Legato Capital Management LLC Purchases 8,525 Shares of Patrick Industries, Inc. $PATK

Legato Capital Management LLC increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 74.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,934 shares of the construction company’s stock after acquiring an additional 8,525 shares during the period. Legato Capital Management LLC’s holdings in Patrick Industries were worth $2,062,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Arizona State Retirement System lifted its stake in Patrick Industries by 1.1% during the third quarter. Arizona State Retirement System now owns 9,387 shares of the construction company’s stock worth $971,000 after purchasing an additional 98 shares during the last quarter. Strs Ohio raised its holdings in shares of Patrick Industries by 11.1% during the 3rd quarter. Strs Ohio now owns 1,000 shares of the construction company’s stock worth $103,000 after buying an additional 100 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Patrick Industries by 2.1% in the second quarter. Bank of Montreal Can now owns 5,200 shares of the construction company’s stock worth $480,000 after acquiring an additional 106 shares during the last quarter. Atria Investments Inc lifted its stake in Patrick Industries by 3.0% in the 2nd quarter. Atria Investments Inc now owns 3,806 shares of the construction company’s stock valued at $351,000 after purchasing an additional 112 shares during the last quarter. Finally, Inspire Investing LLC boosted its holdings in shares of Patrick Industries by 2.9% during the 3rd quarter. Inspire Investing LLC now owns 5,367 shares of the construction company’s stock valued at $555,000 after acquiring an additional 151 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Stock Up 0.0%

PATK stock opened at $123.82 on Tuesday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. Patrick Industries, Inc. has a fifty-two week low of $72.99 and a fifty-two week high of $148.50. The stock’s 50 day simple moving average is $126.33 and its 200 day simple moving average is $113.38. The company has a market cap of $4.12 billion, a P/E ratio of 31.67, a price-to-earnings-growth ratio of 1.30 and a beta of 1.33.

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

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Investors of record on Monday, February 23rd will be given a $0.47 dividend. The ex-dividend date of this dividend is Monday, February 23rd. This represents a $1.88 annualized dividend and a yield of 1.5%. Patrick Industries’s dividend payout ratio (DPR) is presently 48.08%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PATK. Truist Financial set a $126.00 target price on shares of Patrick Industries in a research report on Friday, January 9th. Wall Street Zen upgraded Patrick Industries from a “hold” rating to a “buy” rating in a report on Saturday. Roth Mkm reissued a “buy” rating and issued a $157.00 price objective on shares of Patrick Industries in a research note on Monday, February 9th. KeyCorp restated an “overweight” rating and set a $155.00 target price (up from $135.00) on shares of Patrick Industries in a research report on Friday, February 6th. Finally, Weiss Ratings upgraded Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Seven 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, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus price target of $135.13.

Insider Buying and Selling

In related news, CAO Matthew S. Filer purchased 1,000 shares of the business’s stock in a transaction on Friday, February 6th. The stock was acquired at an average price of $139.91 per share, for a total transaction of $139,910.00. Following the purchase, the chief accounting officer owned 20,614 shares of the company’s stock, valued at approximately $2,884,104.74. This trade represents a 5.10% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Stacey L. Amundson sold 3,903 shares of the business’s stock in a transaction that occurred on Thursday, February 12th. The stock was 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 of the company’s stock, valued at $1,866,574.59. This represents a 23.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 31,607 shares of company stock worth $3,823,904 over the last 90 days. Company insiders own 4.70% of the company’s stock.

About Patrick Industries

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.