Foster & Motley Inc. Purchases New Stake in Patrick Industries, Inc. $PATK

Foster & Motley Inc. acquired a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,000 shares of the construction company’s stock, valued at approximately $1,347,000.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Patrick Industries by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 2,470,559 shares of the construction company’s stock valued at $267,883,000 after purchasing an additional 16,959 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Patrick Industries by 19.9% in the fourth quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock valued at $240,401,000 after acquiring an additional 367,802 shares during the period. Capital Research Global Investors lifted its holdings in Patrick Industries by 24.4% in the 4th 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 during the period. Geode Capital Management LLC boosted its holdings in Patrick Industries by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 819,488 shares of the construction company’s stock valued at $88,870,000 after acquiring an additional 4,816 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Patrick Industries by 17.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company’s stock worth $81,205,000 after acquiring an additional 112,766 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Performance

NASDAQ PATK opened at $87.44 on Thursday. The business has a 50-day moving average price of $86.49 and a 200-day moving average price of $101.93. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of 20.72 and a beta of 1.11. Patrick Industries, Inc. has a twelve month low of $81.29 and a twelve month high of $148.50. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25.

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

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Monday, August 24th. Patrick Industries’s dividend payout ratio (DPR) is presently 44.55%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PATK. Weiss Ratings lowered Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, June 29th. Robert W. Baird set a $110.00 price target on Patrick Industries in a research note on Friday, May 1st. Zacks Research cut Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Benchmark reissued a “buy” rating and issued a $115.00 target price (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Finally, Roth Capital set a $114.00 target price on shares of Patrick Industries in a research note on Friday, July 31st. Six 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $113.12.

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.