Clune & Associates LTD. Makes New $223,000 Investment in Patrick Industries, Inc. (NASDAQ:PATK)

Clune & Associates LTD. purchased a new position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 2,633 shares of the construction company's stock, valued at approximately $223,000.

Several other large investors also recently added to or reduced their stakes in the stock. IFP Advisors Inc boosted its stake in shares of Patrick Industries by 35.8% during the fourth quarter. IFP Advisors Inc now owns 1,044 shares of the construction company's stock valued at $87,000 after purchasing an additional 275 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Patrick Industries by 27.7% during the fourth quarter. Bank of New York Mellon Corp now owns 329,617 shares of the construction company's stock valued at $27,385,000 after acquiring an additional 71,493 shares in the last quarter. Mutual of America Capital Management LLC boosted its holdings in shares of Patrick Industries by 51.1% in the fourth quarter. Mutual of America Capital Management LLC now owns 5,090 shares of the construction company's stock valued at $423,000 after purchasing an additional 1,721 shares during the period. Smartleaf Asset Management LLC grew its stake in Patrick Industries by 812.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock worth $49,000 after purchasing an additional 528 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Patrick Industries by 55.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company's stock worth $45,592,000 after purchasing an additional 195,138 shares during the period. 93.29% of the stock is owned by institutional investors.

Patrick Industries Stock Performance

NASDAQ:PATK traded down $0.67 during mid-day trading on Friday, hitting $98.44. The company's stock had a trading volume of 153,495 shares, compared to its average volume of 350,661. The business's fifty day moving average is $87.58 and its two-hundred day moving average is $87.20. The stock has a market cap of $3.29 billion, a price-to-earnings ratio of 23.61, a PEG ratio of 1.43 and a beta of 1.22. Patrick Industries, Inc. has a 1 year low of $69.86 and a 1 year high of $100.30. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.41 and a quick ratio of 1.04.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping the consensus estimate of $0.98 by $0.13. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $959.46 million. During the same period last year, the company earned $1.79 earnings per share. Patrick Industries's revenue for the quarter was up 7.5% compared to the same quarter last year. Analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Tuesday, May 27th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Tuesday, May 27th. Patrick Industries's dividend payout ratio is currently 38.37%.

Insiders Place Their Bets

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of Patrick Industries stock in a transaction on Friday, June 13th. The shares were sold at an average price of $91.62, for a total value of $263,407.50. Following the completion of the transaction, the director owned 52,591 shares of the company's stock, valued at approximately $4,818,387.42. The trade was a 5.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Todd M. Cleveland bought 1,000 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were purchased at an average cost of $82.75 per share, for a total transaction of $82,750.00. Following the completion of the purchase, the director owned 133,286 shares in the company, valued at approximately $11,029,416.50. This represents a 0.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 14,071 shares of company stock worth $1,205,964 over the last three months. 4.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PATK shares. Raymond James Financial lowered their price target on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Robert W. Baird boosted their price target on Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, June 20th. Finally, KeyCorp dropped their price objective on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $96.42.

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.