Virginia Retirement Systems ET AL bought a new position in Patrick Industries, Inc. (NASDAQ:PATK – Get Rating ) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 7,000 shares of the construction company’s stock, valued at approximately $422,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Royce & Associates LP boosted its stake in Patrick Industries by 3.3% in the fourth quarter. Royce & Associates LP now owns 296,370 shares of the construction company’s stock valued at $23,914,000 after acquiring an additional 9,407 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Patrick Industries by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 282,891 shares of the construction company’s stock valued at $22,827,000 after buying an additional 4,124 shares during the last quarter. Epoch Investment Partners Inc. raised its holdings in shares of Patrick Industries by 17.8% during the 4th quarter. Epoch Investment Partners Inc. now owns 183,867 shares of the construction company’s stock valued at $14,836,000 after buying an additional 27,726 shares during the last quarter. Wasatch Advisors Inc. raised its holdings in shares of Patrick Industries by 17.8% during the 4th quarter. Wasatch Advisors Inc. now owns 182,039 shares of the construction company’s stock valued at $14,689,000 after purchasing an additional 27,569 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Patrick Industries by 10.4% during the 4th quarter. Invesco Ltd. now owns 147,326 shares of the construction company’s stock valued at $11,887,000 after purchasing an additional 13,907 shares during the last quarter. Institutional investors and hedge funds own 94.85% of the company’s shares.
In other Patrick Industries news, Chairman Todd M. Cleveland sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $68.32, for a total value of $683,200.00. Following the completion of the sale, the chairman now owns 220,517 shares in the company, valued at approximately $15,065,721.44. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Todd M. Cleveland sold 3,103 shares of the stock in a transaction that occurred on Wednesday, May 11th. Shares were sold at an average price of $65.04, for a total value of $201,819.12. Following the completion of the sale, the chairman now owns 212,414 shares of the company’s stock, valued at approximately $13,815,406.56. Disclosure of this sale can be found here. In the last quarter, insiders sold 23,103 shares of company stock valued at $1,556,669. Company insiders own 6.10% of the company’s shares.
A number of research firms recently issued reports on PATK. Truist Financial reduced their price objective on Patrick Industries to $75.00 in a report on Thursday, May 26th. StockNews.com lowered Patrick Industries from a “buy” rating to a “hold” rating in a report on Tuesday, May 31st. MKM Partners began coverage on Patrick Industries in a report on Thursday, May 5th. They issued a “buy” rating and a $93.00 target price for the company. Finally, Bank of America assumed coverage on Patrick Industries in a report on Monday, April 4th. They issued an “underperform” rating and a $60.00 target price for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $79.50, according to MarketBeat .
Shares of PATK stock opened at $55.61 on Monday. The stock has a market cap of $1.28 billion, a PE ratio of 4.58, a P/E/G ratio of 0.69 and a beta of 1.94. Patrick Industries, Inc. has a 1-year low of $49.79 and a 1-year high of $88.79. The business has a 50 day moving average of $58.50 and a 200 day moving average of $64.49. The company has a debt-to-equity ratio of 1.86, a current ratio of 2.37 and a quick ratio of 0.96.
Patrick Industries (NASDAQ:PATK – Get Rating ) last posted its earnings results on Thursday, April 28. The construction company reported $4.54 earnings per share for the quarter, topping the consensus estimate of $2.89 by $1.65. The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Patrick Industries had a return on equity of 39.75% and a net margin of 6.35%. Patrick Industries’s quarterly revenue was up 57.8% compared to the same quarter last year. During the same period in the previous year, the business reported $1.80 EPS. Analysts expect that Patrick Industries, Inc. will post 12.82 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 13th. Shareholders of record on Tuesday, May 31st were given a $0.33 dividend. This represents a $1.32 annual dividend and a yield of 2.37%. The ex-dividend date of this dividend was Friday, May 27th. Patrick Industries’ dividend payout ratio (DPR) is currently 10.88%.
Patrick Industries Company Profile (Get Rating)
Patrick Industries, Inc manufactures and distributes components, building products and materials for the recreational vehicle, marine, industrial housing and industrial markets in the United States, China and Canada. Its manufacturing segment manufactures and sells furniture, shelving, wall, countertop and cabinet products; cabinet door, fiberglass bathroom fixtures and tile system; hardwood furniture, vinyl printing, amplifiers, speakers, soundbars and subwoofers; production of solid surfaces, granite and quartz countertops; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; coniferous wood; custom cabinetry; polymer-based floor coverings; headboards; and other products.
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