Patrick Industries, Inc. $PATK Shares Acquired by Kennedy Capital Management LLC

Kennedy Capital Management LLC increased its position in Patrick Industries, Inc. (NASDAQ:PATK) by 14.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 238,981 shares of the construction company’s stock after buying an additional 29,714 shares during the quarter. Patrick Industries comprises approximately 0.5% of Kennedy Capital Management LLC’s holdings, making the stock its 25th largest position. Kennedy Capital Management LLC owned approximately 0.72% of Patrick Industries worth $25,913,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Eventide Asset Management LLC acquired a new stake in shares of Patrick Industries in the fourth quarter valued at $245,000. Kestra Advisory Services LLC acquired a new stake in shares of Patrick Industries in the fourth quarter valued at $73,000. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Patrick Industries by 3.6% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 28,765 shares of the construction company’s stock valued at $3,117,000 after purchasing an additional 993 shares during the last quarter. Segall Bryant & Hamill LLC purchased a new stake in shares of Patrick Industries during the fourth quarter valued at $11,154,000. Finally, Advisory Research Inc. lifted its holdings in shares of Patrick Industries by 5.3% during the fourth quarter. Advisory Research Inc. now owns 7,804 shares of the construction company’s stock valued at $846,000 after purchasing an additional 396 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PATK. Roth Mkm set a $128.00 target price on Patrick Industries in a report on Tuesday, May 5th. Zacks Research downgraded Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Benchmark reduced their target price on Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a report on Friday, May 1st. BMO Capital Markets reaffirmed an “outperform” rating and set a $150.00 target price (down from $155.00) on shares of Patrick Industries in a report on Monday, April 20th. Finally, KeyCorp reduced their target price on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $122.63.

Insider Activity

In other Patrick Industries news, CFO Matthew S. Filer purchased 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased at an average cost of $85.50 per share, with a total value of $85,500.00. Following the completion of the transaction, the chief financial officer owned 21,614 shares of the company’s stock, valued at approximately $1,847,997. This represents a 4.85% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director M Scott Welch purchased 10,050 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were acquired at an average cost of $88.23 per share, for a total transaction of $886,711.50. Following the completion of the transaction, the director directly owned 156,000 shares of the company’s stock, valued at $13,763,880. This trade represents a 6.89% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 27,400 shares of company stock valued at $2,408,639 in the last ninety days. Corporate insiders own 3.80% of the company’s stock.

Patrick Industries Stock Up 1.1%

NASDAQ:PATK opened at $86.70 on Friday. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of 22.23 and a beta of 1.09. Patrick Industries, Inc. has a 1-year low of $82.35 and a 1-year high of $148.50. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. The business’s fifty day moving average price is $97.14 and its 200 day moving average price is $111.72.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results 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. The firm had revenue of $997.17 million for the quarter, compared to analyst estimates of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.Patrick Industries’s quarterly revenue was down .6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.11 earnings per share. On average, sell-side analysts forecast that Patrick Industries, Inc. will post 4.94 earnings per share for the current fiscal 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 given a dividend of $0.47 per share. 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 payout ratio 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.