Patrick Industries, Inc. $PATK Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP cut its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 7.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,623,974 shares of the construction company’s stock after selling 130,522 shares during the quarter. Wellington Management Group LLP owned about 0.05% of Patrick Industries worth $145,800,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Centaurus Financial Inc. purchased a new position in shares of Patrick Industries during the second quarter worth about $4,763,000. Public Employees Retirement System of Ohio acquired a new stake in Patrick Industries during the 2nd quarter worth approximately $74,000. Corient Private Wealth LP purchased a new position in shares of Patrick Industries in the 2nd quarter valued at approximately $326,000. Bank of America Corp DE acquired a new position in shares of Patrick Industries in the second quarter valued at approximately $30,646,000. Finally, Freestone Grove Partners LP purchased a new stake in shares of Patrick Industries during the second quarter worth approximately $2,649,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Zacks Research downgraded Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Roth Capital set a $114.00 price objective on shares of Patrick Industries in a research report on Friday, July 31st. Raymond James Financial restated an “outperform” rating and issued a $94.00 target price on shares of Patrick Industries in a research note on Friday, July 31st. KeyCorp lowered their target price on shares of Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, July 22nd. Finally, Benchmark reiterated a “buy” rating and set a $115.00 price target (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and an average price target of $113.12.

Patrick Industries Trading Down 2.1%

Shares of Patrick Industries stock opened at $81.72 on Tuesday. The company has a 50-day moving average of $86.06 and a two-hundred day moving average of $99.02. Patrick Industries, Inc. has a 12-month low of $81.29 and a 12-month high of $148.50. The company has a current ratio of 2.67, a quick ratio of 0.96 and a debt-to-equity ratio of 1.25. The stock has a market cap of $2.62 billion, a PE ratio of 19.36 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.05. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $994.95 million. During the same quarter in the prior year, the firm posted $1.50 EPS. The company’s revenue was down .6% compared to the same quarter last year. On average, research analysts anticipate that Patrick Industries, Inc. will post 4.26 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Monday, August 24th. This represents a $1.88 annualized dividend and a yield of 2.3%. Patrick Industries’s dividend payout ratio is 44.55%.

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.