AlphaQuest LLC Raises Position in Patrick Industries, Inc. $PATK

AlphaQuest LLC boosted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 1,267.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 14,097 shares of the construction company’s stock after buying an additional 13,066 shares during the period. AlphaQuest LLC’s holdings in Patrick Industries were worth $1,458,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PATK. Salomon & Ludwin LLC bought a new position in shares of Patrick Industries during the third quarter valued at approximately $25,000. Parkside Financial Bank & Trust lifted its stake in Patrick Industries by 87.5% in the third quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock worth $49,000 after acquiring an additional 223 shares during the period. Strs Ohio purchased a new stake in shares of Patrick Industries in the 1st quarter worth approximately $42,000. Quent Capital LLC purchased a new stake in Patrick Industries during the third quarter worth $66,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Patrick Industries by 671.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,157 shares of the construction company’s stock worth $107,000 after purchasing an additional 1,007 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the transaction, the chief executive officer directly owned 301,641 shares in the company, valued at approximately $34,688,715. This represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 4.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PATK has been the subject of a number of analyst reports. Roth Mkm set a $115.00 target price on shares of Patrick Industries and gave the company a “buy” rating in a research report on Friday, October 31st. BMO Capital Markets reiterated an “outperform” rating and set a $115.00 price target on shares of Patrick Industries in a research note on Friday, October 31st. Truist Financial set a $126.00 price objective on shares of Patrick Industries in a report on Friday, January 9th. KeyCorp restated an “overweight” rating and issued a $135.00 target price (up previously from $120.00) on shares of Patrick Industries in a research note on Friday, January 16th. Finally, Loop Capital started coverage on shares of Patrick Industries in a report on Friday, October 31st. They set a “hold” rating and a $99.00 price target on the stock. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $116.13.

Patrick Industries Stock Performance

NASDAQ PATK opened at $126.17 on Friday. The stock’s fifty day moving average is $115.61 and its two-hundred day moving average is $108.26. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.86 and a current ratio of 2.34. The firm has a market capitalization of $4.20 billion, a P/E ratio of 36.05, a price-to-earnings-growth ratio of 1.35 and a beta of 1.34. Patrick Industries, Inc. has a fifty-two week low of $72.99 and a fifty-two week high of $135.17.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The business had revenue of $975.63 million during the quarter, compared to the consensus estimate of $900.35 million. Patrick Industries had a net margin of 3.11% and a return on equity of 12.44%. The business’s revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.80 EPS. On average, research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.5%. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.40. The ex-dividend date was Monday, December 1st. Patrick Industries’s dividend payout ratio (DPR) is presently 53.71%.

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.