Patrick Industries, Inc. (NASDAQ:PATK) Stock Position Lifted by Turtle Creek Asset Management Inc.

Turtle Creek Asset Management Inc. lifted its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 64.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 68,100 shares of the construction company’s stock after purchasing an additional 26,600 shares during the quarter. Patrick Industries accounts for approximately 0.1% of Turtle Creek Asset Management Inc.’s holdings, making the stock its 29th largest position. Turtle Creek Asset Management Inc.’s holdings in Patrick Industries were worth $5,658,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PATK. Wellington Management Group LLP grew its stake in shares of Patrick Industries by 391.8% in the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock worth $168,462,000 after purchasing an additional 1,615,412 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Patrick Industries by 49.3% in the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock worth $193,266,000 after purchasing an additional 768,102 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Patrick Industries by 48.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company’s stock worth $154,823,000 after purchasing an additional 609,036 shares in the last quarter. Capital Research Global Investors bought a new position in Patrick Industries during the fourth quarter valued at about $38,275,000. Finally, Schroder Investment Management Group bought a new position in Patrick Industries during the fourth quarter valued at about $26,602,000. Institutional investors own 93.29% of the company’s stock.

Insider Activity

In related news, EVP Stacey L. Neu sold 2,885 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the sale, the executive vice president now directly owns 18,044 shares in the company, valued at approximately $1,543,303.32. The trade was a 13.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director M Scott Welch bought 10,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, March 11th. The stock was bought at an average price of $86.22 per share, with a total value of $862,200.00. Following the completion of the acquisition, the director now owns 136,000 shares in the company, valued at approximately $11,725,920. The trade was a 7.94% increase in their position. The disclosure for this purchase can be found here. 4.40% of the stock is owned by corporate insiders.

Patrick Industries Trading Up 1.8%

Shares of NASDAQ PATK opened at $88.53 on Friday. Patrick Industries, Inc. has a one year low of $67.72 and a one year high of $98.90. The firm has a market capitalization of $2.96 billion, a PE ratio of 21.49, a PEG ratio of 1.41 and a beta of 2.05. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The business has a 50-day moving average price of $82.41 and a two-hundred day moving average price of $86.75.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.13. The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $959.46 million. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period last year, the company posted $1.79 EPS. As a group, analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.81%. Patrick Industries’s dividend payout ratio is 38.37%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Robert W. Baird lowered their target price on Patrick Industries from $96.00 to $84.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. Baird R W lowered Patrick Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, April 4th. Roth Mkm reaffirmed a “buy” rating and set a $100.00 target price (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Benchmark lifted their target price on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, KeyCorp lowered their target price on Patrick Industries from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.29.

Patrick Industries Company Profile

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.