Aldebaran Capital LLC Boosts Stake in Patrick Industries, Inc. (NASDAQ:PATK)

by · The Markets Daily

Aldebaran Capital LLC increased its stake in Patrick Industries, Inc. (NASDAQ:PATK – Free Report) by 47.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,319 shares of the construction company’s stock after acquiring an additional 4,635 shares during the period. Patrick Industries comprises approximately 1.1% of Aldebaran Capital LLC’s portfolio, making the stock its 19th largest position. Aldebaran Capital LLC’s holdings in Patrick Industries were worth $1,190,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in PATK. BNP Paribas Financial Markets boosted its holdings in shares of Patrick Industries by 23.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,273 shares of the construction company’s stock worth $1,605,000 after purchasing an additional 2,175 shares in the last quarter. Verition Fund Management LLC bought a new stake in Patrick Industries in the 3rd quarter worth approximately $418,000. Benjamin Edwards Inc. purchased a new stake in Patrick Industries in the third quarter worth approximately $2,413,000. HighTower Advisors LLC bought a new position in Patrick Industries during the third quarter valued at approximately $408,000. Finally, Readystate Asset Management LP purchased a new position in shares of Patrick Industries during the third quarter worth approximately $624,000. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Down 9.1 %

NASDAQ PATK opened at $80.11 on Friday. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90. The stock has a market capitalization of $2.70 billion, a PE ratio of 19.44, a PEG ratio of 1.41 and a beta of 2.37. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The business’s 50-day moving average is $90.26 and its 200 day moving average is $89.77.

Patrick Industries (NASDAQ:PATK – Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s payout ratio is currently 38.83%.

Analyst Upgrades and Downgrades

PATK has been the subject of a number of research reports. Raymond James upped their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Truist Financial upped their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, February 10th. Benchmark lifted their price objective on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, February 7th. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Finally, KeyCorp raised their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $97.96.

Read Our Latest Analysis on PATK

Insiders Place Their Bets

In other news, Director M Scott Welch bought 10,000 shares of Patrick Industries stock in a transaction on Tuesday, March 11th. The shares were purchased at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the acquisition, the director now owns 136,000 shares of the company’s stock, valued at approximately $11,725,920. The trade was a 7.94 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the transaction, the executive vice president now owns 18,044 shares of the company’s stock, valued at approximately $1,543,303.32. The trade was a 13.78 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 4.70% of the company’s stock.

Patrick Industries Profile

(Free Report)

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.

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