Tributary Capital Management LLC Decreases Stock Holdings in Patrick Industries, Inc. $PATK

Tributary Capital Management LLC reduced its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 22.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 144,693 shares of the construction company’s stock after selling 41,111 shares during the quarter. Patrick Industries makes up 1.5% of Tributary Capital Management LLC’s holdings, making the stock its 29th largest position. Tributary Capital Management LLC’s holdings in Patrick Industries were worth $15,689,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in PATK. SG Americas Securities LLC lifted its stake in shares of Patrick Industries by 12,134.2% during the 4th quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock worth $28,123,000 after purchasing an additional 257,245 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Patrick Industries during the 2nd quarter worth $9,800,000. Financial Consulate Inc. purchased a new stake in shares of Patrick Industries during the 3rd quarter worth $5,517,000. Watchtower Advisors LP lifted its stake in shares of Patrick Industries by 50.0% during the 3rd quarter. Watchtower Advisors LP now owns 150,000 shares of the construction company’s stock worth $15,514,000 after purchasing an additional 50,000 shares during the last quarter. Finally, PDT Partners LLC lifted its stake in shares of Patrick Industries by 802.3% during the 3rd quarter. PDT Partners LLC now owns 42,121 shares of the construction company’s stock worth $4,357,000 after purchasing an additional 37,453 shares during the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Patrick Industries

In other news, COO Hugo E. Gonzalez sold 13,514 shares of the firm’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $113.10, for a total value of $1,528,433.40. Following the completion of the transaction, the chief operating officer directly owned 33,864 shares in the company, valued at $3,830,018.40. This trade represents a 28.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Matthew S. Filer acquired 1,000 shares of Patrick Industries stock in a transaction dated Friday, February 6th. The stock was purchased at an average price of $139.91 per share, with a total value of $139,910.00. Following the completion of the purchase, the chief accounting officer owned 20,614 shares of the company’s stock, valued at approximately $2,884,104.74. The trade was a 5.10% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders bought 11,110 shares of company stock valued at $1,289,895 and sold 20,121 shares valued at $2,477,337. 3.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Roth Mkm reissued a “buy” rating and issued a $140.00 price target (down from $157.00) on shares of Patrick Industries in a report on Thursday. KeyCorp lowered their price target on Patrick Industries from $155.00 to $140.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. BMO Capital Markets reiterated an “outperform” rating and issued a $155.00 target price on shares of Patrick Industries in a research note on Friday, February 6th. Robert W. Baird set a $140.00 target price on shares of Patrick Industries in a research report on Friday, February 6th. Finally, Wall Street Zen downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $131.13.

Patrick Industries Stock Up 3.9%

NASDAQ:PATK opened at $106.93 on Friday. The company has a market cap of $3.54 billion, a PE ratio of 27.35 and a beta of 1.35. Patrick Industries, Inc. has a twelve month low of $75.26 and a twelve month high of $148.50. The company has a current ratio of 2.51, a quick ratio of 0.80 and a debt-to-equity ratio of 1.08. The company’s 50 day moving average is $120.18 and its two-hundred day moving average is $114.06.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.10. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The firm had revenue of $924.17 million during the quarter, compared to analysts’ expectations of $858.62 million. During the same period last year, the business posted $0.52 earnings per share. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. Analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Monday, February 23rd. Patrick Industries’s dividend payout ratio (DPR) is presently 48.08%.

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.