Janus Henderson Group PLC Lowers Holdings in Patrick Industries, Inc. $PATK

Janus Henderson Group PLC trimmed its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 58.6% during the 1st quarter, Holdings Channel reports. The fund owned 14,365 shares of the construction company’s stock after selling 20,347 shares during the quarter. Janus Henderson Group PLC’s holdings in Patrick Industries were worth $1,595,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP grew its stake in shares of Patrick Industries by 19.9% during the 4th quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock worth $240,401,000 after purchasing an additional 367,802 shares during the period. Capital Research Global Investors increased its holdings in shares of Patrick Industries by 24.4% during the 4th quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock valued at $123,342,000 after purchasing an additional 223,014 shares in the last quarter. Bessemer Group Inc. lifted its stake in shares of Patrick Industries by 3,602.4% in the 4th quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock valued at $16,255,000 after purchasing an additional 145,863 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Patrick Industries by 17.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company’s stock valued at $81,205,000 after purchasing an additional 112,766 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new stake in Patrick Industries during the second quarter worth $9,800,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $88.84 on Monday. The firm has a 50-day simple moving average of $86.71 and a 200-day simple moving average of $104.38. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 21.05 and a beta of 1.11. Patrick Industries, Inc. has a 52 week low of $81.29 and a 52 week high of $148.50.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.05. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $994.95 million. During the same quarter in the prior year, the company earned $1.50 EPS. Patrick Industries’s revenue was down .6% compared to the same quarter last year. On average, equities analysts predict that Patrick Industries, Inc. will post 4.26 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.1%. The ex-dividend date was Tuesday, May 26th. Patrick Industries’s dividend payout ratio is presently 44.55%.

Analyst Ratings Changes

PATK has been the topic of a number of analyst reports. Robert W. Baird set a $110.00 target price on Patrick Industries in a research report on Friday, May 1st. BMO Capital Markets reiterated 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. Raymond James Financial reissued an “outperform” rating and issued a $94.00 price objective on shares of Patrick Industries in a report on Friday, July 31st. Benchmark cut their price objective on Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Finally, Weiss Ratings downgraded Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, June 29th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $116.25.

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.