Yousif Capital Management LLC Purchases 829 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Yousif Capital Management LLC grew its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 8.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,208 shares of the construction company’s stock after purchasing an additional 829 shares during the quarter. Yousif Capital Management LLC’s holdings in Patrick Industries were worth $1,125,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PATK. GAMMA Investing LLC bought a new stake in Patrick Industries during the 4th quarter valued at $35,000. Carmel Capital Partners LLC purchased a new stake in Patrick Industries in the 3rd quarter worth approximately $44,000. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of Patrick Industries by 21.6% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock valued at $102,000 after purchasing an additional 238 shares in the last quarter. Xponance Inc. bought a new stake in shares of Patrick Industries during the 4th quarter valued at about $203,000. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in Patrick Industries in the third quarter valued at approximately $243,000. Institutional investors own 93.29% of the company’s stock.

Insiders Place Their Bets

In other news, insider Kip B. Ellis sold 7,462 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $121.99, for a total transaction of $910,289.38. Following the sale, the insider now directly owns 101,316 shares in the company, valued at approximately $12,359,538.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Kip B. Ellis sold 18,000 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $115.00, for a total transaction of $2,070,000.00. Following the completion of the transaction, the insider now owns 108,778 shares in the company, valued at $12,509,470. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kip B. Ellis sold 7,462 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $121.99, for a total transaction of $910,289.38. Following the transaction, the insider now directly owns 101,316 shares of the company’s stock, valued at $12,359,538.84. The disclosure for this sale can be found here. Insiders sold a total of 48,873 shares of company stock worth $5,681,957 over the last three months. 4.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PATK has been the subject of a number of research analyst reports. Roth Mkm lifted their price objective on shares of Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, February 9th. BMO Capital Markets boosted their target price on Patrick Industries from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday. Truist Financial reaffirmed a “buy” rating and issued a $130.00 price target on shares of Patrick Industries in a research note on Friday, April 12th. StockNews.com cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. Finally, KeyCorp lifted their price objective on Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, February 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and an average price target of $105.86.

Patrick Industries Price Performance

PATK opened at $111.13 on Friday. The company’s 50-day simple moving average is $112.17 and its two-hundred day simple moving average is $99.19. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.73 and a current ratio of 2.38. The stock has a market capitalization of $2.49 billion, a P/E ratio of 17.07, a P/E/G ratio of 0.64 and a beta of 1.73. Patrick Industries, Inc. has a 52-week low of $63.57 and a 52-week high of $123.58.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, May 2nd. The construction company reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.47. The business had revenue of $933.50 million during the quarter, compared to analyst estimates of $829.22 million. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.35 EPS. As a group, analysts predict that Patrick Industries, Inc. will post 8.1 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend was Friday, February 16th. Patrick Industries’s dividend payout ratio is currently 33.79%.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.