Patrick Industries, Inc. $PATK Shares Acquired by Watchtower Advisors LP

Watchtower Advisors LP increased its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 50.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 150,000 shares of the construction company’s stock after acquiring an additional 50,000 shares during the quarter. Patrick Industries makes up about 7.2% of Watchtower Advisors LP’s holdings, making the stock its 6th biggest position. Watchtower Advisors LP owned 0.45% of Patrick Industries worth $15,514,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Salomon & Ludwin LLC purchased a new position in Patrick Industries during the 3rd quarter worth $25,000. Cornerstone Planning Group LLC acquired a new position in Patrick Industries in the third quarter valued at $31,000. Parkside Financial Bank & Trust raised its holdings in shares of 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 buying an additional 223 shares during the last quarter. Strs Ohio purchased a new stake in shares of Patrick Industries in the first quarter valued at about $42,000. Finally, Quent Capital LLC acquired a new stake in shares of Patrick Industries during the third quarter worth about $66,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PATK. Robert W. Baird set a $140.00 price target on Patrick Industries in a research report on Friday, February 6th. KeyCorp reaffirmed an “overweight” rating and set a $155.00 price objective (up from $135.00) on shares of Patrick Industries in a research report on Friday, February 6th. Weiss Ratings raised Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Wall Street Zen downgraded Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $155.00 price objective on shares of Patrick Industries in a research note on Friday, February 6th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $135.13.

Patrick Industries Stock Down 0.6%

PATK opened at $115.05 on Thursday. 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 12 month low of $72.99 and a 12 month high of $148.50. The stock has a market capitalization of $3.82 billion, a P/E ratio of 29.42 and a beta of 1.33. The business has a 50 day simple moving average of $127.25 and a 200-day simple moving average of $113.66.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The firm had revenue of $924.17 million for the quarter, compared to analyst estimates of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.Patrick Industries’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.52 earnings per share. On average, equities analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.6%. Patrick Industries’s dividend payout ratio is 48.08%.

Insider Activity at Patrick Industries

In related news, Director John A. Forbes sold 2,704 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $140.75, for a total value of $380,588.00. Following the completion of the sale, the director owned 49,272 shares in the company, valued at $6,935,034. This trade represents a 5.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Stacey L. Amundson sold 3,903 shares of the business’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $145.61, for a total transaction of $568,315.83. Following the sale, the executive vice president directly owned 12,819 shares in the company, valued at approximately $1,866,574.59. This represents a 23.34% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have acquired 1,110 shares of company stock worth $153,095 and have sold 31,607 shares worth $3,823,904. 4.40% of the stock is currently owned by corporate insiders.

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.