American Century Companies Inc. Raises Position in Patrick Industries, Inc. $PATK

Key Points

• American Century Companies Inc. increased its holdings in Patrick Industries by 3.0%, now owning approximately 1.59% of the company, valued at about $45 million.
• Patrick Industries reported earnings of $1.50 per share for the latest quarter, surpassing analyst expectations and showing a 3.0% year-over-year revenue increase.
• The company has declared a quarterly dividend of $0.40 per share, reflecting an annualized dividend yield of 1.4%.

American Century Companies Inc. increased its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 3.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 532,291 shares of the construction company's stock after buying an additional 15,524 shares during the period. American Century Companies Inc. owned 1.59% of Patrick Industries worth $45,011,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PATK. James Investment Research Inc. increased its stake in shares of Patrick Industries by 0.8% during the first quarter. James Investment Research Inc. now owns 15,654 shares of the construction company's stock valued at $1,324,000 after purchasing an additional 125 shares in the last quarter. Handelsbanken Fonder AB increased its stake in shares of Patrick Industries by 4.6% during the first quarter. Handelsbanken Fonder AB now owns 4,561 shares of the construction company's stock valued at $386,000 after purchasing an additional 200 shares in the last quarter. First Horizon Advisors Inc. increased its stake in shares of Patrick Industries by 17.5% during the first quarter. First Horizon Advisors Inc. now owns 1,356 shares of the construction company's stock valued at $115,000 after purchasing an additional 202 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Patrick Industries by 50.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock valued at $68,000 after purchasing an additional 273 shares in the last quarter. Finally, Private Trust Co. NA increased its stake in shares of Patrick Industries by 432.4% during the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock valued at $50,000 after purchasing an additional 480 shares in the last quarter. 93.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Benchmark raised their target price on shares of Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, August 1st. 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 shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. KeyCorp raised their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Raymond James Financial raised their price target on shares of Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $104.86.

Insider Buying and Selling

In related news, Director John A. Forbes sold 2,875 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 52,591 shares in the company, valued at approximately $4,818,387.42. This trade represents a 5.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael A. Kitson sold 4,572 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $112.67, for a total transaction of $515,127.24. Following the completion of the sale, the director owned 11,850 shares in the company, valued at $1,335,139.50. This represents a 27.84% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 3,071 shares of company stock valued at $253,714 and have sold 76,288 shares valued at $8,375,424. Company insiders own 4.70% of the company's stock.

Patrick Industries Stock Performance

PATK stock traded down $1.30 on Tuesday, hitting $113.69. The company had a trading volume of 275,706 shares, compared to its average volume of 396,021. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $116.78. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11. The stock's 50-day simple moving average is $100.55 and its 200 day simple moving average is $90.94. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of 30.81, a P/E/G ratio of 1.63 and a beta of 1.23.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.09. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The company had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter last year, the company posted $2.16 earnings per share. The firm's quarterly revenue was up 3.0% on a year-over-year basis. As a group, equities research analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Monday, August 25th will be issued a $0.40 dividend. The ex-dividend date is Monday, August 25th. This represents a $1.60 annualized dividend and a yield of 1.4%. Patrick Industries's dividend payout ratio (DPR) is currently 43.36%.

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.