NBW Capital LLC Lowers Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

NBW Capital LLC decreased its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 4.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 67,470 shares of the construction company’s stock after selling 3,215 shares during the quarter. Patrick Industries accounts for about 1.6% of NBW Capital LLC’s holdings, making the stock its 20th biggest holding. NBW Capital LLC owned about 0.30% of Patrick Industries worth $8,061,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. GAMMA Investing LLC acquired a new stake in Patrick Industries in the fourth quarter valued at approximately $35,000. Xponance Inc. acquired a new stake in Patrick Industries in the fourth quarter valued at approximately $203,000. Heritage Wealth Management LLC acquired a new stake in Patrick Industries in the fourth quarter valued at approximately $238,000. Everence Capital Management Inc. acquired a new stake in Patrick Industries in the fourth quarter valued at approximately $243,000. Finally, BTC Capital Management Inc. acquired a new stake in Patrick Industries in the first quarter valued at approximately $303,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Analyst Upgrades and Downgrades

PATK has been the topic of several analyst reports. BMO Capital Markets raised their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Friday. Roth Mkm reissued a “buy” rating and set a $126.00 price objective (up previously from $120.00) on shares of Patrick Industries in a report on Monday, May 6th. KeyCorp raised their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday. Truist Financial raised their price objective on shares of Patrick Industries from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Friday. Finally, Robert W. Baird raised their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $124.83.

Patrick Industries Stock Performance

Shares of PATK traded down $3.95 during mid-day trading on Friday, reaching $121.86. 265,727 shares of the company’s stock were exchanged, compared to its average volume of 181,234. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.29 and a quick ratio of 0.96. The stock has a market capitalization of $2.73 billion, a PE ratio of 18.05, a price-to-earnings-growth ratio of 0.92 and a beta of 1.65. The business’s fifty day simple moving average is $113.04 and its 200-day simple moving average is $111.20. Patrick Industries, Inc. has a 52-week low of $70.15 and a 52-week high of $136.00.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.12. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $972.06 million. During the same period last year, the firm posted $1.94 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, equities research analysts expect that Patrick Industries, Inc. will post 8.07 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were given a $0.55 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $2.20 dividend on an annualized basis and a yield of 1.81%. Patrick Industries’s dividend payout ratio (DPR) is 32.59%.

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.