LSV Asset Management Sells 78,468 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

LSV Asset Management lessened its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 93.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,402 shares of the construction company’s stock after selling 78,468 shares during the period. LSV Asset Management’s holdings in Patrick Industries were worth $449,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Quadrant Capital Group LLC lifted its holdings in Patrick Industries by 49.8% during the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after buying an additional 109 shares during the period. Nomura Asset Management Co. Ltd. raised its position in shares of Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock worth $29,000 after acquiring an additional 114 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Patrick Industries by 35.1% in the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock worth $64,000 after acquiring an additional 199 shares during the period. Global Retirement Partners LLC boosted its holdings in Patrick Industries by 44.8% in the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock valued at $53,000 after acquiring an additional 199 shares during the last quarter. Finally, IFP Advisors Inc increased its position in Patrick Industries by 35.8% during the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock valued at $87,000 after purchasing an additional 275 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Stock Up 0.9 %

PATK stock opened at $81.15 on Tuesday. The stock’s 50 day simple moving average is $87.10 and its 200 day simple moving average is $88.75. The company has a market cap of $2.72 billion, a P/E ratio of 19.70, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. On average, research analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s dividend payout ratio (DPR) is 38.83%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PATK shares. Robert W. Baird restated a “neutral” rating and issued a $96.00 price target (down previously from $100.00) on shares of Patrick Industries in a research report on Friday, April 4th. Baird R W lowered shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, April 4th. Raymond James increased their price target on Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Truist Financial dropped their price objective on Patrick Industries from $120.00 to $110.00 and set a “buy” rating on the stock in a research note on Monday. Finally, KeyCorp upped their target price on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $98.04.

Insider Activity

In related news, Director M Scott Welch purchased 10,000 shares of the business’s stock in a transaction on Tuesday, March 11th. The stock was acquired at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the purchase, the director now owns 136,000 shares of the company’s stock, valued at approximately $11,725,920. This trade represents a 7.94 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the sale, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.70% of the company’s stock.

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.