NBW Capital LLC Increases Stake in Patrick Industries, Inc. (NASDAQ:PATK)

NBW Capital LLC increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 3.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 70,685 shares of the construction company’s stock after purchasing an additional 2,681 shares during the quarter. Patrick Industries comprises approximately 1.6% of NBW Capital LLC’s investment portfolio, making the stock its 24th biggest position. NBW Capital LLC’s holdings in Patrick Industries were worth $7,093,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in PATK. Advisor Group Holdings Inc. raised its holdings in shares of Patrick Industries by 2.8% in the first quarter. Advisor Group Holdings Inc. now owns 5,532 shares of the construction company’s stock worth $333,000 after buying an additional 149 shares during the period. US Bancorp DE increased its stake in Patrick Industries by 18.6% in the first quarter. US Bancorp DE now owns 2,024 shares of the construction company’s stock worth $122,000 after purchasing an additional 317 shares during the period. Citigroup Inc. increased its stake in Patrick Industries by 14.7% in the 1st quarter. Citigroup Inc. now owns 22,851 shares of the construction company’s stock worth $1,378,000 after buying an additional 2,928 shares during the period. Acadian Asset Management LLC purchased a new position in shares of Patrick Industries during the first quarter worth approximately $148,000. Finally, MetLife Investment Management LLC increased its holdings in Patrick Industries by 54.6% during the 1st quarter. MetLife Investment Management LLC now owns 12,506 shares of the construction company’s stock worth $754,000 after purchasing an additional 4,417 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Kip B. Ellis sold 7,462 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $121.99, for a total value of $910,289.38. Following the sale, the insider now directly owns 101,316 shares of the company’s stock, valued at approximately $12,359,538.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Patrick Industries news, CEO Andy L. Nemeth sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $118.00, for a total value of $590,000.00. Following the completion of the transaction, the chief executive officer now directly owns 279,619 shares of the company’s stock, valued at $32,995,042. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kip B. Ellis sold 7,462 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $121.99, for a total transaction of $910,289.38. Following the sale, the insider now directly owns 101,316 shares in the company, valued at approximately $12,359,538.84. The disclosure for this sale can be found here. Insiders sold 48,873 shares of company stock valued at $5,681,957 over the last quarter. 4.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PATK. Truist Financial reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Patrick Industries in a research note on Friday, April 12th. KeyCorp lifted their price target on Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, February 9th. Roth Mkm lifted their target price on Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Finally, StockNews.com lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $103.00.

Patrick Industries Stock Performance

Shares of Patrick Industries stock traded down $1.87 during midday trading on Thursday, hitting $102.33. The company had a trading volume of 49,463 shares, compared to its average volume of 171,054. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of 16.01 and a beta of 1.72. Patrick Industries, Inc. has a 12-month low of $63.57 and a 12-month high of $123.58. The company has a quick ratio of 0.73, a current ratio of 2.38 and a debt-to-equity ratio of 0.97. The company has a fifty day simple moving average of $113.28 and a 200 day simple moving average of $96.61.

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

Patrick Industries Dividend Announcement

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

About Patrick Industries

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.