Argent Capital Management LLC Has $20.67 Million Stock Position in Patrick Industries, Inc. $PATK

Key Points

• Argent Capital Management LLC increased its stake in Patrick Industries by 2.5% during the 2nd quarter, owning approximately $20.67 million worth of shares.
• Patrick Industries reported a quarterly earnings per share of $1.50, exceeding expectations, with a year-over-year revenue increase of 3.0% to $1.05 billion.
• The company declared a quarterly dividend of $0.40 per share, equating to an annualized dividend yield of 1.5%.

Argent Capital Management LLC grew its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 2.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 224,005 shares of the construction company's stock after purchasing an additional 5,377 shares during the quarter. Argent Capital Management LLC owned about 0.67% of Patrick Industries worth $20,669,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PATK. Strs Ohio acquired a new position in shares of Patrick Industries during the 1st quarter worth approximately $42,000. Private Trust Co. NA increased its holdings in shares of Patrick Industries by 432.4% during the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after acquiring an additional 480 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Patrick Industries by 27.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company's stock worth $63,000 after acquiring an additional 160 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Patrick Industries by 50.0% during the 4th quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock worth $68,000 after acquiring an additional 273 shares during the last quarter. Finally, Covestor Ltd increased its holdings in shares of Patrick Industries by 205.1% during the 1st quarter. Covestor Ltd now owns 961 shares of the construction company's stock worth $81,000 after acquiring an additional 646 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Price Performance

Shares of PATK stock opened at $105.38 on Tuesday. 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 $116.78. The company has a market cap of $3.51 billion, a P/E ratio of 28.56, a P/E/G ratio of 1.50 and a beta of 1.33. The business has a fifty day simple moving average of $106.57 and a 200 day simple moving average of $93.46.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, topping 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 business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the company earned $2.16 EPS. Patrick Industries's revenue for the quarter was up 3.0% on a year-over-year basis. On average, sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Monday, August 25th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Monday, August 25th. Patrick Industries's dividend payout ratio is currently 43.36%.

Insiders Place Their Bets

In related news, CEO Andy L. Nemeth sold 25,000 shares of the company's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.68, for a total transaction of $2,767,000.00. Following the completion of the sale, the chief executive officer directly owned 328,641 shares in the company, valued at $36,373,985.88. This represents a 7.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kip B. Ellis sold 21,452 shares of the company'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 sale, the insider owned 125,379 shares of the company's stock, valued at approximately $13,792,943.79. This represents a 14.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 73,413 shares of company stock valued at $8,112,016 in the last quarter. Corporate insiders own 4.70% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on PATK. Raymond James Financial boosted their target price on Patrick Industries from $95.00 to $109.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. KeyCorp boosted their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Truist Financial boosted their target price on Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. BMO Capital Markets boosted their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, Robert W. Baird upped their price objective on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 20th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $104.86.

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.

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