Patrick Industries, Inc. $PATK Shares Sold by GW&K Investment Management LLC

GW&K Investment Management LLC cut its position in Patrick Industries, Inc. (NASDAQ:PATK) by 2.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 349,056 shares of the construction company’s stock after selling 7,759 shares during the quarter. GW&K Investment Management LLC owned approximately 1.05% of Patrick Industries worth $37,848,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Patrick Industries by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 2,470,559 shares of the construction company’s stock valued at $267,883,000 after purchasing an additional 16,959 shares during the period. Capital Research Global Investors boosted its position in shares of Patrick Industries by 24.4% in the 4th quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock valued at $123,342,000 after purchasing an additional 223,014 shares during the period. Geode Capital Management LLC boosted its position in shares of Patrick Industries by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 819,488 shares of the construction company’s stock valued at $88,870,000 after purchasing an additional 4,816 shares during the period. Copeland Capital Management LLC boosted its position in shares of Patrick Industries by 23.4% in the 4th quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company’s stock valued at $51,938,000 after purchasing an additional 90,691 shares during the period. Finally, Schroder Investment Management Group boosted its position in shares of Patrick Industries by 7.2% in the 3rd quarter. Schroder Investment Management Group now owns 413,789 shares of the construction company’s stock valued at $42,798,000 after purchasing an additional 27,954 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Patrick Industries

In other news, CFO Matthew S. Filer acquired 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average cost of $85.50 per share, with a total value of $85,500.00. Following the purchase, the chief financial officer directly owned 21,614 shares of the company’s stock, valued at approximately $1,847,997. This trade represents a 4.85% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director M Scott Welch acquired 10,050 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average cost of $88.23 per share, with a total value of $886,711.50. Following the completion of the purchase, the director directly owned 156,000 shares in the company, valued at $13,763,880. This represents a 6.89% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 27,300 shares of company stock worth $2,400,254 over the last ninety days. 3.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PATK. Weiss Ratings cut Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, June 4th. BMO Capital Markets reaffirmed an “outperform” rating and set a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Roth Mkm set a $128.00 price objective on Patrick Industries in a research report on Tuesday, May 5th. Raymond James Financial set a $108.00 price objective on Patrick Industries in a research report on Friday, May 1st. Finally, Benchmark decreased their price objective on Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $122.63.

Patrick Industries Stock Performance

NASDAQ PATK opened at $83.65 on Thursday. Patrick Industries, Inc. has a 1-year low of $83.48 and a 1-year high of $148.50. The company has a market capitalization of $2.75 billion, a P/E ratio of 21.45 and a beta of 1.09. The business has a 50 day moving average price of $98.17 and a 200 day moving average price of $112.03. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04.

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

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, May 26th. Patrick Industries’s dividend payout ratio (DPR) is presently 48.21%.

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.