DLD Asset Management LP Has $775.73 Million Position in Patrick Industries, Inc. $PATK

DLD Asset Management LP trimmed its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 75.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,500,000 shares of the construction company’s stock after selling 22,500,000 shares during the quarter. Patrick Industries makes up 4.2% of DLD Asset Management LP’s holdings, making the stock its 9th largest holding. DLD Asset Management LP owned about 22.54% of Patrick Industries worth $775,725,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PATK. Schroder Investment Management Group grew its holdings in shares of Patrick Industries by 7.2% during the 3rd quarter. Schroder Investment Management Group now owns 413,789 shares of the construction company’s stock valued at $42,798,000 after acquiring an additional 27,954 shares in the last quarter. Legato Capital Management LLC raised its stake in shares of Patrick Industries by 74.7% in the 3rd quarter. Legato Capital Management LLC now owns 19,934 shares of the construction company’s stock valued at $2,062,000 after acquiring an additional 8,525 shares in the last quarter. Bright Futures Wealth Management LLC. bought a new position in shares of Patrick Industries in the third quarter valued at approximately $457,000. Journey Strategic Wealth LLC bought a new position in Patrick Industries in the 3rd quarter worth $214,000. Finally, Intech Investment Management LLC lifted its position in shares of Patrick Industries by 21.8% during the 3rd quarter. Intech Investment Management LLC now owns 21,528 shares of the construction company’s stock worth $2,227,000 after purchasing an additional 3,855 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Stock Performance

Shares of PATK stock opened at $115.81 on Monday. Patrick Industries, Inc. has a one year low of $72.99 and a one year high of $148.50. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. The stock has a market cap of $3.85 billion, a P/E ratio of 29.62 and a beta of 1.33. The company has a fifty day moving average price of $126.94 and a two-hundred day moving average price of $113.62.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10. The business had revenue of $924.17 million during the quarter, compared to the consensus estimate of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The company’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 EPS. As a group, equities analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Stockholders of record on Monday, February 23rd will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Monday, February 23rd. Patrick Industries’s dividend payout ratio (DPR) is presently 48.08%.

Insider Transactions at Patrick Industries

In other news, CEO Andy L. Nemeth sold 25,000 shares of the business’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the sale, the chief executive officer directly owned 301,641 shares in the company, valued at approximately $34,688,715. The trade was a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Stacey L. Amundson sold 3,903 shares of the business’s stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $145.61, for a total transaction of $568,315.83. Following the completion of the sale, the executive vice president directly owned 12,819 shares in the company, valued at approximately $1,866,574.59. This represents a 23.34% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 31,607 shares of company stock worth $3,823,904. 4.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PATK shares. Roth Mkm reaffirmed a “buy” rating and set a $157.00 price objective on shares of Patrick Industries in a research report on Monday, February 9th. Robert W. Baird set a $140.00 target price on shares of Patrick Industries in a research note on Friday, February 6th. BMO Capital Markets restated an “outperform” rating and set a $155.00 price target on shares of Patrick Industries in a research report on Friday, February 6th. Weiss Ratings raised shares of Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Finally, KeyCorp reissued an “overweight” rating and issued a $155.00 target price (up from $135.00) on shares of Patrick Industries in a research note on Friday, February 6th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $135.13.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.