Waverly Advisors LLC Sells 20,200 Shares of Patrick Industries, Inc. $PATK

Waverly Advisors LLC lowered its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 23.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 67,345 shares of the construction company’s stock after selling 20,200 shares during the quarter. Waverly Advisors LLC owned 0.20% of Patrick Industries worth $7,480,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Patrick Industries by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock valued at $1,632,000 after purchasing an additional 851 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Patrick Industries by 5.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock valued at $5,957,000 after buying an additional 3,748 shares in the last quarter. Strs Ohio acquired a new stake in Patrick Industries in the 1st quarter valued at $42,000. Cetera Investment Advisers grew its position in Patrick Industries by 64.8% in the second quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company’s stock valued at $559,000 after acquiring an additional 2,381 shares during the period. Finally, Hsbc Holdings PLC acquired a new position in Patrick Industries during the second quarter worth $340,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Stock Up 0.2%

Shares of NASDAQ:PATK opened at $84.69 on Tuesday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 21.72 and a beta of 1.11. The company has a 50 day moving average of $87.65 and a 200-day moving average of $106.59. Patrick Industries, Inc. has a one year low of $81.29 and a one year high of $148.50.

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, beating the consensus estimate of $1.08 by $0.02. The business had revenue of $997.17 million for the quarter, compared to analyst estimates of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. Patrick Industries’s revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.11 earnings per share. On average, sell-side analysts forecast that Patrick Industries, Inc. will post 4.63 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Tuesday, May 26th. Patrick Industries’s dividend payout ratio is currently 48.21%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Roth Capital set a $128.00 price objective on Patrick Industries in a report on Tuesday, May 5th. Zacks Research lowered shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Raymond James Financial set a $108.00 price objective on shares of Patrick Industries in a research note on Friday, May 1st. Truist Financial dropped their price objective on shares of Patrick Industries from $126.00 to $113.00 and set a “buy” rating for the company in a report on Wednesday, July 8th. Finally, KeyCorp cut their target price on shares of Patrick Industries from $125.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, July 22nd. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $119.75.

Insiders Place Their Bets

In related news, insider Charles R. Roeder purchased 5,750 shares of the stock in a transaction dated Tuesday, May 5th. The stock was bought at an average cost of $87.83 per share, with a total value of $505,022.50. Following the purchase, the insider directly owned 42,147 shares in the company, valued at $3,701,771.01. The trade was a 15.80% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director M Scott Welch purchased 10,050 shares of the stock in a transaction on Tuesday, May 5th. The stock was acquired at an average price of $88.23 per share, with a total value of $886,711.50. Following the completion of the acquisition, the director directly owned 156,000 shares of the company’s stock, valued at approximately $13,763,880. This represents a 6.89% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 28,700 shares of company stock valued at $2,532,880 in the last ninety days. 3.80% of the stock is currently owned by insiders.

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.