Gotham Asset Management LLC Buys 1,780 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Gotham Asset Management LLC boosted its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 49.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,354 shares of the construction company’s stock after acquiring an additional 1,780 shares during the period. Gotham Asset Management LLC’s holdings in Patrick Industries were worth $445,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in PATK. Kestra Investment Management LLC bought a new stake in shares of Patrick Industries during the 4th quarter valued at $25,000. Covestor Ltd boosted its holdings in shares of Patrick Industries by 10,400.0% during the 4th quarter. Covestor Ltd now owns 315 shares of the construction company’s stock valued at $26,000 after buying an additional 312 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in shares of Patrick Industries by 49.8% during the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock valued at $27,000 after buying an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after buying an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of Patrick Industries by 812.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after buying an additional 528 shares in the last quarter. Institutional investors own 93.29% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Truist Financial dropped their target price on shares of Patrick Industries from $120.00 to $110.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Roth Mkm reaffirmed a “buy” rating and issued a $100.00 price target (down previously from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Benchmark lifted their price target on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. KeyCorp lowered their price target on Patrick Industries from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Finally, StockNews.com raised Patrick Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.29.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $87.75 on Tuesday. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90. The business has a 50-day simple moving average of $82.46 and a two-hundred day simple moving average of $86.85. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of 21.30, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.13. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $959.46 million. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Patrick Industries’s revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.79 EPS. On average, analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.82%. Patrick Industries’s dividend payout ratio is currently 38.37%.

Insider Buying and Selling at Patrick Industries

In related news, EVP Stacey L. Neu sold 2,885 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the transaction, the executive vice president now directly owns 18,044 shares in the company, valued at approximately $1,543,303.32. The trade was a 13.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Todd M. Cleveland acquired 6,000 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The shares were bought at an average price of $85.80 per share, with a total value of $514,800.00. Following the completion of the purchase, the director now owns 125,286 shares in the company, valued at $10,749,538.80. This trade represents a 5.03% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 23,500 shares of company stock worth $2,026,000 in the last three months. 4.40% of the stock is currently owned by company insiders.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.