Patrick Industries, Inc. $PATK Shares Purchased by Legato Capital Management LLC

Legato Capital Management LLC boosted its position in Patrick Industries, Inc. (NASDAQ:PATK) by 31.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,245 shares of the construction company’s stock after purchasing an additional 6,311 shares during the period. Legato Capital Management LLC’s holdings in Patrick Industries were worth $2,846,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Advisory Services Network LLC acquired a new stake in Patrick Industries in the third quarter worth approximately $25,000. Torren Management LLC acquired a new stake in Patrick Industries in the fourth quarter worth approximately $26,000. Cornerstone Planning Group LLC acquired a new stake in Patrick Industries in the third quarter worth approximately $31,000. Allworth Financial LP lifted its position in Patrick Industries by 181.3% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after purchasing an additional 203 shares during the period. Finally, Farther Finance Advisors LLC lifted its position in Patrick Industries by 200.9% in the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock worth $37,000 after purchasing an additional 229 shares during the period. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PATK. Wall Street Zen downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Benchmark cut their target price on Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Zacks Research downgraded Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Weiss Ratings upgraded Patrick Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. Finally, Raymond James Financial set a $108.00 target price on Patrick Industries in a research report on Friday, May 1st. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $122.63.

Patrick Industries Price Performance

NASDAQ PATK opened at $90.87 on Friday. The stock has a market capitalization of $2.99 billion, a P/E ratio of 23.30 and a beta of 1.12. Patrick Industries, Inc. has a 1 year low of $82.24 and a 1 year high of $148.50. The business’s fifty day moving average is $103.88 and its two-hundred day moving average is $113.14. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. The company 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 firm’s revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.11 earnings per share. On average, research analysts forecast that Patrick Industries, Inc. will post 4.94 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th will be issued a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, May 26th. This represents a $1.88 annualized dividend and a dividend yield of 2.1%. Patrick Industries’s dividend payout ratio is currently 48.21%.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth purchased 10,000 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were bought at an average price of $88.00 per share, with a total value of $880,000.00. Following the completion of the acquisition, the chief executive officer owned 287,745 shares of the company’s stock, valued at approximately $25,321,560. This represents a 3.60% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Hugo E. Gonzalez sold 13,514 shares of the company’s stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $113.10, for a total value of $1,528,433.40. Following the completion of the transaction, the chief operating officer directly owned 33,864 shares in the company, valued at $3,830,018.40. This represents a 28.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have purchased 37,410 shares of company stock valued at $3,550,239 in the last three months. Insiders own 3.80% of the company’s stock.

Patrick Industries Company Profile

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.