Patrick Industries, Inc. (NASDAQ:PATK) Shares Acquired by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC grew its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 13.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,670 shares of the construction company’s stock after buying an additional 2,492 shares during the period. Wedge Capital Management L L P NC owned 0.06% of Patrick Industries worth $1,832,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Wellington Management Group LLP increased its position in Patrick Industries by 391.8% during the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock worth $168,462,000 after purchasing an additional 1,615,412 shares during the last quarter. Vanguard Group Inc. increased its position in Patrick Industries by 49.3% during the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock worth $193,266,000 after purchasing an additional 768,102 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Patrick Industries by 48.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company’s stock worth $154,823,000 after purchasing an additional 609,036 shares during the last quarter. Capital Research Global Investors acquired a new stake in Patrick Industries during the fourth quarter worth about $38,275,000. Finally, Schroder Investment Management Group acquired a new stake in Patrick Industries during the fourth quarter worth about $26,602,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $91.01 on Wednesday. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The company’s 50-day moving average price is $83.21 and its two-hundred day moving average price is $87.03. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90. The stock has a market cap of $3.04 billion, a PE ratio of 22.09, a price-to-earnings-growth ratio of 1.41 and a beta of 2.00.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.13. The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $959.46 million. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Patrick Industries’s revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the business posted $1.79 EPS. As a group, sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.76%. Patrick Industries’s dividend payout ratio (DPR) is presently 38.37%.

Analyst Ratings Changes

Several brokerages have weighed in on PATK. Roth Mkm reaffirmed a “buy” rating and set a $100.00 target price (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Robert W. Baird reduced their target price on shares of Patrick Industries from $96.00 to $84.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. Wall Street Zen upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. KeyCorp reduced their target price on shares of Patrick Industries from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Finally, Raymond James reduced their target price on shares of Patrick Industries from $103.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $95.67.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland purchased 1,000 shares of the company’s stock in a transaction dated Tuesday, June 3rd. The shares were bought at an average price of $82.75 per share, with a total value of $82,750.00. Following the completion of the transaction, the director now directly owns 133,286 shares in the company, valued at $11,029,416.50. This trade represents a 0.76% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director M Scott Welch purchased 2,500 shares of the company’s stock in a transaction dated Thursday, March 13th. The shares were acquired at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the transaction, the director now owns 2,961 shares of the company’s stock, valued at $250,559.82. This trade represents a 542.30% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 16,571 shares of company stock worth $1,417,514 over the last three months. 4.40% of the stock is currently owned by insiders.

Patrick Industries Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.