Waverly Advisors LLC Has $7.48 Million Position in Patrick Industries, Inc. $PATK

Waverly Advisors LLC cut its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 23.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 67,345 shares of the construction company’s stock after selling 20,200 shares during the quarter. Waverly Advisors LLC’s holdings in Patrick Industries were worth $7,480,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Patrick Industries by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock valued at $1,632,000 after acquiring an additional 851 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Patrick Industries by 5.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock worth $5,957,000 after acquiring an additional 3,748 shares in the last quarter. Strs Ohio acquired a new stake in shares of Patrick Industries in the first quarter valued at approximately $42,000. Cetera Investment Advisers raised its holdings in shares of Patrick Industries by 64.8% in the second quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company’s stock valued at $559,000 after purchasing an additional 2,381 shares during the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in shares of Patrick Industries in the second quarter valued at approximately $340,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Stock Up 0.2%

Shares of PATK opened at $84.69 on Tuesday. The firm has a market cap of $2.79 billion, a P/E ratio of 21.72 and a beta of 1.11. 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, Inc. has a 52 week low of $81.29 and a 52 week high of $148.50. The firm’s 50-day simple moving average is $87.65 and its 200 day simple moving average is $106.59.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) 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 firm 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 business posted $1.11 earnings per share. The business’s revenue for the quarter was down .6% compared to the same quarter last year. On average, analysts forecast that Patrick Industries, Inc. will post 4.63 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were issued 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 dividend payout ratio (DPR) is presently 48.21%.

Analyst Ratings Changes

PATK has been the subject of several recent research reports. Robert W. Baird set a $110.00 target price on shares of Patrick Industries in a report on Friday, May 1st. Benchmark cut their price target on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Truist Financial reduced their price objective on shares of Patrick Industries from $126.00 to $113.00 and set a “buy” rating for the company in a research note on Wednesday, July 8th. BMO Capital Markets restated an “outperform” rating and issued a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a report on Monday, April 20th. Finally, Weiss Ratings downgraded Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, June 29th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $119.75.

Insiders Place Their Bets

In other news, insider Charles R. Roeder acquired 5,750 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were purchased at an average cost of $87.83 per share, with a total value of $505,022.50. Following the acquisition, the insider directly owned 42,147 shares in the company, valued at $3,701,771.01. This represents a 15.80% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jacob R. Petkovich acquired 1,300 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was purchased at an average cost of $95.57 per share, for a total transaction of $124,241.00. Following the completion of the acquisition, the insider owned 46,290 shares in the company, valued at approximately $4,423,935.30. This represents a 2.89% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased a total of 28,700 shares of company stock worth $2,532,880 over the last three months. 3.80% of the stock is currently owned by corporate insiders.

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.