Roubaix Capital LLC Takes $2.04 Million Position in Patrick Industries, Inc. (NASDAQ:PATK)

Roubaix Capital LLC bought a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the 1st quarter, HoldingsChannel.com reports. The fund bought 24,063 shares of the construction company’s stock, valued at approximately $2,035,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Dimensional Fund Advisors LP raised its holdings in shares of 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 valued at $154,823,000 after purchasing an additional 609,036 shares during the period. Capital Research Global Investors bought a new stake in Patrick Industries in the 4th quarter valued at about $38,275,000. Nuveen LLC acquired a new position in Patrick Industries during the 1st quarter worth approximately $33,735,000. Capital World Investors boosted its holdings in Patrick Industries by 50.0% in the fourth quarter. Capital World Investors now owns 944,319 shares of the construction company’s stock worth $78,454,000 after acquiring an additional 314,773 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its stake in Patrick Industries by 495.5% in the fourth quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company’s stock valued at $28,730,000 after acquiring an additional 287,739 shares during the period. 93.29% of the stock is owned by institutional investors.

Patrick Industries Stock Down 0.3%

Shares of NASDAQ:PATK opened at $112.13 on Friday. The company has a market capitalization of $3.73 billion, a PE ratio of 30.39, a price-to-earnings-growth ratio of 1.59 and a beta of 1.23. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $114.26. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75. The business has a fifty day moving average price of $97.43 and a two-hundred day moving average price of $90.14.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The firm’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.16 earnings per share. Analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Stockholders of record on Monday, August 25th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.4%. Patrick Industries’s dividend payout ratio is presently 43.36%.

Insider Activity

In related news, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $110.68, for a total value of $2,767,000.00. Following the completion of the sale, the chief executive officer owned 328,641 shares of the company’s stock, valued at approximately $36,373,985.88. This trade represents a 7.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John A. Forbes sold 2,875 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the transaction, the director owned 52,591 shares of the company’s stock, valued at $4,818,387.42. This represents a 5.18% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have bought 8,071 shares of company stock worth $691,164 and have sold 71,716 shares worth $7,860,297. 4.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on PATK shares. BMO Capital Markets upped their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. KeyCorp upped their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Wall Street Zen raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a research note on Wednesday, April 30th. Robert W. Baird upped their target price on shares of Patrick Industries from $84.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, June 20th. Finally, Benchmark raised their price target on shares of Patrick Industries from $102.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $104.86.

About Patrick Industries

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.