Dimensional Fund Advisors LP Cuts Stock Position in Patrick Industries, Inc. $PATK

Dimensional Fund Advisors LP cut its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 4.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,451,214 shares of the construction company’s stock after selling 63,859 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Patrick Industries were worth $161,169,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Wellington Management Group LLP grew its position in Patrick Industries by 19.9% during the fourth quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock valued at $240,401,000 after acquiring an additional 367,802 shares during the last quarter. Capital Research Global Investors boosted its stake 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 in the last quarter. Bessemer Group Inc. grew its holdings in shares of Patrick Industries by 3,602.4% during the 4th quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock valued at $16,255,000 after purchasing an additional 145,863 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Patrick Industries by 17.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company’s stock worth $81,205,000 after purchasing an additional 112,766 shares during the period. Finally, Balyasny Asset Management L.P. bought a new stake in Patrick Industries in the second quarter worth $9,800,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Charles R. Roeder acquired 5,750 shares of Patrick Industries stock in a transaction on Tuesday, May 5th. The shares were acquired at an average cost of $87.83 per share, with a total value of $505,022.50. Following the transaction, the insider owned 42,147 shares in the company, valued at $3,701,771.01. This trade represents a 15.80% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director M Scott Welch acquired 10,050 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was bought at an average price of $88.23 per share, with a total value of $886,711.50. Following the completion of the acquisition, the director directly owned 156,000 shares in the company, valued at approximately $13,763,880. This represents a 6.89% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought a total of 28,700 shares of company stock valued at $2,532,880 over the last three months. Insiders own 3.80% of the company’s stock.

Patrick Industries Stock Down 1.1%

Shares of NASDAQ:PATK opened at $84.50 on Friday. Patrick Industries, Inc. has a 1 year low of $81.29 and a 1 year high of $148.50. The company has a market cap of $2.78 billion, a PE ratio of 21.67 and a beta of 1.11. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. The stock’s 50-day moving average is $87.76 and its 200 day moving average is $106.81.

Patrick Industries (NASDAQ:PATK) last released its quarterly 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 business had revenue of $997.17 million during the quarter, compared to analyst estimates of $989.06 million. During the same quarter in the prior year, the company posted $1.11 EPS. Patrick Industries’s quarterly revenue was down .6% compared to the same quarter last year. Sell-side analysts anticipate that Patrick Industries, Inc. will post 4.63 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were paid 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 (DPR) is presently 48.21%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PATK shares. Benchmark reduced their price objective on Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Weiss Ratings lowered Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, June 29th. KeyCorp reduced their price target on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday. Robert W. Baird set a $110.00 price objective on Patrick Industries in a research report on Friday, May 1st. Finally, Roth Capital set a $128.00 price objective on Patrick Industries in a research note on Tuesday, May 5th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $119.75.

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.