Patrick Industries, Inc. $PATK Stock: Prescott Group Capital Management L.L.C. Decreases Position

Prescott Group Capital Management L.L.C. lessened its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 27.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 40,145 shares of the construction company’s stock after selling 15,400 shares during the quarter. Prescott Group Capital Management L.L.C.’s holdings in Patrick Industries were worth $2,721,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new stake in shares of Patrick Industries during the 2nd quarter worth approximately $65,138,000. Bank of America Corp DE purchased a new position in shares of Patrick Industries in the second quarter valued at $30,646,000. The Manufacturers Life Insurance Company purchased a new position in shares of Patrick Industries in the second quarter valued at $27,166,000. 1ST Source Bank purchased a new position in shares of Patrick Industries in the second quarter valued at $9,485,000. Finally, Copeland Capital Management LLC increased its position in Patrick Industries by 17.6% in the first quarter. Copeland Capital Management LLC now owns 563,507 shares of the construction company’s stock worth $62,589,000 after purchasing an additional 84,508 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Raymond James Financial reaffirmed an “outperform” rating on shares of Patrick Industries in a research note on Thursday, October 29th. BMO Capital Markets dropped their price objective on shares of Patrick Industries from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Tuesday, October 13th. Benchmark restated a “buy” rating and issued a $115.00 target price (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Wall Street Zen cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Northcoast Research set a $121.00 target price on shares of Patrick Industries and gave the company a “buy” rating in a research report on Tuesday, September 1st. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $103.00.

Patrick Industries Price Performance

PATK opened at $81.40 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 2.51 and a debt-to-equity ratio of 1.20. The stock has a market cap of $2.61 billion, a P/E ratio of 21.14, a PEG ratio of 2.12 and a beta of 1.21. The business has a fifty day moving average of $72.24 and a 200 day moving average of $95.55. Patrick Industries, Inc. has a 52-week low of $63.00 and a 52-week high of $148.50.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, October 29th. The construction company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.97 by $0.06. The company had revenue of $975.28 million for the quarter, compared to the consensus estimate of $938.49 million. Patrick Industries had a return on equity of 12.61% and a net margin of 3.38%. Patrick Industries’s quarterly revenue was up .0% on a year-over-year basis. During the same period last year, the business posted $1.01 EPS. As a group, sell-side analysts anticipate that Patrick Industries, Inc. will post 4.24 EPS for the current year.

Patrick Industries Announces Dividend

The company 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. This represents a $1.88 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Monday, August 24th. Patrick Industries’s payout ratio is 48.83%.

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.