Intech Investment Management LLC Sells 6,829 Shares of Patrick Industries, Inc. $PATK

Intech Investment Management LLC trimmed its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 31.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,699 shares of the construction company’s stock after selling 6,829 shares during the quarter. Intech Investment Management LLC’s holdings in Patrick Industries were worth $1,594,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Patrick Industries by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 2,470,559 shares of the construction company’s stock valued at $267,883,000 after buying an additional 16,959 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Patrick Industries by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 819,488 shares of the construction company’s stock valued at $88,870,000 after buying an additional 4,816 shares during the last quarter. Copeland Capital Management LLC raised its holdings in shares of Patrick Industries by 23.4% in the fourth quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company’s stock valued at $51,938,000 after buying an additional 90,691 shares during the last quarter. Schroder Investment Management Group raised its holdings in shares of Patrick Industries by 7.2% in the third quarter. Schroder Investment Management Group now owns 413,789 shares of the construction company’s stock valued at $42,798,000 after buying an additional 27,954 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Patrick Industries by 12,134.2% in the fourth quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock valued at $28,123,000 after buying an additional 257,245 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PATK has been the subject of several recent research reports. Wall Street Zen cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Zacks Research cut Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Benchmark dropped their price objective on Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a report on Friday, May 1st. KeyCorp dropped their price objective on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Finally, BMO Capital Markets reissued an “outperform” rating and set a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a report on Monday, April 20th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $122.63.

Insider Activity at Patrick Industries

In related news, insider Charles R. Roeder bought 5,750 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was bought at an average cost of $87.83 per share, for a total transaction of $505,022.50. Following the transaction, the insider owned 42,147 shares of the company’s stock, valued at $3,701,771.01. This represents a 15.80% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Matthew S. Filer bought 1,000 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were bought at an average price of $85.50 per share, with a total value of $85,500.00. Following the completion of the transaction, the chief financial officer directly owned 21,614 shares in the company, valued at approximately $1,847,997. This trade represents a 4.85% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders acquired 37,300 shares of company stock worth $3,537,054. 3.80% of the stock is owned by company insiders.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK opened at $86.05 on Friday. The stock has a market capitalization of $2.83 billion, a P/E ratio of 22.06 and a beta of 1.09. Patrick Industries, Inc. has a 1-year low of $83.96 and a 1-year high of $148.50. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. The business has a 50-day moving average price of $100.00 and a two-hundred day moving average price of $112.39.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.02. The firm had revenue of $997.17 million during the quarter, compared to analysts’ expectations of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.11 EPS. Equities analysts predict that Patrick Industries, Inc. will post 4.94 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, May 26th. Patrick Industries’s payout ratio is presently 48.21%.

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.