BNP Paribas Financial Markets Cuts Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

BNP Paribas Financial Markets lowered its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 55.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,034 shares of the construction company’s stock after selling 6,239 shares during the period. BNP Paribas Financial Markets’ holdings in Patrick Industries were worth $418,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Patrick Industries by 49.3% during the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock valued at $193,266,000 after buying an additional 768,102 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Patrick Industries by 391.8% during the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock worth $168,462,000 after purchasing an additional 1,615,412 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Patrick Industries by 48.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company’s stock valued at $154,823,000 after purchasing an additional 609,036 shares in the last quarter. Capital World Investors increased its holdings in Patrick Industries by 50.0% during the 4th quarter. Capital World Investors now owns 944,319 shares of the construction company’s stock worth $78,454,000 after purchasing an additional 314,773 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Patrick Industries by 50.0% in the fourth quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company’s stock valued at $64,752,000 after acquiring an additional 259,783 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the sale, the executive vice president now directly owns 18,044 shares in the company, valued at $1,543,303.32. This represents a 13.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director M Scott Welch bought 2,500 shares of the stock in a transaction dated Thursday, March 13th. The stock was acquired at an average price of $84.62 per share, with a total value of $211,550.00. Following the completion of the purchase, the director now owns 2,961 shares of the company’s stock, valued at $250,559.82. This represents a 542.30% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 23,500 shares of company stock valued at $2,026,000 over the last ninety days. 4.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PATK has been the subject of a number of research reports. KeyCorp decreased their price objective on shares of Patrick Industries from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Roth Mkm restated a “buy” rating and issued a $100.00 target price (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Robert W. Baird decreased their price target on shares of Patrick Industries from $96.00 to $84.00 and set a “neutral” rating on the stock in a research report on Friday, May 2nd. Baird R W lowered shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 4th. Finally, Benchmark increased their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $96.29.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $86.10 on Monday. The stock has a market capitalization of $2.88 billion, a P/E ratio of 20.90, a P/E/G ratio of 1.41 and a beta of 2.05. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The business has a 50-day moving average of $82.70 and a two-hundred day moving average of $87.00. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.13. The business had revenue of $1 billion during the quarter, compared to analysts’ expectations of $959.46 million. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The firm’s revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.79 EPS. On average, equities research analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $1.60 annualized dividend and a yield of 1.86%. Patrick Industries’s dividend payout ratio (DPR) is 38.37%.

Patrick Industries Company Profile

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.