NBW Capital LLC Buys 2,681 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

NBW Capital LLC boosted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 3.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 70,685 shares of the construction company’s stock after purchasing an additional 2,681 shares during the period. Patrick Industries accounts for about 1.6% of NBW Capital LLC’s investment portfolio, making the stock its 24th biggest holding. NBW Capital LLC owned 0.32% of Patrick Industries worth $7,093,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Tower Research Capital LLC TRC raised its holdings in shares of Patrick Industries by 129.6% in the 1st quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock valued at $34,000 after purchasing an additional 276 shares during the period. Carmel Capital Partners LLC bought a new stake in Patrick Industries in the third quarter valued at approximately $44,000. Gyon Technologies Capital Management LP acquired a new stake in shares of Patrick Industries in the fourth quarter valued at approximately $48,000. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Patrick Industries by 21.6% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock worth $102,000 after acquiring an additional 238 shares during the period. Finally, Quantbot Technologies LP acquired a new position in shares of Patrick Industries during the 2nd quarter worth approximately $71,000. 93.29% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Patrick Industries

In other news, Director Michael A. Kitson sold 3,290 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the completion of the transaction, the director now owns 8,553 shares of the company’s stock, valued at approximately $948,271.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Kip B. Ellis sold 18,000 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $115.00, for a total value of $2,070,000.00. Following the completion of the transaction, the insider now directly owns 108,778 shares in the company, valued at approximately $12,509,470. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael A. Kitson sold 3,290 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value of $364,762.30. Following the sale, the director now owns 8,553 shares in the company, valued at approximately $948,271.11. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,873 shares of company stock valued at $5,681,957. 4.70% of the stock is currently owned by corporate insiders.

Patrick Industries Price Performance

Shares of NASDAQ PATK traded down $1.87 during midday trading on Thursday, reaching $102.33. The company’s stock had a trading volume of 49,463 shares, compared to its average volume of 171,054. The company has a market cap of $2.29 billion, a P/E ratio of 16.01 and a beta of 1.72. Patrick Industries, Inc. has a fifty-two week low of $63.57 and a fifty-two week high of $123.58. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.73 and a current ratio of 2.38. The business’s 50 day moving average price is $113.28 and its two-hundred day moving average price is $96.61.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.10. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The company had revenue of $781.20 million for the quarter, compared to analyst estimates of $780.97 million. During the same period in the prior year, the firm posted $1.82 EPS. Patrick Industries’s quarterly revenue was down 17.9% on a year-over-year basis. On average, analysts forecast that Patrick Industries, Inc. will post 7.84 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.15%. The ex-dividend date was Friday, February 16th. Patrick Industries’s dividend payout ratio is currently 33.79%.

Wall Street Analyst Weigh In

PATK has been the subject of several research reports. Truist Financial reaffirmed a “buy” rating and set a $130.00 price target on shares of Patrick Industries in a report on Friday, April 12th. Roth Mkm lifted their target price on shares of Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, February 9th. KeyCorp increased their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, February 9th. Finally, StockNews.com cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $103.00.

Patrick Industries Company Profile

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.