Hodges Capital Management Inc. Takes Position in Patrick Industries, Inc. $PATK

Hodges Capital Management Inc. bought a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the first quarter, Holdings Channel.com reports. The institutional investor bought 17,600 shares of the construction company’s stock, valued at approximately $1,955,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Abel Hall LLC lifted its stake in Patrick Industries by 37.2% during the 1st quarter. Abel Hall LLC now owns 2,767 shares of the construction company’s stock valued at $307,000 after acquiring an additional 750 shares during the period. DGS Capital Management LLC increased its stake in shares of Patrick Industries by 24.3% in the first quarter. DGS Capital Management LLC now owns 2,972 shares of the construction company’s stock worth $330,000 after acquiring an additional 581 shares during the period. Elevation Point Wealth Partners LLC purchased a new position in shares of Patrick Industries during the first quarter worth $378,000. Strs Ohio raised its holdings in shares of Patrick Industries by 17.1% during the first quarter. Strs Ohio now owns 48,000 shares of the construction company’s stock worth $5,331,000 after purchasing an additional 7,000 shares during the last quarter. Finally, Inspire Investing LLC lifted its position in Patrick Industries by 5.4% during the first quarter. Inspire Investing LLC now owns 5,613 shares of the construction company’s stock valued at $623,000 after purchasing an additional 289 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Stock Up 1.1%

PATK opened at $85.93 on Tuesday. Patrick Industries, Inc. has a fifty-two week low of $82.35 and a fifty-two week high of $148.50. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71. The company has a fifty day moving average of $90.27 and a two-hundred day moving average of $109.32. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of 22.03 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The business had revenue of $997.17 million for the quarter, compared to analyst estimates of $989.06 million. During the same period in the prior year, the company posted $1.11 EPS. The company’s revenue for the quarter was down .6% on a year-over-year basis. On average, research analysts expect that Patrick Industries, Inc. will post 4.89 earnings per share for the current year.

Patrick Industries Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Raymond James Financial set a $108.00 price objective on Patrick Industries in a report on Friday, May 1st. Benchmark dropped their target price on Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Weiss Ratings cut Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, June 29th. KeyCorp decreased their price target on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Finally, Wall Street Zen lowered Patrick Industries from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus price target of $122.62.

Insider Buying and Selling

In other Patrick Industries news, insider Jacob R. Petkovich acquired 1,300 shares of the company’s stock in a transaction on Wednesday, May 6th. The shares were bought at an average cost of $95.57 per share, with a total value of $124,241.00. Following the completion of the acquisition, the insider owned 46,290 shares in the company, valued at approximately $4,423,935.30. This trade represents a 2.89% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director M Scott Welch acquired 10,050 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was 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 directly owned 156,000 shares of the company’s stock, valued at approximately $13,763,880. This represents a 6.89% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 28,700 shares of company stock worth $2,532,880 in the last ninety days. 3.80% of the stock is owned by corporate 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.