Yousif Capital Management LLC Sells 315 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Yousif Capital Management LLC lowered its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 2.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,385 shares of the construction company’s stock after selling 315 shares during the quarter. Yousif Capital Management LLC’s holdings in Patrick Industries were worth $1,047,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in PATK. Wellington Management Group LLP boosted its position in 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 valued at $168,462,000 after purchasing an additional 1,615,412 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Patrick Industries by 49.3% in the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock worth $193,266,000 after acquiring an additional 768,102 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Patrick Industries by 48.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company’s stock worth $154,823,000 after acquiring an additional 609,036 shares in the last quarter. Capital Research Global Investors acquired a new stake in Patrick Industries in the fourth quarter worth about $38,275,000. Finally, Schroder Investment Management Group acquired a new stake in Patrick Industries in the fourth quarter worth about $26,602,000. Institutional investors own 93.29% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on PATK shares. Wall Street Zen raised Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. Roth Mkm reissued a “buy” rating and issued a $100.00 price target (down previously from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Robert W. Baird lowered 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. KeyCorp decreased their target price on Patrick Industries from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Finally, Baird R W downgraded Patrick Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, April 4th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $95.67.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of the firm’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the transaction, the director now owns 52,591 shares of the company’s stock, valued at approximately $4,818,387.42. This trade represents a 5.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Todd M. Cleveland acquired 6,000 shares of the firm’s stock in a transaction dated Thursday, May 15th. The shares were acquired at an average price of $85.80 per share, for a total transaction of $514,800.00. Following the acquisition, the director now directly owns 125,286 shares of the company’s stock, valued at approximately $10,749,538.80. The trade was a 5.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 14,071 shares of company stock valued at $1,205,964 in the last three months. 4.40% of the stock is currently owned by company insiders.

Patrick Industries Stock Performance

NASDAQ PATK opened at $89.66 on Thursday. The stock’s fifty day moving average is $84.68 and its two-hundred day moving average is $87.03. The firm has a market capitalization of $3.00 billion, a P/E ratio of 21.50, a price-to-earnings-growth ratio of 1.27 and a beta of 1.22. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 2.41. Patrick Industries, Inc. has a fifty-two week low of $69.86 and a fifty-two week high of $98.90.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, beating the consensus estimate of $0.98 by $0.13. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $959.46 million. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The company’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.79 EPS. On average, research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were issued a $0.40 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.78%. Patrick Industries’s payout ratio is currently 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.