Cerity Partners LLC Invests $729,000 in Patrick Industries, Inc. (NASDAQ:PATK)

Cerity Partners LLC purchased a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 8,625 shares of the construction company's stock, valued at approximately $729,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Patrick Industries in the 1st quarter worth approximately $499,000. Principal Financial Group Inc. increased its position in Patrick Industries by 2.8% in the first quarter. Principal Financial Group Inc. now owns 178,660 shares of the construction company's stock worth $15,107,000 after buying an additional 4,841 shares during the period. Meritage Portfolio Management increased its holdings in shares of Patrick Industries by 6.5% during the first quarter. Meritage Portfolio Management now owns 14,608 shares of the construction company's stock valued at $1,235,000 after purchasing an additional 896 shares during the period. Teacher Retirement System of Texas acquired a new position in shares of Patrick Industries during the first quarter valued at $478,000. Finally, Clune & Associates LTD. bought a new position in Patrick Industries during the first quarter valued at about $223,000. Institutional investors and hedge funds own 93.29% of the company's stock.

Analyst Upgrades and Downgrades

PATK has been the subject of several research reports. Roth Mkm reaffirmed a "buy" rating and set a $100.00 target price (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Wall Street Zen raised Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Raymond James Financial decreased their price objective on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Truist Financial boosted their price target on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Finally, KeyCorp reduced their price objective on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Patrick Industries has a consensus rating of "Moderate Buy" and a consensus price target of $96.42.

Patrick Industries Trading Up 2.5%

Shares of NASDAQ:PATK traded up $2.42 during midday trading on Friday, reaching $100.00. The company's stock had a trading volume of 231,986 shares, compared to its average volume of 276,873. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of 23.98, a PEG ratio of 1.41 and a beta of 1.22. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 2.41. The firm has a 50 day moving average price of $92.23 and a two-hundred day moving average price of $88.71. Patrick Industries, Inc. has a fifty-two week low of $72.99 and a fifty-two week high of $102.83.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $959.46 million. During the same period in the previous year, the company posted $1.79 EPS. The company's revenue for the quarter was up 7.5% on a year-over-year basis. As a group, 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, June 9th. Stockholders of record on Tuesday, May 27th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.60%. Patrick Industries's dividend payout ratio (DPR) is currently 38.37%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of the firm's stock in a transaction dated 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 sale, the director directly owned 52,591 shares in the company, valued at $4,818,387.42. This trade represents a 5.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Todd M. Cleveland acquired 6,000 shares of the stock in a transaction on Thursday, May 15th. The stock was bought at an average price of $85.80 per share, with a total value of $514,800.00. Following the completion of the acquisition, the director directly owned 125,286 shares of the company's stock, valued at $10,749,538.80. This trade represents a 5.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 14,071 shares of company stock worth $1,205,964 over the last ninety days. Insiders own 4.40% of the company's stock.

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.