Walthausen & Co. LLC Purchases Shares of 42,300 Patrick Industries, Inc. (NASDAQ:PATK)

Walthausen & Co. LLC purchased a new stake in Patrick Industries, Inc. (NASDAQ:PATK) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 42,300 shares of the construction company’s stock, valued at approximately $2,218,000. Walthausen & Co. LLC owned approximately 0.18% of Patrick Industries at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Tower Research Capital LLC TRC increased its holdings in shares of Patrick Industries by 554.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 916 shares of the construction company’s stock valued at $39,000 after acquiring an additional 776 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in Patrick Industries during the 3rd quarter worth approximately $110,000. Ladenburg Thalmann Financial Services Inc. grew its stake in Patrick Industries by 6.6% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,828 shares of the construction company’s stock worth $149,000 after buying an additional 174 shares during the last quarter. LS Investment Advisors LLC grew its stake in Patrick Industries by 458.9% during the 4th quarter. LS Investment Advisors LLC now owns 3,711 shares of the construction company’s stock worth $195,000 after buying an additional 3,047 shares during the last quarter. Finally, Magnus Financial Group LLC purchased a new position in Patrick Industries during the 4th quarter worth approximately $201,000. 91.87% of the stock is currently owned by institutional investors.

Patrick Industries stock traded up $3.98 during mid-day trading on Thursday, hitting $31.78. 487,600 shares of the company were exchanged, compared to its average volume of 236,331. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.76 and a quick ratio of 1.41. The business’s 50 day simple moving average is $46.79 and its two-hundred day simple moving average is $48.05. The company has a market capitalization of $578.39 million, a P/E ratio of 8.23, a PEG ratio of 3.53 and a beta of 1.82. Patrick Industries, Inc. has a 12-month low of $16.70 and a 12-month high of $64.38.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 13th. The construction company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.12. The company had revenue of $549.50 million during the quarter, compared to the consensus estimate of $535.56 million. Patrick Industries had a return on equity of 19.21% and a net margin of 3.83%. Patrick Industries’s revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.96 earnings per share. Equities research analysts predict that Patrick Industries, Inc. will post 4.03 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 23rd. Shareholders of record on Monday, March 9th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend was Friday, March 6th. This is a boost from Patrick Industries’s previous quarterly dividend of $0.06. Patrick Industries’s payout ratio is currently 25.97%.

In other Patrick Industries news, Chairman Todd M. Cleveland sold 2,122 shares of the business’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $56.15, for a total transaction of $119,150.30. Following the transaction, the chairman now owns 596,931 shares in the company, valued at $33,517,675.65. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Kip B. Ellis purchased 3,000 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The stock was acquired at an average price of $32.34 per share, for a total transaction of $97,020.00. Following the purchase, the chief operating officer now owns 84,646 shares of the company’s stock, valued at approximately $2,737,451.64. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 13,614 shares of company stock worth $654,689 and have sold 87,401 shares worth $4,839,209. Insiders own 7.60% of the company’s stock.

PATK has been the subject of several recent analyst reports. Zacks Investment Research cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Wednesday, March 11th. ValuEngine raised Patrick Industries from a “strong sell” rating to a “sell” rating in a report on Tuesday, February 4th. BidaskClub raised Patrick Industries from a “sell” rating to a “hold” rating in a report on Thursday. KeyCorp lifted their price objective on Patrick Industries from $60.00 to $75.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. Finally, TheStreet raised Patrick Industries from a “c+” rating to a “b-” rating in a report on Monday, February 10th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $55.00.

Patrick Industries Company Profile

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

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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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