. The firm owned 14,097 shares of the construction company’s stock after acquiring an additional 13,066 shares during the period. AlphaQuest LLC’s holdings in Patrick Industries were worth $1,458,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Salomon & Ludwin LLC acquired a new stake in Patrick Industries in the 3rd quarter valued at $25,000. Strs Ohio purchased a new position in Patrick Industries in the first quarter valued at about $42,000. Parkside Financial Bank & Trust boosted its stake in shares of Patrick Industries by 87.5% during the 3rd quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock valued at $49,000 after buying an additional 223 shares during the last quarter. Quent Capital LLC bought a new position in Patrick Industries during the 3rd quarter valued at $66,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Patrick Industries by 671.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,157 shares of the construction company’s stock worth $107,000 after purchasing an additional 1,007 shares during the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Price Performance

Shares of PATK opened at $126.17 on Friday. The firm has a market cap of $4.20 billion, a PE ratio of 36.05, a PEG ratio of 1.35 and a beta of 1.34. The firm’s 50 day moving average price is $115.61 and its 200 day moving average price is $108.26. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.86 and a current ratio of 2.34. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $135.17.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The firm had revenue of $975.63 million during the quarter, compared to analysts’ expectations of $900.35 million. Patrick Industries had a return on equity of 12.44% and a net margin of 3.11%.The company’s revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.80 earnings per share. As a group, research analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were given a $0.47 dividend. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.40. This represents a $1.88 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, December 1st. Patrick Industries’s dividend payout ratio (DPR) is currently 53.71%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Truist Financial set a $126.00 target price on shares of Patrick Industries in a research note on Friday, January 9th. Loop Capital began coverage on Patrick Industries in a research report on Friday, October 31st. They set a “hold” rating and a $99.00 price objective for the company. Weiss Ratings downgraded shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. BMO Capital Markets restated an “outperform” rating and issued a $115.00 target price on shares of Patrick Industries in a research report on Friday, October 31st. Finally, KeyCorp reissued an “overweight” rating and issued a $135.00 price target (up from $120.00) on shares of Patrick Industries in a report on Friday, January 16th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus price target of $116.13.

Insiders Place Their Bets

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total value of $2,875,000.00. Following the completion of the transaction, the chief executive officer owned 301,641 shares of the company’s stock, valued at $34,688,715. This represents a 7.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.40% of the stock is currently owned by company insiders.

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.