Dimensional Fund Advisors LP Sells 117,869 Shares of Patrick Industries, Inc. $PATK

Dimensional Fund Advisors LP lowered its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 7.2% during the third quarter, Holdings Channel reports. The fund owned 1,519,736 shares of the construction company’s stock after selling 117,869 shares during the period. Dimensional Fund Advisors LP’s holdings in Patrick Industries were worth $157,186,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Patrick Industries by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock worth $1,632,000 after buying an additional 851 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Patrick Industries by 5.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock worth $5,957,000 after acquiring an additional 3,748 shares during the last quarter. Strs Ohio acquired a new position in shares of Patrick Industries during the first quarter valued at $42,000. Teacher Retirement System of Texas lifted its stake in shares of Patrick Industries by 8.3% during the second quarter. Teacher Retirement System of Texas now owns 6,125 shares of the construction company’s stock valued at $565,000 after acquiring an additional 468 shares during the period. Finally, Atria Investments Inc boosted its holdings in Patrick Industries by 3.0% in the second quarter. Atria Investments Inc now owns 3,806 shares of the construction company’s stock valued at $351,000 after acquiring an additional 112 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Trading Up 0.3%

NASDAQ:PATK opened at $116.21 on Tuesday. The company has a current ratio of 2.51, a quick ratio of 0.80 and a debt-to-equity ratio of 1.08. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $148.50. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of 29.72 and a beta of 1.33. The business’s 50-day moving average price is $127.03 and its two-hundred day moving average price is $113.65.

Patrick Industries (NASDAQ:PATK) last posted its earnings results 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. The company had revenue of $924.17 million during the quarter, compared to analyst estimates of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.52 EPS. On average, equities analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were issued a dividend of $0.47 per share. The ex-dividend date was Monday, February 23rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.6%. Patrick Industries’s payout ratio is currently 48.08%.

Insider Activity

In other Patrick Industries news, EVP Stacey L. Amundson sold 3,903 shares of the stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $145.61, for a total value of $568,315.83. Following the sale, the executive vice president directly owned 12,819 shares in the company, valued at approximately $1,866,574.59. This trade represents a 23.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John A. Forbes sold 2,704 shares of Patrick Industries stock in a transaction on Friday, February 6th. The stock was sold at an average price of $140.75, for a total transaction of $380,588.00. Following the transaction, the director directly owned 49,272 shares in the company, valued at approximately $6,935,034. This represents a 5.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 31,607 shares of company stock worth $3,823,904 in the last ninety days. Company insiders own 4.70% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on PATK shares. Truist Financial set a $126.00 price objective on Patrick Industries in a research report on Friday, January 9th. KeyCorp reaffirmed an “overweight” rating and issued a $155.00 target price (up from $135.00) on shares of Patrick Industries in a research note on Friday, February 6th. Weiss Ratings upgraded shares of Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Benchmark reissued a “buy” rating on shares of Patrick Industries in a research note on Friday, February 6th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $155.00 price objective on shares of Patrick Industries in a report on Friday, February 6th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $135.13.

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.