Patrick Industries, Inc. $PATK Stock Position Reduced by Lisanti Capital Growth LLC

Lisanti Capital Growth LLC trimmed its position in Patrick Industries, Inc. (NASDAQ:PATK) by 58.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,369 shares of the construction company’s stock after selling 20,025 shares during the quarter. Lisanti Capital Growth LLC’s holdings in Patrick Industries were worth $1,558,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in PATK. First National Bank of Omaha acquired a new position in shares of Patrick Industries in the 3rd quarter valued at about $601,000. SG Americas Securities LLC boosted its position in Patrick Industries by 12,134.2% during the 4th quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock valued at $28,123,000 after purchasing an additional 257,245 shares during the period. Truist Financial Corp grew its stake in Patrick Industries by 133.6% during the 3rd quarter. Truist Financial Corp now owns 16,812 shares of the construction company’s stock worth $1,739,000 after buying an additional 9,616 shares during the last quarter. Bessemer Group Inc. lifted its stake in Patrick Industries by 3,602.4% in the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock valued at $16,255,000 after buying an additional 145,863 shares during the last quarter. Finally, Watchtower Advisors LP lifted its stake in Patrick Industries by 50.0% in the third quarter. Watchtower Advisors LP now owns 150,000 shares of the construction company’s stock valued at $15,514,000 after buying an additional 50,000 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Stock Up 0.7%

NASDAQ PATK opened at $90.87 on Friday. The stock’s 50 day simple moving average is $103.88 and its 200 day simple moving average is $113.14. Patrick Industries, Inc. has a one year low of $82.24 and a one year high of $148.50. The firm has a market cap of $2.99 billion, a PE ratio of 23.30 and a beta of 1.12. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. The firm had revenue of $997.17 million during the quarter, compared to the consensus estimate of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The business’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.11 EPS. As a group, sell-side analysts forecast that Patrick Industries, Inc. will post 4.94 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 8th. Investors of record on Tuesday, May 26th will be given a dividend of $0.47 per share. The ex-dividend date is Tuesday, May 26th. This represents a $1.88 annualized dividend and a yield of 2.1%. Patrick Industries’s dividend payout ratio is 48.21%.

Insider Activity

In related news, Director Blake Augsburger purchased 400 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were acquired at an average cost of $85.19 per share, with a total value of $34,076.00. Following the completion of the purchase, the director directly owned 2,125 shares of the company’s stock, valued at $181,028.75. This trade represents a 23.19% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director M Scott Welch purchased 10,050 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was bought at an average cost of $88.23 per share, with a total value of $886,711.50. Following the acquisition, the director owned 156,000 shares of the company’s stock, valued at $13,763,880. This represents a 6.89% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have purchased 37,410 shares of company stock worth $3,550,239. 3.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on PATK shares. BMO Capital Markets reiterated an “outperform” rating and issued a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. KeyCorp cut their price target on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Weiss Ratings upgraded Patrick Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. Zacks Research downgraded shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Finally, Raymond James Financial set a $108.00 price target on Patrick Industries in a research note on Friday, May 1st. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus price target of $122.63.

About Patrick Industries

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.