Dimensional Fund Advisors LP Sells 63,859 Shares of Patrick Industries, Inc. $PATK

Dimensional Fund Advisors LP cut its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 4.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,451,214 shares of the construction company’s stock after selling 63,859 shares during the quarter. Dimensional Fund Advisors LP owned approximately 4.38% of Patrick Industries worth $161,169,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Advisory Services Network LLC purchased a new position in shares of Patrick Industries in the third quarter worth about $25,000. Torren Management LLC purchased a new stake in shares of Patrick Industries during the 4th quarter valued at approximately $26,000. Allworth Financial LP lifted its stake in shares of Patrick Industries by 181.2% during the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after buying an additional 203 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Patrick Industries by 200.9% in the 4th quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock worth $37,000 after buying an additional 229 shares during the period. Finally, Strs Ohio bought a new position in Patrick Industries in the 1st quarter worth approximately $42,000. Institutional investors own 93.29% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Matthew S. Filer purchased 1,000 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were purchased at an average price of $85.50 per share, with a total value of $85,500.00. Following the acquisition, the chief financial officer directly owned 21,614 shares of the company’s stock, valued at approximately $1,847,997. This represents a 4.85% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charles R. Roeder acquired 5,750 shares of the stock in a transaction dated Tuesday, May 5th. The shares were bought at an average price of $87.83 per share, for a total transaction of $505,022.50. Following the transaction, the insider owned 42,147 shares in the company, valued at approximately $3,701,771.01. This represents a 15.80% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 28,700 shares of company stock valued at $2,532,880 over the last three months. Corporate insiders own 3.80% of the company’s stock.

Patrick Industries Price Performance

Patrick Industries stock opened at $84.50 on Friday. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 21.67 and a beta of 1.11. The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16. The business has a 50-day simple moving average of $87.76 and a 200 day simple moving average of $106.81. Patrick Industries, Inc. has a 52 week low of $81.29 and a 52 week high of $148.50.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.02. The firm had revenue of $997.17 million for the quarter, compared to analysts’ expectations of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The company’s revenue was down .6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.11 EPS. On average, research analysts forecast that Patrick Industries, Inc. will post 4.63 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, May 26th. Patrick Industries’s dividend payout ratio (DPR) is currently 48.21%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Robert W. Baird set a $110.00 target price on shares of Patrick Industries in a report on Friday, May 1st. BMO Capital Markets restated an “outperform” rating and set a $150.00 target price (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Zacks Research lowered Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Weiss Ratings cut Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, June 29th. Finally, KeyCorp decreased their price objective on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Patrick Industries presently has a consensus rating of “Moderate Buy” and an average price target of $119.75.

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.