SummerHaven Investment Management LLC Has $880,000 Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

SummerHaven Investment Management LLC increased its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 1.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,768 shares of the construction company’s stock after acquiring an additional 117 shares during the quarter. SummerHaven Investment Management LLC’s holdings in Patrick Industries were worth $880,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC acquired a new position in Patrick Industries in the fourth quarter valued at approximately $35,000. Carmel Capital Partners LLC bought a new position in Patrick Industries in the 3rd quarter valued at $44,000. Harel Insurance Investments & Financial Services Ltd. grew its stake in Patrick Industries by 21.6% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock valued at $102,000 after purchasing an additional 238 shares during the period. Xponance Inc. bought a new position in Patrick Industries in the 4th quarter valued at $203,000. Finally, Everence Capital Management Inc. bought a new position in Patrick Industries in the 4th quarter valued at $243,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Roth Mkm upped their price target on Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, February 9th. KeyCorp upped their price target on Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, February 9th. StockNews.com cut Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. Finally, Truist Financial reaffirmed a “buy” rating and set a $130.00 price target on shares of Patrick Industries in a research report on Friday, April 12th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus price target of $103.00.

Insider Activity

In related news, CEO Andy L. Nemeth sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $115.00, for a total transaction of $1,150,000.00. Following the transaction, the chief executive officer now directly owns 289,619 shares in the company, valued at approximately $33,306,185. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Andy L. Nemeth sold 10,000 shares of Patrick Industries stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $115.00, for a total value of $1,150,000.00. Following the sale, the chief executive officer now directly owns 289,619 shares in the company, valued at approximately $33,306,185. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Michael A. Kitson sold 3,290 shares of Patrick Industries stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value of $364,762.30. Following the completion of the sale, the director now owns 8,553 shares in the company, valued at $948,271.11. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,873 shares of company stock worth $5,681,957. 4.70% of the stock is currently owned by insiders.

Patrick Industries Price Performance

PATK traded up $0.79 during trading on Monday, reaching $106.28. 13,858 shares of the company were exchanged, compared to its average volume of 165,564. The company’s 50-day moving average is $112.68 and its two-hundred day moving average is $98.34. Patrick Industries, Inc. has a 12-month low of $63.57 and a 12-month high of $123.58. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 16.32, a P/E/G ratio of 0.66 and a beta of 1.72. The company has a quick ratio of 0.73, a current ratio of 2.38 and a debt-to-equity ratio of 0.97.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.10. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The firm had revenue of $781.20 million for the quarter, compared to analysts’ expectations of $780.97 million. During the same quarter last year, the firm posted $1.82 EPS. The company’s revenue was down 17.9% compared to the same quarter last year. Research analysts forecast that Patrick Industries, Inc. will post 8 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Stockholders of record on Tuesday, February 20th were given a dividend of $0.55 per share. The ex-dividend date was Friday, February 16th. This represents a $2.20 annualized dividend and a dividend yield of 2.07%. Patrick Industries’s dividend payout ratio (DPR) is presently 33.79%.

Patrick Industries Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.