Bank of New York Mellon Corp Has $26.85 Million Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Bank of New York Mellon Corp cut its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 3.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 317,536 shares of the construction company's stock after selling 12,081 shares during the period. Bank of New York Mellon Corp owned approximately 0.95% of Patrick Industries worth $26,851,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in PATK. PNC Financial Services Group Inc. raised its holdings in shares of Patrick Industries by 36.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,450 shares of the construction company's stock valued at $536,000 after purchasing an additional 1,726 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of Patrick Industries by 55.9% in the fourth quarter. HighTower Advisors LLC now owns 4,470 shares of the construction company's stock worth $371,000 after purchasing an additional 1,603 shares during the period. Avantax Advisory Services Inc. boosted its position in shares of Patrick Industries by 84.3% in the fourth quarter. Avantax Advisory Services Inc. now owns 9,199 shares of the construction company's stock worth $764,000 after purchasing an additional 4,209 shares during the period. Swiss National Bank boosted its position in shares of Patrick Industries by 51.1% in the fourth quarter. Swiss National Bank now owns 62,812 shares of the construction company's stock worth $5,218,000 after purchasing an additional 21,237 shares during the period. Finally, Commonwealth Equity Services LLC boosted its position in shares of Patrick Industries by 26.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 3,602 shares of the construction company's stock worth $299,000 after acquiring an additional 763 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Price Performance

Patrick Industries stock traded down $1.44 during midday trading on Friday, reaching $95.81. The company's stock had a trading volume of 194,697 shares, compared to its average volume of 351,000. The firm has a market capitalization of $3.20 billion, a PE ratio of 22.97, a P/E/G ratio of 1.40 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. Patrick Industries, Inc. has a fifty-two week low of $72.99 and a fifty-two week high of $102.84. The stock's 50 day simple moving average is $91.13 and its 200 day simple moving average is $88.21.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share (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 business had revenue of $1 billion during the quarter, compared to analysts' expectations of $959.46 million. During the same quarter in the previous year, the business earned $1.79 EPS. The company's revenue for the quarter was up 7.5% on a year-over-year basis. On average, equities research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Investors 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 yield of 1.67%. Patrick Industries's payout ratio is currently 38.37%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Raymond James Financial reduced their target price on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Baird R W downgraded shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Robert W. Baird lifted their target price on shares of Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, June 20th. Finally, Roth Mkm reiterated a "buy" rating and issued a $100.00 target price (down from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $96.42.

Insider Buying and Selling at Patrick Industries

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 completion of the transaction, the director owned 52,591 shares of the company's stock, valued at approximately $4,818,387.42. This trade represents a 5.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Todd M. Cleveland acquired 6,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, May 15th. The stock was acquired at an average cost of $85.80 per share, with a total value of $514,800.00. Following the completion of the purchase, the director owned 125,286 shares in the company, valued at approximately $10,749,538.80. This represents a 5.03% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 14,071 shares of company stock valued at $1,205,964. Company insiders own 4.40% of the company's stock.

Patrick Industries 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.