Epoch Investment Partners Inc. Has $17.82 Million Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Epoch Investment Partners Inc. reduced its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 14.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 149,194 shares of the construction company’s stock after selling 25,127 shares during the quarter. Epoch Investment Partners Inc. owned about 0.67% of Patrick Industries worth $17,824,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its stake in shares of Patrick Industries by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock worth $144,828,000 after acquiring an additional 21,735 shares during the period. Norges Bank acquired a new position in Patrick Industries in the fourth quarter valued at approximately $14,782,000. Anchor Capital Management Company LLC lifted its stake in Patrick Industries by 19.3% in the first quarter. Anchor Capital Management Company LLC now owns 123,809 shares of the construction company’s stock valued at $14,791,000 after buying an additional 20,000 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in Patrick Industries by 1.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 107,829 shares of the construction company’s stock valued at $12,882,000 after buying an additional 1,823 shares during the period. Finally, 1ST Source Bank lifted its stake in Patrick Industries by 1.6% in the first quarter. 1ST Source Bank now owns 95,267 shares of the construction company’s stock valued at $11,382,000 after buying an additional 1,472 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Price Performance

PATK traded up $1.53 during trading on Friday, reaching $126.00. 209,027 shares of the company were exchanged, compared to its average volume of 226,075. The company’s 50-day moving average is $111.63 and its two-hundred day moving average is $110.21. The company has a market cap of $2.82 billion, a price-to-earnings ratio of 18.67, a P/E/G ratio of 0.92 and a beta of 1.65. The company has a quick ratio of 0.96, a current ratio of 2.38 and a debt-to-equity ratio of 1.32. Patrick Industries, Inc. has a 12-month low of $70.15 and a 12-month high of $127.21.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, May 2nd. The construction company reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.47. The business had revenue of $933.50 million for the quarter, compared to analyst estimates of $829.22 million. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.35 EPS. Research analysts forecast that Patrick Industries, Inc. will post 8.07 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $2.20 annualized dividend and a dividend yield of 1.75%. Patrick Industries’s dividend payout ratio (DPR) is presently 32.59%.

Analyst Ratings Changes

Several brokerages have issued reports on PATK. Roth Mkm reissued a “buy” rating and issued a $126.00 price target (up from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. Truist Financial reissued a “buy” rating and issued a $130.00 price target on shares of Patrick Industries in a research note on Friday, April 12th. Finally, BMO Capital Markets boosted their price objective on Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.71.

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.