Wellington Management Group LLP Lowers Holdings in Patrick Industries, Inc. $PATK

Wellington Management Group LLP lowered its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 7.4% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,623,974 shares of the construction company’s stock after selling 130,522 shares during the period. Wellington Management Group LLP owned approximately 5.06% of Patrick Industries worth $145,800,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Centaurus Financial Inc. acquired a new position in shares of Patrick Industries in the second quarter worth $4,763,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Patrick Industries in the second quarter valued at $74,000. Corient Private Wealth LP acquired a new stake in shares of Patrick Industries in the second quarter valued at $326,000. Bank of America Corp DE purchased a new position in Patrick Industries in the second quarter valued at $30,646,000. Finally, Freestone Grove Partners LP purchased a new position in Patrick Industries in the second quarter valued at $2,649,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Stock Down 2.1%

PATK stock opened at $81.72 on Tuesday. The stock has a market cap of $2.62 billion, a P/E ratio of 19.36 and a beta of 1.11. The company has a current ratio of 2.67, a quick ratio of 0.96 and a debt-to-equity ratio of 1.25. Patrick Industries, Inc. has a twelve month low of $81.29 and a twelve month high of $148.50. The company’s 50 day moving average is $86.06 and its two-hundred day moving average is $99.02.

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

Patrick Industries Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Benchmark restated a “buy” rating and set a $115.00 price target (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Weiss Ratings cut Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, June 29th. Truist Financial set a $108.00 price objective on Patrick Industries and gave the stock a “buy” rating in a research report on Monday, August 10th. Zacks Research lowered shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Finally, Roth Capital set a $114.00 target price on shares of Patrick Industries in a report on Friday, July 31st. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $113.12.

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.