Patrick Industries, Inc. $PATK Stock Position Cut by Prescott Group Capital Management L.L.C.

Prescott Group Capital Management L.L.C. reduced its position in Patrick Industries, Inc. (NASDAQ:PATK) by 27.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 40,145 shares of the construction company’s stock after selling 15,400 shares during the period. Prescott Group Capital Management L.L.C. owned about 0.12% of Patrick Industries worth $2,721,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new stake in shares of Patrick Industries during the 2nd quarter valued at about $65,138,000. Bank of America Corp DE bought a new position in shares of Patrick Industries in the 2nd quarter worth approximately $30,646,000. The Manufacturers Life Insurance Company bought a new stake in Patrick Industries during the second quarter valued at approximately $27,166,000. 1ST Source Bank bought a new stake in Patrick Industries during the second quarter valued at approximately $9,485,000. Finally, Copeland Capital Management LLC increased its holdings in Patrick Industries by 17.6% during the first quarter. Copeland Capital Management LLC now owns 563,507 shares of the construction company’s stock valued at $62,589,000 after buying an additional 84,508 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PATK shares. Raymond James Financial reiterated an “outperform” rating on shares of Patrick Industries in a research report on Thursday, October 29th. Wall Street Zen downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research note on Saturday. Benchmark reaffirmed a “buy” rating and set a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th. Roth Capital reissued a “buy” rating and issued a $96.00 price objective on shares of Patrick Industries in a research note on Tuesday, October 27th. Finally, Weiss Ratings cut shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, September 29th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $103.00.

Patrick Industries Stock Performance

NASDAQ PATK opened at $81.40 on Wednesday. The firm has a market cap of $2.61 billion, a price-to-earnings ratio of 21.14, a price-to-earnings-growth ratio of 2.12 and a beta of 1.21. The company has a quick ratio of 0.86, a current ratio of 2.51 and a debt-to-equity ratio of 1.20. The business has a 50-day moving average price of $72.24 and a 200-day moving average price of $95.55. Patrick Industries, Inc. has a twelve month low of $63.00 and a twelve month high of $148.50.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 29th. The construction company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.06. The company had revenue of $975.28 million for the quarter, compared to the consensus estimate of $938.49 million. Patrick Industries had a return on equity of 12.61% and a net margin of 3.38%. The firm’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter last year, the company earned $1.01 EPS. As a group, equities research analysts predict that Patrick Industries, Inc. will post 4.24 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Monday, August 24th. Patrick Industries’s dividend payout ratio (DPR) is 48.83%.

Patrick Industries Profile

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials serving the recreational vehicle, marine, manufactured housing, and industrial markets. The company supplies products used in the construction, furnishing, and finishing of recreational and residential vehicles, boats, homes, and other manufactured structures.

Its product offerings include cabinetry, furniture, countertops, flooring, interior and exterior components, electronics, audio systems, lighting, plumbing products, hardware, adhesives, and related materials.