Patrick Industries, Inc. $PATK Shares Sold by GW&K Investment Management LLC

GW&K Investment Management LLC trimmed its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 2.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 356,815 shares of the construction company’s stock after selling 10,195 shares during the quarter. GW&K Investment Management LLC’s holdings in Patrick Industries were worth $36,905,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PATK. Salomon & Ludwin LLC acquired a new stake in Patrick Industries during the 3rd quarter worth $25,000. Cornerstone Planning Group LLC purchased a new position in shares of Patrick Industries in the third quarter worth about $31,000. Parkside Financial Bank & Trust boosted its position in Patrick Industries by 87.5% during the third quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock worth $49,000 after acquiring an additional 223 shares during the last quarter. Strs Ohio purchased a new stake in Patrick Industries during the 1st quarter valued at about $42,000. Finally, Quent Capital LLC acquired a new stake in Patrick Industries in the 3rd quarter valued at about $66,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Price Performance

NASDAQ:PATK opened at $119.52 on Friday. Patrick Industries, Inc. has a 52 week low of $72.99 and a 52 week high of $148.50. The stock’s fifty day moving average is $126.86 and its two-hundred day moving average is $113.55. The company has a market capitalization of $3.97 billion, a P/E ratio of 30.57, a P/E/G ratio of 1.27 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 2.51 and a debt-to-equity ratio of 1.08.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The firm 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 period last year, the company earned $0.52 EPS. Equities analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

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

Analyst Ratings Changes

PATK has been the topic of several recent research reports. Benchmark restated a “buy” rating on shares of Patrick Industries in a report on Friday, February 6th. Roth Mkm reissued a “buy” rating and set a $157.00 price objective on shares of Patrick Industries in a research note on Monday, February 9th. KeyCorp reaffirmed 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. Weiss Ratings upgraded Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Finally, Truist Financial set a $126.00 price objective on shares of Patrick Industries in a report on Friday, January 9th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus price target of $135.13.

Insider Activity at Patrick Industries

In related news, CAO Matthew S. Filer acquired 1,000 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were purchased at an average cost of $139.91 per share, for a total transaction of $139,910.00. Following the acquisition, the chief accounting officer owned 20,614 shares in the company, valued at $2,884,104.74. The trade was a 5.10% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stacey L. Amundson sold 3,903 shares of the stock in a transaction that occurred 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 transaction, the executive vice president directly owned 12,819 shares of the company’s stock, valued at $1,866,574.59. The trade was a 23.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 31,607 shares of company stock valued at $3,823,904 over the last 90 days. 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.