Peregrine Capital Management LLC Has $15.13 Million Stock Holdings in Patrick Industries, Inc. $PATK

Peregrine Capital Management LLC reduced its position in Patrick Industries, Inc. (NASDAQ:PATK) by 4.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 136,250 shares of the construction company’s stock after selling 5,858 shares during the period. Peregrine Capital Management LLC owned about 0.41% of Patrick Industries worth $15,133,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP raised its stake in Patrick Industries by 19.9% in 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 buying an additional 367,802 shares during the period. SG Americas Securities LLC increased its holdings in shares of Patrick Industries by 12,134.2% during the 4th quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock worth $28,123,000 after acquiring an additional 257,245 shares during the last quarter. Capital Research Global Investors increased its holdings in shares of Patrick Industries by 24.4% during the 4th quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock worth $123,342,000 after acquiring an additional 223,014 shares during the last quarter. Bessemer Group Inc. raised its stake in Patrick Industries by 3,602.4% in the 4th quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock valued at $16,255,000 after acquiring an additional 145,863 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Patrick Industries by 17.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company’s stock valued at $81,205,000 after purchasing an additional 112,766 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Price Performance

NASDAQ:PATK opened at $89.78 on Wednesday. Patrick Industries, Inc. has a 52 week low of $82.35 and a 52 week high of $148.50. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of 23.02 and a beta of 1.09. The firm’s 50-day simple moving average is $91.62 and its 200 day simple moving average is $110.15. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The business had revenue of $997.17 million during the quarter, compared to analysts’ expectations of $989.06 million. During the same quarter in the previous year, the company earned $1.11 EPS. The business’s revenue was down .6% on a year-over-year basis. As a group, sell-side analysts predict that Patrick Industries, Inc. will post 4.94 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. Investors of record on Tuesday, May 26th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Tuesday, May 26th. Patrick Industries’s payout ratio is 48.21%.

Insider Buying and Selling at Patrick Industries

In related news, insider Jacob R. Petkovich acquired 1,300 shares of the stock in a transaction on Wednesday, May 6th. The shares were purchased at an average price of $95.57 per share, for a total transaction of $124,241.00. Following the purchase, the insider directly owned 46,290 shares in the company, valued at approximately $4,423,935.30. The trade was a 2.89% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Blake Augsburger bought 400 shares of Patrick Industries stock in a transaction dated Tuesday, May 5th. The shares were bought at an average cost of $85.19 per share, for a total transaction of $34,076.00. Following the completion of the acquisition, the director owned 2,125 shares in the company, valued at $181,028.75. This represents a 23.19% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 28,700 shares of company stock valued at $2,532,880 over the last ninety days. 3.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PATK shares. Robert W. Baird set a $110.00 target price on shares of Patrick Industries in a report on Friday, May 1st. Raymond James Financial set a $108.00 price objective on shares of Patrick Industries in a research report on Friday, May 1st. Weiss Ratings cut Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday. KeyCorp decreased their target price on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Finally, Zacks Research lowered Patrick Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $122.62.

About Patrick Industries

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.