Lodge Hill Capital LLC Acquires 25,000 Shares of Patrick Industries, Inc. $PATK

Lodge Hill Capital LLC raised its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 13.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 205,000 shares of the construction company’s stock after acquiring an additional 25,000 shares during the quarter. Patrick Industries comprises approximately 3.3% of Lodge Hill Capital LLC’s investment portfolio, making the stock its 14th biggest holding. Lodge Hill Capital LLC owned approximately 0.62% of Patrick Industries worth $22,769,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Patrick Industries by 4.6% in the first 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Patrick Industries by 5.6% during 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 worth $5,957,000 after buying an additional 3,748 shares in the last quarter. Strs Ohio acquired a new position in Patrick Industries during the 1st quarter worth $42,000. Cetera Investment Advisers boosted its position in Patrick Industries by 64.8% in the 2nd quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company’s stock valued at $559,000 after buying an additional 2,381 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new position in Patrick Industries in the 2nd quarter valued at $340,000. 93.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Roth Capital set a $128.00 target price on Patrick Industries in a research report on Tuesday, May 5th. Truist Financial decreased their price target on Patrick Industries from $126.00 to $113.00 and set a “buy” rating on the stock in a report on Wednesday, July 8th. Weiss Ratings lowered Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, June 29th. Wall Street Zen cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Finally, Benchmark cut their target price on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $119.75.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director M Scott Welch purchased 10,050 shares of the stock in a transaction on Tuesday, May 5th. The stock was bought at an average cost of $88.23 per share, for a total transaction of $886,711.50. Following the completion of the acquisition, the director directly owned 156,000 shares of the company’s stock, valued at $13,763,880. The trade was a 6.89% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Andy L. Nemeth acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were acquired at an average price of $88.00 per share, for a total transaction of $880,000.00. Following the acquisition, the chief executive officer directly owned 287,745 shares in the company, valued at $25,321,560. This represents a 3.60% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders acquired 28,700 shares of company stock valued at $2,532,880. Insiders own 3.80% of the company’s stock.

Patrick Industries Trading Down 1.4%

Shares of NASDAQ PATK opened at $86.62 on Thursday. The company’s fifty day moving average is $87.55 and its 200-day moving average is $106.20. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of 22.21 and a beta of 1.11. Patrick Industries, Inc. has a twelve month low of $81.29 and a twelve month high of $148.50. The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The business had revenue of $997.17 million during the quarter, compared to analysts’ expectations of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The firm’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.11 EPS. Equities research analysts predict that Patrick Industries, Inc. will post 4.5 EPS for the current year.

Patrick Industries Announces Dividend

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

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.