LSV Asset Management Cuts Position in Patrick Industries, Inc. (NASDAQ:PATK)

LSV Asset Management cut its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 93.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,402 shares of the construction company's stock after selling 78,468 shares during the quarter. LSV Asset Management's holdings in Patrick Industries were worth $449,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Kestra Investment Management LLC acquired a new position in Patrick Industries during the fourth quarter valued at $25,000. Quadrant Capital Group LLC raised its stake in shares of Patrick Industries by 49.8% during the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after buying an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Patrick Industries by 49.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after buying an additional 114 shares during the period. Smartleaf Asset Management LLC boosted its stake in shares of Patrick Industries by 812.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock worth $49,000 after buying an additional 528 shares during the last quarter. Finally, Quent Capital LLC purchased a new position in Patrick Industries during the fourth quarter valued at approximately $53,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director M Scott Welch acquired 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were purchased at an average cost of $86.22 per share, for a total transaction of $862,200.00. Following the completion of the acquisition, the director now owns 136,000 shares of the company's stock, valued at approximately $11,725,920. The trade was a 7.94 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the firm's stock in a transaction 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 approximately $1,543,303.32. This trade represents a 13.78 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.70% of the company's stock.

Patrick Industries Price Performance

NASDAQ PATK traded up $0.05 during mid-day trading on Friday, hitting $79.28. The stock had a trading volume of 241,756 shares, compared to its average volume of 337,092. The firm's 50 day moving average is $86.20 and its 200 day moving average is $88.51. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 19.24, a PEG ratio of 1.41 and a beta of 2.17. Patrick Industries, Inc. has a twelve month low of $67.72 and a twelve month high of $98.90.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. Equities research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a $0.40 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.02%. Patrick Industries's dividend payout ratio (DPR) is presently 38.83%.

Analyst Ratings Changes

PATK has been the topic of several recent research reports. StockNews.com lowered Patrick Industries from a "hold" rating to a "sell" rating in a research report on Thursday, January 16th. Truist Financial dropped their price target on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a research report on Monday. Baird R W downgraded shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. KeyCorp dropped their target price on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday. Finally, Benchmark upped their price target on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, Patrick Industries has an average rating of "Moderate Buy" and a consensus target price of $96.79.

Patrick Industries Company Profile

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.