Castleark Management LLC Boosts Stock Position in Patrick Industries, Inc. $PATK

Castleark Management LLC boosted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 15.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,180 shares of the construction company’s stock after buying an additional 8,340 shares during the period. Castleark Management LLC owned approximately 0.19% of Patrick Industries worth $6,906,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PATK. Advisory Services Network LLC purchased a new stake in shares of Patrick Industries in the third quarter worth $25,000. Torren Management LLC purchased a new position in shares of Patrick Industries in the 4th quarter worth about $26,000. Allworth Financial LP raised its position in shares of Patrick Industries by 181.2% in the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after purchasing an additional 203 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in Patrick Industries by 200.9% in the 4th quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock worth $37,000 after purchasing an additional 229 shares in the last quarter. Finally, Strs Ohio bought a new position in Patrick Industries in the 1st quarter worth about $42,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK opened at $84.50 on Monday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. 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 P/E ratio of 21.67 and a beta of 1.11. The stock’s fifty day moving average price is $87.76 and its 200-day moving average price is $106.78.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The company had revenue of $997.17 million during the quarter, compared to the consensus estimate of $989.06 million. During the same period last year, the company earned $1.11 EPS. Patrick Industries’s revenue for the quarter was down .6% on a year-over-year basis. Sell-side analysts expect that Patrick Industries, Inc. will post 4.63 earnings per share for the current year.

Patrick Industries Announces Dividend

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

Insider Transactions at Patrick Industries

In related news, insider Jacob R. Petkovich bought 1,300 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was acquired at an average price of $95.57 per share, with a total value of $124,241.00. Following the transaction, 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 position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Charles R. Roeder bought 5,750 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were bought at an average price of $87.83 per share, with a total value of $505,022.50. Following the completion of the purchase, the insider owned 42,147 shares in the company, valued at approximately $3,701,771.01. The trade was a 15.80% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders purchased 28,700 shares of company stock valued at $2,532,880. Company insiders own 3.80% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. KeyCorp cut their price objective on shares of Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 22nd. Robert W. Baird set a $110.00 target price on shares of Patrick Industries in a report on Friday, May 1st. Truist Financial dropped their target price on shares of Patrick Industries from $126.00 to $113.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. Zacks Research cut shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Finally, Roth Capital set a $128.00 price target on shares of Patrick Industries in a research report on Tuesday, May 5th. 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. According to MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and an average price target of $119.75.

Patrick Industries Company 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.