Twin Lions Management LLC Takes Position in Patrick Industries, Inc. (NASDAQ:PATK)

Twin Lions Management LLC purchased a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 119,173 shares of the construction company's stock, valued at approximately $9,901,000. Patrick Industries comprises about 9.6% of Twin Lions Management LLC's investment portfolio, making the stock its 7th largest holding. Twin Lions Management LLC owned about 0.35% of Patrick Industries as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Kestra Investment Management LLC purchased a new position in shares of Patrick Industries during the fourth quarter worth approximately $25,000. Covestor Ltd lifted its stake in Patrick Industries by 10,400.0% in the fourth quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after acquiring an additional 312 shares during the period. Quadrant Capital Group LLC increased its position in 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 purchasing an additional 109 shares during the period. Nomura Asset Management Co. Ltd. lifted its position 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 worth $29,000 after purchasing an additional 114 shares during the period. Finally, Smartleaf Asset Management LLC boosted its stake in shares of Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after purchasing an additional 528 shares in the last quarter. Institutional investors own 93.29% of the company's stock.

Patrick Industries Stock Down 1.6 %

Patrick Industries stock opened at $78.02 on Tuesday. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 18.94, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. The business's 50-day moving average price is $85.61 and its 200 day moving average price is $88.15. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries's payout ratio is 38.83%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on PATK shares. Baird R W lowered Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. KeyCorp cut their price objective on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Raymond James increased their price objective on Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a report on Friday, February 7th. Truist Financial reduced their target price on Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Benchmark upped their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $96.79.

Insider Activity

In related news, 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 transaction of $246,754.05. Following the completion of the sale, the executive vice president now directly owns 18,044 shares in the company, valued at approximately $1,543,303.32. The trade was a 13.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director M Scott Welch bought 2,500 shares of the stock in a transaction on Thursday, March 13th. The shares were acquired at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the purchase, the director now owns 2,961 shares in the company, valued at $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 4.70% of the company's stock.

Patrick Industries 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.

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