Royce & Associates LP Has $3.01 Million Stock Holdings in Patrick Industries, Inc. $PATK

Royce & Associates LP reduced its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 68.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,096 shares of the construction company’s stock after selling 64,480 shares during the period. Royce & Associates LP’s holdings in Patrick Industries were worth $3,009,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in PATK. Intech Investment Management LLC grew its stake in shares of Patrick Industries by 21.8% in the 3rd quarter. Intech Investment Management LLC now owns 21,528 shares of the construction company’s stock valued at $2,227,000 after buying an additional 3,855 shares during the period. TD Asset Management Inc bought a new position in Patrick Industries in the third quarter worth approximately $800,000. EverSource Wealth Advisors LLC grew its stake in Patrick Industries by 49.4% in the third quarter. EverSource Wealth Advisors LLC now owns 1,729 shares of the construction company’s stock valued at $179,000 after acquiring an additional 572 shares during the period. Redmont Wealth Advisors LLC acquired a new stake in Patrick Industries in the third quarter valued at approximately $828,000. Finally, First National Bank of Omaha bought a new stake in shares of Patrick Industries during the third quarter valued at approximately $601,000. Institutional investors own 93.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PATK. Benchmark reiterated a “buy” rating on shares of Patrick Industries in a report on Friday, February 6th. KeyCorp reaffirmed an “overweight” rating and issued a $155.00 price objective (up from $135.00) on shares of Patrick Industries in a research note on Friday, February 6th. Roth Mkm reiterated a “buy” rating and set a $157.00 price objective on shares of Patrick Industries in a report on Monday, February 9th. BMO Capital Markets reissued an “outperform” rating and set a $155.00 target price on shares of Patrick Industries in a research report on Friday, February 6th. Finally, Wall Street Zen raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $135.13.

Insiders Place Their Bets

In other news, CEO Andy L. Nemeth sold 25,000 shares of the business’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 transaction, the chief executive officer owned 301,641 shares in the company, valued at $34,688,715. The trade was a 7.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John A. Forbes sold 2,704 shares of the stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $140.75, for a total value of $380,588.00. Following the sale, the director directly owned 49,272 shares of the company’s stock, valued at $6,935,034. The trade was a 5.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 31,607 shares of company stock worth $3,823,904 over the last 90 days. 4.40% of the stock is currently owned by corporate insiders.

Patrick Industries Price Performance

PATK opened at $119.52 on Friday. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $148.50. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. The company has a market capitalization of $3.97 billion, a price-to-earnings ratio of 30.57, a P/E/G ratio of 1.27 and a beta of 1.33. The firm’s fifty day moving average price is $126.86 and its two-hundred day moving average price is $113.55.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The company had revenue of $924.17 million for the quarter, compared to analyst estimates of $858.62 million. During the same period last year, the firm earned $0.52 earnings per share. The firm’s revenue was up 9.2% on a year-over-year basis. As a group, analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, February 23rd will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, February 23rd. This represents a $1.88 annualized dividend and a dividend yield of 1.6%. Patrick Industries’s dividend payout ratio (DPR) is currently 48.08%.

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.