Patrick Industries, Inc. (NASDAQ:PATK) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 3.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 317,536 shares of the construction company's stock after selling 12,081 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.95% of Patrick Industries worth $26,851,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. lifted its holdings in 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 in the last quarter. HighTower Advisors LLC lifted its holdings in Patrick Industries by 55.9% during the fourth quarter. HighTower Advisors LLC now owns 4,470 shares of the construction company's stock valued at $371,000 after purchasing an additional 1,603 shares in the last quarter. Avantax Advisory Services Inc. lifted its holdings in Patrick Industries by 84.3% during the fourth quarter. Avantax Advisory Services Inc. now owns 9,199 shares of the construction company's stock valued at $764,000 after purchasing an additional 4,209 shares in the last quarter. Swiss National Bank lifted its holdings in Patrick Industries by 51.1% during the fourth quarter. Swiss National Bank now owns 62,812 shares of the construction company's stock valued at $5,218,000 after purchasing an additional 21,237 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of Patrick Industries by 26.9% in the fourth quarter. Commonwealth Equity Services LLC now owns 3,602 shares of the construction company's stock worth $299,000 after buying an additional 763 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Price Performance

PATK traded down $1.44 on Friday, hitting $95.81. 195,552 shares of the company's stock were exchanged, compared to its average volume of 352,130. The firm has a 50-day moving average price of $91.39 and a 200-day moving average price of $88.33. The company has a current ratio of 2.41, a quick ratio of 1.04 and a debt-to-equity ratio of 1.25. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of 22.97, a P/E/G ratio of 1.38 and a beta of 1.22. Patrick Industries, Inc. has a fifty-two week low of $72.99 and a fifty-two week high of $102.84.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.13. The company had revenue of $1 billion during the quarter, compared to analyst estimates of $959.46 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. Patrick Industries's revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.79 earnings per share. As a group, equities analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently announced 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 dividend yield of 1.67%. Patrick Industries's payout ratio is 38.37%.

Insider Buying and Selling

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of the 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 transaction, the director directly owned 52,591 shares in the company, valued at $4,818,387.42. This represents a 5.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Todd M. Cleveland acquired 1,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was purchased at an average cost of $82.75 per share, with a total value of $82,750.00. Following the completion of the acquisition, the director directly owned 133,286 shares of the company's stock, valued at approximately $11,029,416.50. This trade represents a 0.76% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 14,071 shares of company stock worth $1,205,964 over the last 90 days. Insiders own 4.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PATK shares. Roth Mkm reissued a "buy" rating and issued a $100.00 target price (down previously from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. KeyCorp reduced their price target on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Truist Financial boosted their price target on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Baird R W cut shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, Robert W. Baird boosted their price target on shares of Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, June 20th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $96.42.

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.