Patrick Industries, Inc. $PATK Shares Bought by Legato Capital Management LLC

Legato Capital Management LLC lifted its position in Patrick Industries, Inc. (NASDAQ:PATK) by 31.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,245 shares of the construction company’s stock after acquiring an additional 6,311 shares during the quarter. Legato Capital Management LLC owned 0.08% of Patrick Industries worth $2,846,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in PATK. Advisory Services Network LLC acquired a new position in shares of Patrick Industries in the 3rd quarter worth approximately $25,000. Torren Management LLC acquired a new position in shares of Patrick Industries in the 4th quarter worth approximately $26,000. Cornerstone Planning Group LLC acquired a new position in shares of Patrick Industries in the 3rd quarter worth approximately $31,000. Allworth Financial LP grew its position in shares of Patrick Industries by 181.3% in the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after acquiring an additional 203 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Patrick Industries by 200.9% in the 4th quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock worth $37,000 after acquiring an additional 229 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Stock Performance

Shares of PATK stock opened at $90.87 on Friday. The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16. The business has a 50 day moving average of $103.88 and a two-hundred day moving average of $113.14. Patrick Industries, Inc. has a 52 week low of $82.24 and a 52 week high of $148.50. The company has a market cap of $2.99 billion, a P/E ratio of 23.30 and a beta of 1.12.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The company had revenue of $997.17 million during the quarter, compared to the consensus estimate of $989.06 million. During the same period in the previous year, the firm posted $1.11 earnings per share. Patrick Industries’s quarterly revenue was down .6% compared to the same quarter last year. As a group, analysts anticipate that Patrick Industries, Inc. will post 4.94 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th will be given a dividend of $0.47 per share. The ex-dividend date is Tuesday, May 26th. This represents a $1.88 annualized dividend and a dividend yield of 2.1%. Patrick Industries’s payout ratio is currently 48.21%.

Analyst Ratings Changes

Several brokerages have recently commented on PATK. BMO Capital Markets reiterated an “outperform” rating and issued a $150.00 target price (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Robert W. Baird set a $110.00 target price on Patrick Industries in a research note on Friday, May 1st. Weiss Ratings upgraded Patrick Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. Roth Mkm set a $128.00 target price on Patrick Industries in a research note on Tuesday, May 5th. Finally, Zacks Research downgraded Patrick Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $122.63.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth acquired 10,000 shares of Patrick Industries stock in a transaction dated Tuesday, May 5th. The stock was acquired at an average cost of $88.00 per share, for a total transaction of $880,000.00. Following the completion of the transaction, the chief executive officer owned 287,745 shares in the company, valued at approximately $25,321,560. This represents a 3.60% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director M Scott Welch acquired 10,050 shares of Patrick Industries stock in a transaction dated Tuesday, May 5th. The shares were acquired at an average price of $88.23 per share, with a total value of $886,711.50. Following the completion of the transaction, the director owned 156,000 shares of the company’s stock, valued at approximately $13,763,880. This trade represents a 6.89% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders acquired 37,410 shares of company stock valued at $3,550,239. 3.80% of the stock is currently owned by insiders.

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.