Legal & General Group Plc Buys Shares of 68,897 Patrick Industries, Inc. $PATK

Legal & General Group Plc acquired a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 68,897 shares of the construction company’s stock, valued at approximately $6,186,000.

Other hedge funds have also recently made changes to their positions in the company. Advisory Services Network LLC purchased a new position in shares of Patrick Industries during the 3rd quarter valued at $25,000. Persistent Asset Partners Ltd purchased a new stake in Patrick Industries in the 2nd quarter worth about $25,000. Allworth Financial LP raised its stake in Patrick Industries by 181.2% in the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after acquiring an additional 203 shares during the period. Farther Finance Advisors LLC lifted its holdings in Patrick Industries by 200.9% during the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock valued at $37,000 after purchasing an additional 229 shares during the last quarter. Finally, Strs Ohio purchased a new stake in Patrick Industries during the first quarter valued at about $42,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Trading Up 1.8%

Shares of PATK opened at $82.75 on Thursday. Patrick Industries, Inc. has a twelve month low of $80.76 and a twelve month high of $148.50. The stock has a market cap of $2.66 billion, a PE ratio of 19.61 and a beta of 1.11. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25. The business’s 50-day moving average price is $85.79 and its 200-day moving average price is $98.15.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.24 by $0.05. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. Patrick Industries’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.50 earnings per share. On average, equities analysts forecast that Patrick Industries, Inc. will post 4.26 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Monday, August 24th. Patrick Industries’s dividend payout ratio (DPR) is presently 44.55%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PATK shares. Raymond James Financial reiterated an “outperform” rating and issued a $94.00 target price on shares of Patrick Industries in a research note on Friday, July 31st. Benchmark reaffirmed a “buy” rating and issued a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Roth Capital set a $114.00 price objective on shares of Patrick Industries in a research note on Friday, July 31st. Northcoast Research set a $121.00 target price on shares of Patrick Industries and gave the company a “buy” rating in a report on Tuesday. Finally, KeyCorp dropped their target price on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 22nd. 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $114.00.

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.