Tributary Capital Management LLC Sells 941 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Tributary Capital Management LLC cut its position in Patrick Industries, Inc. (NASDAQ:PATK) by 0.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 204,847 shares of the construction company’s stock after selling 941 shares during the quarter. Patrick Industries accounts for 2.3% of Tributary Capital Management LLC’s holdings, making the stock its 8th largest holding. Tributary Capital Management LLC owned approximately 0.91% of Patrick Industries worth $29,164,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PATK. Boston Partners purchased a new position in shares of Patrick Industries in the first quarter valued at approximately $1,645,000. Price T Rowe Associates Inc. MD increased its holdings in Patrick Industries by 10.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after purchasing an additional 26,389 shares during the period. Public Sector Pension Investment Board raised its position in Patrick Industries by 8.7% in the 2nd quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock valued at $5,032,000 after purchasing an additional 3,705 shares in the last quarter. Illinois Municipal Retirement Fund boosted its stake in shares of Patrick Industries by 7.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 12,684 shares of the construction company’s stock valued at $1,515,000 after buying an additional 869 shares during the period. Finally, Sanctuary Advisors LLC acquired a new position in shares of Patrick Industries during the second quarter worth about $620,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Robert W. Baird boosted their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Raymond James assumed coverage on Patrick Industries in a report on Tuesday, October 1st. They issued an “outperform” rating and a $160.00 price objective on the stock. BMO Capital Markets boosted their target price on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Benchmark restated a “buy” rating and issued a $145.00 price objective on shares of Patrick Industries in a research note on Tuesday, September 17th. Finally, DA Davidson lifted their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $140.38.

Patrick Industries Trading Down 0.5 %

Shares of PATK stock opened at $134.59 on Monday. The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of 19.94, a PEG ratio of 1.18 and a beta of 1.61. Patrick Industries, Inc. has a twelve month low of $70.15 and a twelve month high of $148.35. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19. The firm has a 50-day moving average price of $136.51 and a 200 day moving average price of $121.14.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.11. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $972.06 million. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The business’s revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.94 earnings per share. Research analysts forecast that Patrick Industries, Inc. will post 7.21 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were given a $0.55 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.20 annualized dividend and a dividend yield of 1.63%. Patrick Industries’s dividend payout ratio is presently 32.59%.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total transaction of $982,875.00. Following the transaction, the director now owns 82,374 shares of the company’s stock, valued at $10,795,112.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Todd M. Cleveland sold 7,500 shares of Patrick Industries stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the transaction, the director now directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jeff Rodino sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the sale, the insider now directly owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,411 shares of company stock worth $3,858,915. 4.70% of the stock is owned by company insiders.

Patrick Industries Company 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.