Epoch Investment Partners Inc. Decreases Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Epoch Investment Partners Inc. reduced its position in Patrick Industries, Inc. (NASDAQ:PATK) by 14.4% during the first quarter, Holdings Channel.com reports. The institutional investor owned 149,194 shares of the construction company’s stock after selling 25,127 shares during the period. Epoch Investment Partners Inc.’s holdings in Patrick Industries were worth $17,824,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC increased its stake in Patrick Industries by 457.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 17,685 shares of the construction company’s stock worth $1,774,000 after acquiring an additional 14,510 shares during the last quarter. SummerHaven Investment Management LLC increased its stake in Patrick Industries by 1.4% during the fourth quarter. SummerHaven Investment Management LLC now owns 8,768 shares of the construction company’s stock worth $880,000 after acquiring an additional 117 shares during the last quarter. Meritage Portfolio Management increased its stake in Patrick Industries by 3.8% during the fourth quarter. Meritage Portfolio Management now owns 8,108 shares of the construction company’s stock worth $814,000 after acquiring an additional 295 shares during the last quarter. Illinois Municipal Retirement Fund grew its stake in shares of Patrick Industries by 7.4% during the first 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 last quarter. Finally, GAMMA Investing LLC bought a new position in shares of Patrick Industries during the fourth quarter valued at approximately $35,000. 93.29% of the stock is owned by institutional investors.

Patrick Industries Trading Up 1.2 %

Shares of NASDAQ PATK traded up $1.53 during trading hours on Friday, reaching $126.00. The stock had a trading volume of 209,027 shares, compared to its average volume of 226,075. The company has a current ratio of 2.38, a quick ratio of 0.96 and a debt-to-equity ratio of 1.32. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of 18.67, a P/E/G ratio of 0.92 and a beta of 1.65. The business’s fifty day moving average price is $111.63 and its two-hundred day moving average price is $110.21. Patrick Industries, Inc. has a 52-week low of $70.15 and a 52-week high of $127.21.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.47. The firm had revenue of $933.50 million during the quarter, compared to analyst estimates of $829.22 million. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. Patrick Industries’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.35 earnings per share. Analysts expect that Patrick Industries, Inc. will post 8.07 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were issued a dividend of $0.55 per share. The ex-dividend date was Monday, June 3rd. This represents a $2.20 dividend on an annualized basis and a yield of 1.75%. Patrick Industries’s dividend payout ratio is currently 32.59%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. BMO Capital Markets upped their target price on Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Truist Financial reaffirmed a “buy” rating and set a $130.00 target price on shares of Patrick Industries in a research note on Friday, April 12th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $126.00 target price (up previously from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $106.71.

About Patrick Industries

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.