Patrick Industries, Inc. $PATK Stake Decreased by Anchor Capital Management Company LLC

Anchor Capital Management Company LLC lessened its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 53.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 116,967 shares of the construction company’s stock after selling 133,165 shares during the period. Patrick Industries makes up approximately 10.4% of Anchor Capital Management Company LLC’s portfolio, making the stock its 7th biggest holding. Anchor Capital Management Company LLC owned 0.35% of Patrick Industries worth $12,098,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. First National Bank of Omaha purchased a new stake in shares of Patrick Industries during the 3rd quarter worth $601,000. Inspire Advisors LLC acquired a new position in shares of Patrick Industries during the 2nd quarter worth $525,000. Citizens Financial Group Inc. RI purchased a new position in shares of Patrick Industries in the 3rd quarter valued at about $1,704,000. Tributary Capital Management LLC increased its holdings in shares of Patrick Industries by 52.0% in the 3rd quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company’s stock valued at $38,435,000 after purchasing an additional 127,099 shares in the last quarter. Finally, F m Investments LLC lifted its stake in shares of Patrick Industries by 23.0% in the second quarter. F m Investments LLC now owns 47,440 shares of the construction company’s stock valued at $4,377,000 after purchasing an additional 8,860 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Wall Street Analyst Weigh In

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

Patrick Industries Trading Up 1.0%

NASDAQ PATK opened at $114.31 on Friday. Patrick Industries, Inc. has a 12 month low of $72.99 and a 12 month high of $148.50. The company has a 50-day moving average of $127.42 and a 200-day moving average of $113.65. 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 company has a market cap of $3.80 billion, a P/E ratio of 29.24 and a beta of 1.33.

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

Patrick Industries Announces Dividend

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

Insider Buying and Selling

In other news, Director John A. Forbes sold 2,704 shares of the company’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $140.75, for a total transaction of $380,588.00. Following the completion of the sale, the director directly owned 49,272 shares in the company, valued at $6,935,034. This represents a 5.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director M Scott Welch bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was purchased at an average cost of $113.68 per share, for a total transaction of $1,136,800.00. Following the completion of the transaction, the director directly owned 146,000 shares in the company, valued at approximately $16,597,280. This trade represents a 7.35% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have acquired 11,110 shares of company stock worth $1,289,895 and have sold 45,121 shares worth $5,352,337. Company insiders own 4.40% of the company’s stock.

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.