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Jun 05, 2023

Patrick Industries, Inc. (NASDAQ:PATK) Stake Lessened by Epoch Investment Partners Inc.

Epoch Investment Partners Inc. cut its stake in Patrick Industries, Inc.

Epoch Investment Partners Inc. cut its stake in Patrick Industries, Inc. (NASDAQ:PATK - Get Rating) by 4.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 198,301 shares of the construction company's stock after selling 9,173 shares during the period. Epoch Investment Partners Inc. owned approximately 0.88% of Patrick Industries worth $12,017,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PATK. Copeland Capital Management LLC boosted its holdings in Patrick Industries by 28.6% during the fourth quarter. Copeland Capital Management LLC now owns 701 shares of the construction company's stock worth $42,000 after buying an additional 156 shares in the last quarter. Dark Forest Capital Management LP bought a new stake in Patrick Industries during the fourth quarter worth approximately $62,000. Quantbot Technologies LP bought a new stake in Patrick Industries during the second quarter worth approximately $71,000. Public Employees Retirement System of Ohio boosted its holdings in Patrick Industries by 12.1% during the third quarter. Public Employees Retirement System of Ohio now owns 1,800 shares of the construction company's stock worth $79,000 after buying an additional 195 shares in the last quarter. Finally, Captrust Financial Advisors boosted its holdings in Patrick Industries by 80.2% during the first quarter. Captrust Financial Advisors now owns 1,656 shares of the construction company's stock worth $100,000 after buying an additional 737 shares in the last quarter. 89.53% of the stock is currently owned by institutional investors.

NASDAQ:PATK opened at $77.53 on Friday. Patrick Industries, Inc. has a 1 year low of $41.75 and a 1 year high of $78.56. The firm's fifty day simple moving average is $68.27 and its 200 day simple moving average is $66.69. The company has a current ratio of 2.87, a quick ratio of 0.98 and a debt-to-equity ratio of 1.37. The firm has a market capitalization of $1.73 billion, a PE ratio of 7.56, a PEG ratio of 3.74 and a beta of 1.88.

Patrick Industries (NASDAQ:PATK - Get Rating) last posted its earnings results on Thursday, April 27th. The construction company reported $1.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.33 by $0.02. Patrick Industries had a net margin of 5.53% and a return on equity of 27.78%. The business had revenue of $900.10 million for the quarter, compared to analyst estimates of $834.46 million. During the same period last year, the business posted $4.54 EPS. Patrick Industries's revenue was down 32.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Patrick Industries, Inc. will post 6.88 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, June 26th. Investors of record on Monday, June 12th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Friday, June 9th. This represents a $1.80 dividend on an annualized basis and a yield of 2.32%. Patrick Industries's payout ratio is presently 17.56%.

In related news, Director Todd M. Cleveland sold 15,000 shares of the firm's stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $74.35, for a total value of $1,115,250.00. Following the transaction, the director now directly owns 74,237 shares in the company, valued at approximately $5,519,520.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Patrick Industries news, Director Todd M. Cleveland sold 20,000 shares of the firm's stock in a transaction on Friday, May 26th. The shares were sold at an average price of $70.15, for a total value of $1,403,000.00. Following the sale, the director now directly owns 89,237 shares in the company, valued at approximately $6,259,975.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Todd M. Cleveland sold 15,000 shares of the firm's stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $74.35, for a total transaction of $1,115,250.00. Following the completion of the sale, the director now owns 74,237 shares in the company, valued at $5,519,520.95. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,500 shares of company stock worth $3,376,175. 6.80% of the stock is owned by insiders.

PATK has been the subject of a number of recent analyst reports. StockNews.com initiated coverage on shares of Patrick Industries in a research note on Thursday, May 18th. They issued a "hold" rating for the company. TheStreet raised shares of Patrick Industries from a "c+" rating to a "b-" rating in a research note on Thursday, February 9th. Robert W. Baird raised their price objective on shares of Patrick Industries from $74.00 to $85.00 and gave the stock an "outperform" rating in a research note on Friday, February 10th. Truist Financial decreased their price objective on shares of Patrick Industries from $84.00 to $80.00 in a research note on Thursday, May 25th. Finally, Bank of America raised their price objective on shares of Patrick Industries from $53.00 to $63.00 in a research note on Monday, March 27th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Patrick Industries has an average rating of "Moderate Buy" and an average price target of $73.17.

Patrick Industries, Inc engages in the manufacture of components products and distribution of building products for industrial markets. It operates through the following segments: Manufacturing and Distribution. The Manufacturing segment includes laminated products what are utilized to produce furniture, shelving, walls, countertops, cabinet products, cabinet doors, fiberglass bat fixtures, hardwood furniture, vinyl printing, solid surface, granite, quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components, and other products.

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