Gotham Asset Management LLC Buys 1,780 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Gotham Asset Management LLC lifted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 49.8% in the fourth quarter, HoldingsChannel reports. The fund owned 5,354 shares of the construction company’s stock after acquiring an additional 1,780 shares during the period. Gotham Asset Management LLC’s holdings in Patrick Industries were worth $445,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PATK. Kestra Investment Management LLC bought a new position in Patrick Industries in the 4th quarter worth approximately $25,000. Covestor Ltd boosted its stake in Patrick Industries by 10,400.0% in the 4th quarter. Covestor Ltd now owns 315 shares of the construction company’s stock worth $26,000 after purchasing an additional 312 shares during the period. Quadrant Capital Group LLC boosted its stake in Patrick Industries by 49.8% in the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after purchasing an additional 109 shares during the period. Nomura Asset Management Co. Ltd. boosted its stake in 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 Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock worth $49,000 after purchasing an additional 528 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Patrick Industries news, EVP Stacey L. Neu sold 2,885 shares of the 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 owns 18,044 shares in the company, valued at $1,543,303.32. This trade represents a 13.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Todd M. Cleveland purchased 5,000 shares of the company’s stock in a transaction dated Monday, May 19th. The shares were purchased at an average cost of $87.49 per share, for a total transaction of $437,450.00. Following the transaction, the director now directly owns 130,286 shares in the company, valued at approximately $11,398,722.14. This represents a 3.99% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 23,500 shares of company stock worth $2,026,000 over the last quarter. Company insiders own 4.40% of the company’s stock.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $87.75 on Tuesday. The stock’s fifty day moving average is $82.46 and its 200 day moving average is $86.85. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90. The firm has a market capitalization of $2.93 billion, a PE ratio of 21.30, a PEG ratio of 1.41 and a beta of 2.05. 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 (NASDAQ:PATK) last released its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.13. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $959.46 million. During the same quarter last year, the firm posted $1.79 earnings per share. The business’s revenue was up 7.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a yield of 1.82%. Patrick Industries’s payout ratio is 38.37%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Baird R W downgraded Patrick Industries from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 4th. Raymond James decreased their price objective on Patrick Industries from $103.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. KeyCorp decreased their price objective on Patrick Industries from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Robert W. Baird decreased their price objective on Patrick Industries from $96.00 to $84.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. Finally, Benchmark upped their price objective on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $96.29.

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.