Legal & General Group Plc Buys New Position in Patrick Industries, Inc. $PATK

Legal & General Group Plc bought a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 68,897 shares of the construction company’s stock, valued at approximately $6,186,000. Legal & General Group Plc owned 0.21% of Patrick Industries at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in PATK. Advisory Services Network LLC bought a new position in shares of Patrick Industries during the 3rd quarter worth approximately $25,000. Persistent Asset Partners Ltd bought a new stake in shares of Patrick Industries in the 2nd quarter valued at $25,000. Allworth Financial LP lifted its position in shares of Patrick Industries by 181.2% during the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after acquiring an additional 203 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Patrick Industries by 200.9% during the 4th quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock valued at $37,000 after acquiring an additional 229 shares during the period. Finally, Strs Ohio bought a new position in Patrick Industries during the first quarter worth $42,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Stock Performance

PATK opened at $82.75 on Thursday. The company has a current ratio of 2.67, a quick ratio of 0.96 and a debt-to-equity ratio of 1.25. The company’s fifty day moving average price is $85.79 and its two-hundred day moving average price is $98.15. Patrick Industries, Inc. has a 1-year low of $80.76 and a 1-year high of $148.50. The company has a market cap of $2.66 billion, a price-to-earnings ratio of 19.61 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. The firm 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 business’s revenue was down .6% on a year-over-year basis. During the same period last year, the company earned $1.50 earnings per share. On average, analysts expect that Patrick Industries, Inc. will post 4.26 EPS 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. Stockholders of record on Monday, August 24th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Monday, August 24th. This represents a $1.88 annualized dividend and a dividend yield of 2.3%. Patrick Industries’s dividend payout ratio is 44.55%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PATK. Roth Capital set a $114.00 price target on shares of Patrick Industries in a report on Friday, July 31st. Raymond James Financial reiterated an “outperform” rating and set a $94.00 price objective on shares of Patrick Industries in a report on Friday, July 31st. KeyCorp reduced their target price on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, July 22nd. Truist Financial set a $108.00 target price on Patrick Industries and gave the company a “buy” rating in a research note on Monday, August 10th. Finally, Benchmark reaffirmed a “buy” rating and issued a $115.00 target price (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $114.00.

Patrick Industries 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.