Magnetar Financial LLC Acquires New Shares in Patrick Industries, Inc. $PATK

Magnetar Financial LLC bought a new position in Patrick Industries, Inc. (NASDAQ:PATK) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 20,630 shares of the construction company’s stock, valued at approximately $2,134,000. Magnetar Financial LLC owned about 0.06% of Patrick Industries at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PATK. Salomon & Ludwin LLC bought a new stake in shares of Patrick Industries in the 3rd quarter valued at approximately $25,000. Cornerstone Planning Group LLC bought a new position in Patrick Industries during the third quarter valued at approximately $31,000. Parkside Financial Bank & Trust lifted its stake in Patrick Industries by 87.5% in the third quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock valued at $49,000 after acquiring an additional 223 shares during the last quarter. Strs Ohio acquired a new stake in Patrick Industries in the first quarter valued at approximately $42,000. Finally, Quent Capital LLC bought a new stake in Patrick Industries in the third quarter worth approximately $66,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Patrick Industries

In other news, Director John A. Forbes sold 2,704 shares of the firm’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $140.75, for a total value of $380,588.00. Following the sale, the director owned 49,272 shares in the company, valued at approximately $6,935,034. This trade represents a 5.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Matthew S. Filer bought 1,000 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The shares were bought at an average price of $139.91 per share, with a total value of $139,910.00. Following the completion of the purchase, the chief accounting officer owned 20,614 shares in the company, valued at approximately $2,884,104.74. The trade was a 5.10% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have acquired 11,110 shares of company stock worth $1,289,895 and have sold 31,607 shares worth $3,823,904. Corporate insiders own 4.40% of the company’s stock.

Patrick Industries Stock Performance

Shares of PATK opened at $113.14 on Friday. The company has a market capitalization of $3.76 billion, a PE ratio of 28.94 and a beta of 1.33. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. Patrick Industries, Inc. has a one year low of $72.99 and a one year high of $148.50. The company’s fifty day moving average price is $127.34 and its 200 day moving average price is $113.66.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The company had revenue of $924.17 million during the quarter, compared to analysts’ expectations of $858.62 million. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The business’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 earnings per share. As a group, analysts expect 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 was paid on Monday, March 9th. Shareholders of record on Monday, February 23rd were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.7%. Patrick Industries’s dividend payout ratio (DPR) is 48.08%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PATK shares. Weiss Ratings upgraded shares of Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Robert W. Baird set a $140.00 target price on shares of Patrick Industries in a research report on Friday, February 6th. Wall Street Zen lowered Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. BMO Capital Markets reiterated an “outperform” rating and set a $155.00 price target on shares of Patrick Industries in a research note on Friday, February 6th. Finally, Truist Financial set a $126.00 price objective on Patrick Industries in a report on Friday, January 9th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $135.13.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.