GW&K Investment Management LLC Reduces Position in Patrick Industries, Inc. $PATK

GW&K Investment Management LLC decreased its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 2.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 349,056 shares of the construction company’s stock after selling 7,759 shares during the period. GW&K Investment Management LLC’s holdings in Patrick Industries were worth $37,848,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. LPL Financial LLC increased its position in Patrick Industries by 8.0% during the fourth quarter. LPL Financial LLC now owns 22,226 shares of the construction company’s stock worth $2,410,000 after buying an additional 1,649 shares in the last quarter. Fiera Capital Corp increased its position in Patrick Industries by 32.8% during the fourth quarter. Fiera Capital Corp now owns 366,776 shares of the construction company’s stock worth $39,770,000 after buying an additional 90,544 shares in the last quarter. Capital Research Global Investors increased its position in Patrick Industries by 24.4% during the fourth quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock worth $123,342,000 after buying an additional 223,014 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in Patrick Industries during the fourth quarter worth $76,000. Finally, Vestcor Inc increased its position in Patrick Industries by 22.1% during the fourth quarter. Vestcor Inc now owns 10,963 shares of the construction company’s stock worth $1,189,000 after buying an additional 1,987 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $83.65 on Thursday. Patrick Industries, Inc. has a twelve month low of $83.48 and a twelve month high of $148.50. The stock has a market capitalization of $2.75 billion, a P/E ratio of 21.45 and a beta of 1.09. 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’s fifty day moving average price is $98.17 and its 200 day moving average price is $112.03.

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 the consensus estimate of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The company had revenue of $997.17 million for the quarter, compared to analyst estimates of $989.06 million. During the same period last year, the company posted $1.11 earnings per share. The firm’s revenue was down .6% compared to the same quarter last year. As a group, research analysts anticipate that Patrick Industries, Inc. will post 4.94 earnings per share for the current year.

Patrick Industries Dividend Announcement

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

Insider Buying and Selling

In related news, insider Charles R. Roeder acquired 5,750 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were bought at an average cost of $87.83 per share, with a total value of $505,022.50. Following the completion of the transaction, the insider directly owned 42,147 shares of the company’s stock, valued at $3,701,771.01. This trade represents a 15.80% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Andy L. Nemeth acquired 10,000 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was bought at an average cost of $88.00 per share, for a total transaction of $880,000.00. Following the completion of the transaction, the chief executive officer directly owned 287,745 shares of the company’s stock, valued at $25,321,560. This trade represents a 3.60% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 27,300 shares of company stock valued at $2,400,254 over the last ninety days. Insiders own 3.80% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on PATK. Zacks Research downgraded Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. BMO Capital Markets reissued an “outperform” rating and set a $150.00 price target (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. KeyCorp dropped their price target on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Raymond James Financial set a $108.00 price target on Patrick Industries in a research report on Friday, May 1st. Finally, Wall Street Zen downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $122.63.

Patrick Industries 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.