Jupiter Topco LLC Invests $1.29 Million in Patrick Industries, Inc. $PATK

Jupiter Topco LLC purchased a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the second quarter, HoldingsChannel.com reports. The fund purchased 14,365 shares of the construction company’s stock, valued at approximately $1,289,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Bessemer Group Inc. increased its position in shares of Patrick Industries by 3,602.4% in the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock valued at $16,255,000 after acquiring an additional 145,863 shares during the last quarter. Nicholas Investment Partners LP bought a new position in Patrick Industries in the fourth quarter valued at approximately $5,201,000. Kennedy Capital Management LLC increased its position in shares of Patrick Industries by 14.2% during the 4th quarter. Kennedy Capital Management LLC now owns 238,981 shares of the construction company’s stock worth $25,913,000 after purchasing an additional 29,714 shares during the last quarter. WCG Wealth Advisors LLC bought a new stake in shares of Patrick Industries during the 4th quarter worth approximately $1,641,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Patrick Industries during the 1st quarter worth approximately $5,220,000. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Price Performance

Patrick Industries stock opened at $82.84 on Friday. Patrick Industries, Inc. has a 52-week low of $80.61 and a 52-week high of $148.50. The stock’s 50 day moving average price is $85.32 and its two-hundred day moving average price is $97.61. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.96 and a current ratio of 2.67. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 19.63 and a beta of 1.11.

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

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Monday, August 24th. Patrick Industries’s payout ratio is 44.55%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PATK. Weiss Ratings downgraded shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, June 29th. Truist Financial set a $108.00 price objective on shares of Patrick Industries and gave the company a “buy” rating in a research report on Monday, August 10th. Benchmark restated a “buy” rating and set a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th. Raymond James Financial reaffirmed an “outperform” rating and issued a $94.00 target price on shares of Patrick Industries in a report on Friday, July 31st. Finally, Northcoast Research set a $121.00 target price on shares of Patrick Industries and gave the company a “buy” rating in a research note on Tuesday. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $114.00.

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.