Charles Schwab Investment Management Inc. Buys 2,421 Shares of Patrick Industries, Inc. $PATK

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Patrick Industries, Inc. by 0.4% to approximately $46.61 million, holding 551,192 shares as of its latest filing.
• Patrick Industries reported an earnings per share (EPS) of $1.50 for the quarter, exceeding expectations by $0.09, while company revenue rose 3.0% year-over-year to $1.05 billion.
• The company announced a quarterly dividend of $0.40 per share, set to be paid on September 8th, reflecting a 1.4% dividend yield and a payout ratio of 43.36%.

Charles Schwab Investment Management Inc. raised its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 0.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 551,192 shares of the construction company's stock after buying an additional 2,421 shares during the period. Charles Schwab Investment Management Inc. owned about 1.64% of Patrick Industries worth $46,609,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PATK. Private Trust Co. NA lifted its stake in shares of Patrick Industries by 432.4% in the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after buying an additional 480 shares in the last quarter. Investment Management Corp VA ADV acquired a new stake in shares of Patrick Industries during the fourth quarter valued at about $52,000. Public Employees Retirement System of Ohio increased its position 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 acquiring an additional 273 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Patrick Industries by 17.5% in 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. Finally, Hancock Whitney Corp grew its holdings in shares of Patrick Industries by 62.3% in the fourth quarter. Hancock Whitney Corp now owns 2,509 shares of the construction company's stock valued at $208,000 after purchasing an additional 963 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on PATK. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Truist Financial upped their price objective 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. KeyCorp upped their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Benchmark upped their price target on shares of Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, Robert W. Baird increased their price objective on shares of Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, June 20th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Patrick Industries currently has a consensus rating of "Moderate Buy" and a consensus target price of $104.86.

Insiders Place Their Bets

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $110.68, for a total value of $2,767,000.00. Following the sale, the chief executive officer directly owned 328,641 shares in the company, valued at approximately $36,373,985.88. The trade was a 7.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kip B. Ellis sold 21,452 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $13,792,943.79. The trade was a 14.61% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 3,071 shares of company stock valued at $253,714 and have sold 71,716 shares valued at $7,860,297. 4.40% of the stock is owned by company insiders.

Patrick Industries Stock Up 1.9%

Shares of NASDAQ:PATK traded up $2.14 during midday trading on Tuesday, reaching $112.36. The company had a trading volume of 197,298 shares, compared to its average volume of 362,697. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75. The stock's fifty day moving average price is $97.82 and its 200-day moving average price is $90.18. The stock has a market capitalization of $3.74 billion, a P/E ratio of 30.45, a PEG ratio of 1.59 and a beta of 1.23. Patrick Industries, Inc. has a one year low of $72.99 and a one year high of $114.26.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.09. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The firm's revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.16 earnings per share. 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 disclosed 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 of this dividend is Monday, August 25th. This represents a $1.60 annualized dividend and a yield of 1.4%. Patrick Industries's dividend payout ratio is presently 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.