Sterling Capital Management LLC Sells 6,256 Shares of Patrick Industries, Inc. $PATK

Sterling Capital Management LLC trimmed its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 88.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 821 shares of the construction company’s stock after selling 6,256 shares during the quarter. Sterling Capital Management LLC’s holdings in Patrick Industries were worth $56,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its holdings in Patrick Industries by 1.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 15,490 shares of the construction company’s stock worth $1,050,000 after acquiring an additional 182 shares during the last quarter. Persistent Asset Partners Ltd bought a new position in shares of Patrick Industries in the second quarter worth about $25,000. Integrated Wealth Concepts LLC bought a new position in shares of Patrick Industries in the second quarter worth about $34,000. Pictet Asset Management Holding SA lifted its position in shares of Patrick Industries by 9.5% during the first quarter. Pictet Asset Management Holding SA now owns 5,245 shares of the construction company’s stock worth $583,000 after purchasing an additional 453 shares in the last quarter. Finally, Corient Private Wealth LP lifted its position in shares of Patrick Industries by 16.7% during the second quarter. Corient Private Wealth LP now owns 3,810 shares of the construction company’s stock worth $342,000 after purchasing an additional 544 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Price Performance

Shares of PATK stock opened at $84.68 on Thursday. The firm’s 50 day moving average price is $72.23 and its two-hundred day moving average price is $95.34. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.86 and a current ratio of 2.51. Patrick Industries, Inc. has a 52-week low of $63.00 and a 52-week high of $148.50. The stock has a market cap of $2.72 billion, a PE ratio of 21.99, a PEG ratio of 2.11 and a beta of 1.21.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 29th. The construction company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.97 by $0.06. The company had revenue of $975.28 million during the quarter, compared to analysts’ expectations of $938.49 million. Patrick Industries had a net margin of 3.38% and a return on equity of 12.61%. The business’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.01 EPS. As a group, analysts forecast that Patrick Industries, Inc. will post 4.24 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Monday, August 24th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, August 24th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.2%. Patrick Industries’s payout ratio is 48.83%.

Analysts Set New Price Targets

PATK has been the topic of several research analyst reports. Wall Street Zen cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Saturday, October 31st. Northcoast Research set a $121.00 price target on Patrick Industries and gave the company a “buy” rating in a research note on Tuesday, September 1st. Truist Financial set a $88.00 price target on Patrick Industries and gave the company a “buy” rating in a report on Friday, October 23rd. BMO Capital Markets lowered their price objective on Patrick Industries from $120.00 to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, October 13th. Finally, KeyCorp dropped their price objective on Patrick Industries from $115.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 8th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.00.

About Patrick Industries

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials serving the recreational vehicle, marine, manufactured housing, and industrial markets. The company supplies products used in the construction, furnishing, and finishing of recreational and residential vehicles, boats, homes, and other manufactured structures.

Its product offerings include cabinetry, furniture, countertops, flooring, interior and exterior components, electronics, audio systems, lighting, plumbing products, hardware, adhesives, and related materials.