GAMMA Investing LLC Has $5.61 Million Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

GAMMA Investing LLC lifted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 8,588.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 66,380 shares of the construction company’s stock after buying an additional 65,616 shares during the period. GAMMA Investing LLC owned about 0.20% of Patrick Industries worth $5,613,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PATK. Kestra Investment Management LLC acquired a new stake in Patrick Industries in the fourth quarter valued at $25,000. Covestor Ltd increased its holdings in Patrick Industries by 10,400.0% in the fourth quarter. Covestor Ltd now owns 315 shares of the construction company’s stock valued at $26,000 after purchasing an additional 312 shares during the period. Quadrant Capital Group LLC increased its holdings in Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock valued at $27,000 after purchasing an additional 109 shares during the period. Nomura Asset Management Co. Ltd. increased its holdings in Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after purchasing an additional 114 shares during the period. Finally, Smartleaf Asset Management LLC increased its holdings in Patrick Industries by 812.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after purchasing an additional 528 shares during the period. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director M Scott Welch purchased 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average price of $84.62 per share, with a total value of $211,550.00. Following the transaction, the director now owns 2,961 shares in the company, valued at $250,559.82. The trade was a 542.30% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd M. Cleveland purchased 6,000 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The stock was acquired at an average cost of $85.80 per share, for a total transaction of $514,800.00. Following the transaction, the director now owns 125,286 shares in the company, valued at $10,749,538.80. This represents a 5.03% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 16,571 shares of company stock valued at $1,417,514 in the last 90 days. 4.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PATK. Raymond James decreased their price objective on Patrick Industries from $103.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Truist Financial increased their price objective on Patrick Industries from $100.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, June 3rd. Wall Street Zen upgraded Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. Baird R W downgraded Patrick Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, April 4th. Finally, Robert W. Baird decreased their price target on Patrick Industries from $96.00 to $84.00 and set a “neutral” rating for the company in a report on Friday, May 2nd. Four research 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 presently has an average rating of “Moderate Buy” and an average target price of $95.67.

Patrick Industries Price Performance

PATK stock opened at $91.07 on Tuesday. The stock has a market capitalization of $3.04 billion, a PE ratio of 22.10, a price-to-earnings-growth ratio of 1.41 and a beta of 2.00. The company’s 50-day moving average is $82.99 and its 200-day moving average is $87.00. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90.

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

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.76%. Patrick Industries’s dividend payout ratio (DPR) is presently 38.37%.

Patrick Industries 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.