American Century Companies Inc. Increases Holdings 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. lifted its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 3.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. 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 about 1.59% of Patrick Industries worth $45,011,000 as of its most recent SEC filing.

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

Patrick Industries Trading Down 1.1%

NASDAQ PATK opened at $111.16 on Thursday. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $114.26. The firm has a market capitalization of $3.70 billion, a PE ratio of 30.12, a P/E/G ratio of 1.59 and a beta of 1.23. The stock's 50 day moving average is $98.65 and its 200 day moving average is $90.48.

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

Patrick Industries Announces Dividend

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

Insider Activity at Patrick Industries

In related news, Director Michael A. Kitson sold 4,572 shares of Patrick Industries 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 sale, the director directly owned 11,850 shares in the company, valued at $1,335,139.50. The trade was a 27.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kip B. Ellis sold 21,452 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.01, for a total value of $2,359,934.52. Following the completion of the sale, the insider directly owned 125,379 shares in the company, valued at $13,792,943.79. This trade represents a 14.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 3,071 shares of company stock valued at $253,714 and sold 76,288 shares valued at $8,375,424. Company insiders own 4.40% of the company's stock.

Wall Street Analyst Weigh In

PATK has been the topic of a number of analyst reports. BMO Capital Markets lifted their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Truist Financial lifted their price target on Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Robert W. Baird lifted their price target on Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, June 20th. Benchmark lifted their price objective on Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, KeyCorp lifted their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Patrick Industries has an average rating of "Moderate Buy" and a consensus target price of $104.86.

About Patrick Industries

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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