Epoch Investment Partners Inc. Purchases 27,726 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Epoch Investment Partners Inc. raised its stake in Patrick Industries, Inc. (NASDAQ:PATKGet Rating) by 17.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 183,867 shares of the construction company’s stock after buying an additional 27,726 shares during the period. Epoch Investment Partners Inc.’s holdings in Patrick Industries were worth $14,836,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PATK. BlackRock Inc. boosted its stake in shares of Patrick Industries by 0.3% in the 3rd quarter. BlackRock Inc. now owns 3,366,798 shares of the construction company’s stock valued at $280,454,000 after purchasing an additional 10,151 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Patrick Industries by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 397,198 shares of the construction company’s stock valued at $33,086,000 after purchasing an additional 6,789 shares in the last quarter. Royce & Associates LP boosted its position in Patrick Industries by 3.3% during the 4th quarter. Royce & Associates LP now owns 296,370 shares of the construction company’s stock valued at $23,914,000 after buying an additional 9,407 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Patrick Industries by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 282,891 shares of the construction company’s stock valued at $22,827,000 after buying an additional 4,124 shares during the period. Finally, Wasatch Advisors Inc. boosted its position in Patrick Industries by 26.2% during the 3rd quarter. Wasatch Advisors Inc. now owns 154,470 shares of the construction company’s stock valued at $12,867,000 after buying an additional 32,080 shares during the period. 94.85% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Chairman Todd M. Cleveland sold 3,103 shares of the stock in a transaction that occurred on Wednesday, May 11th. The shares were sold at an average price of $65.04, for a total value of $201,819.12. Following the transaction, the chairman now owns 212,414 shares in the company, valued at approximately $13,815,406.56. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Todd M. Cleveland sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 6th. The stock was sold at an average price of $66.68, for a total value of $333,400.00. Following the completion of the sale, the chairman now owns 215,517 shares in the company, valued at approximately $14,370,673.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,103 shares of company stock worth $1,556,669. Corporate insiders own 6.10% of the company’s stock.

NASDAQ PATK opened at $57.26 on Friday. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 4.72, a PEG ratio of 0.72 and a beta of 1.95. Patrick Industries, Inc. has a 52 week low of $54.80 and a 52 week high of $89.56. The company has a quick ratio of 0.96, a current ratio of 2.37 and a debt-to-equity ratio of 1.86. The company has a fifty day moving average of $62.85 and a two-hundred day moving average of $70.40.

Patrick Industries (NASDAQ:PATKGet Rating) last issued its earnings results on Thursday, April 28th. The construction company reported $4.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.89 by $2.04. Patrick Industries had a net margin of 6.35% and a return on equity of 39.75%. The firm had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the firm earned $1.80 earnings per share. The business’s revenue was up 57.8% on a year-over-year basis. Equities research analysts anticipate that Patrick Industries, Inc. will post 13.16 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, June 13th. Shareholders of record on Tuesday, May 31st will be issued a $0.33 dividend. The ex-dividend date is Friday, May 27th. This represents a $1.32 dividend on an annualized basis and a yield of 2.31%. Patrick Industries’s dividend payout ratio is presently 10.88%.

PATK has been the subject of several research reports. Zacks Investment Research upgraded shares of Patrick Industries from a “hold” rating to a “strong-buy” rating and set a $78.00 price objective for the company in a report on Thursday, May 5th. Bank of America initiated coverage on shares of Patrick Industries in a research note on Monday, April 4th. They issued an “underperform” rating and a $60.00 price target for the company. MKM Partners started coverage on shares of Patrick Industries in a research note on Thursday, May 5th. They set a “buy” rating and a $93.00 price objective for the company. StockNews.com started coverage on shares of Patrick Industries in a report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Truist Financial started coverage on shares of Patrick Industries in a report on Tuesday, April 12th. They set a “buy” rating and a $75.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries presently has a consensus rating of “Buy” and an average price target of $83.33.

Patrick Industries Company Profile (Get Rating)

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

See Also

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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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