Patrick Industries, Inc. $PATK Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC decreased its position in Patrick Industries, Inc. (NASDAQ:PATK) by 88.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 821 shares of the construction company’s stock after selling 6,256 shares during the period. Sterling Capital Management LLC’s holdings in Patrick Industries were worth $56,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PATK. James Investment Research Inc. boosted its stake in Patrick Industries by 5.3% during the third quarter. James Investment Research Inc. now owns 19,204 shares of the construction company’s stock worth $1,302,000 after buying an additional 975 shares in the last quarter. Inspire Investing LLC boosted its position in shares of Patrick Industries by 26.8% during the 3rd quarter. Inspire Investing LLC now owns 10,976 shares of the construction company’s stock valued at $744,000 after acquiring an additional 2,317 shares in the last quarter. Wavvest Wealth LLC acquired a new stake in shares of Patrick Industries during the 3rd quarter valued at about $326,000. Nisa Investment Advisors LLC boosted its position in shares of Patrick Industries by 1.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 15,490 shares of the construction company’s stock valued at $1,050,000 after acquiring an additional 182 shares in the last quarter. Finally, Sax Wealth Advisors LLC bought a new stake in Patrick Industries in the third quarter valued at about $1,047,000. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Trading Up 4.0%

Shares of PATK stock opened at $84.68 on Thursday. The company has a market capitalization of $2.72 billion, a P/E ratio of 21.99, a P/E/G ratio of 2.11 and a beta of 1.21. Patrick Industries, Inc. has a 12-month low of $63.00 and a 12-month high of $148.50. The company has a quick ratio of 0.86, a current ratio of 2.51 and a debt-to-equity ratio of 1.20. The firm has a 50-day moving average price of $72.23 and a 200 day moving average price of $95.34.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 29th. The construction company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.06. The firm had revenue of $975.28 million for the quarter, compared to analysts’ expectations of $938.49 million. Patrick Industries had a net margin of 3.38% and a return on equity of 12.61%. The company’s quarterly revenue was up .0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.01 earnings per share. Research analysts forecast that Patrick Industries, Inc. will post 4.24 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Monday, August 24th were given a dividend of $0.47 per share. The ex-dividend date was Monday, August 24th. This represents a $1.88 dividend on an annualized basis and a yield of 2.2%. Patrick Industries’s dividend payout ratio is 48.83%.

Analysts Set New Price Targets

PATK has been the subject of several recent research reports. Benchmark reissued a “buy” rating and issued a $115.00 price target (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th. BMO Capital Markets lowered their price objective on Patrick Industries from $120.00 to $100.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 13th. Weiss Ratings cut Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, September 29th. Truist Financial set a $88.00 target price on Patrick Industries and gave the stock a “buy” rating in a research report on Friday, October 23rd. Finally, KeyCorp decreased their price target on Patrick Industries from $115.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, October 8th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $103.00.

Patrick Industries Profile

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials serving the recreational vehicle, marine, manufactured housing, and industrial markets. The company supplies products used in the construction, furnishing, and finishing of recreational and residential vehicles, boats, homes, and other manufactured structures.

Its product offerings include cabinetry, furniture, countertops, flooring, interior and exterior components, electronics, audio systems, lighting, plumbing products, hardware, adhesives, and related materials.