Great Lakes Advisors LLC Makes New $860,000 Investment in Patrick Industries, Inc. $PATK

Great Lakes Advisors LLC bought a new stake in Patrick Industries, Inc. (NASDAQ:PATK) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 9,584 shares of the construction company’s stock, valued at approximately $860,000.

A number of other hedge funds have also recently made changes to their positions in PATK. Persistent Asset Partners Ltd acquired a new position in shares of Patrick Industries in the second quarter valued at approximately $25,000. Advisory Services Network LLC acquired a new stake in Patrick Industries during the 3rd quarter worth approximately $25,000. Torren Management LLC acquired a new stake in Patrick Industries during the 4th quarter worth approximately $26,000. Allworth Financial LP boosted its position in Patrick Industries by 181.2% during the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after buying an additional 203 shares during the period. Finally, Farther Finance Advisors LLC grew its holdings in Patrick Industries by 200.9% during the 4th quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock worth $37,000 after acquiring an additional 229 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $83.41 on Friday. The company has a market capitalization of $2.68 billion, a PE ratio of 19.77 and a beta of 1.11. The company has a 50 day simple moving average of $86.42 and a two-hundred day simple moving average of $101.52. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.96 and a current ratio of 2.67. Patrick Industries, Inc. has a fifty-two week low of $81.29 and a fifty-two week high of $148.50.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.05. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $994.95 million. During the same quarter in the previous year, the company earned $1.50 EPS. The company’s revenue for the quarter was down .6% on a year-over-year basis. Research analysts anticipate that Patrick Industries, Inc. will post 4.26 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be issued a $0.47 dividend. The ex-dividend date is Monday, August 24th. This represents a $1.88 annualized dividend and a yield of 2.3%. Patrick Industries’s payout ratio is presently 44.55%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PATK. KeyCorp decreased their price target on shares of Patrick Industries from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday, July 22nd. Weiss Ratings lowered shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, June 29th. Truist Financial set a $108.00 price objective on shares of Patrick Industries and gave the stock a “buy” rating in a research note on Monday, August 10th. Benchmark restated a “buy” rating and issued a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Finally, Zacks Research lowered Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $113.12.

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.