Crestwood Advisors Group LLC Purchases New Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Crestwood Advisors Group LLC acquired a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 20,559 shares of the construction company's stock, valued at approximately $1,738,000. Crestwood Advisors Group LLC owned about 0.06% of Patrick Industries at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PATK. Quadrant Capital Group LLC increased its holdings in Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after purchasing an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its position in shares of Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after buying an additional 114 shares during the last quarter. James Investment Research Inc. raised its position in Patrick Industries by 0.8% in the first quarter. James Investment Research Inc. now owns 15,654 shares of the construction company's stock valued at $1,324,000 after purchasing an additional 125 shares during the last quarter. Handelsbanken Fonder AB grew its stake in Patrick Industries by 4.6% during the first 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. Finally, First Horizon Advisors Inc. grew its stake in 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 acquiring an additional 202 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Insider Activity

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of the company'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 directly owned 52,591 shares in the company, valued at approximately $4,818,387.42. This represents a 5.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Todd M. Cleveland acquired 1,000 shares of the company's stock in a transaction on Tuesday, June 3rd. The stock was acquired at an average cost of $82.75 per share, for a total transaction of $82,750.00. Following the completion of the purchase, the director directly owned 133,286 shares of the company's stock, valued at approximately $11,029,416.50. This represents a 0.76% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 14,071 shares of company stock valued at $1,205,964 in the last quarter. Corporate insiders own 4.70% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on PATK. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Truist Financial lifted their target price on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Roth Mkm restated a "buy" rating and issued a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Raymond James Financial reduced their price objective on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Finally, Baird R W lowered Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. 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 currently has a consensus rating of "Moderate Buy" and an average target price of $96.42.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $95.88 on Tuesday. The stock has a market cap of $3.21 billion, a P/E ratio of 22.99, a PEG ratio of 1.38 and a beta of 1.22. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $102.84. The firm has a 50-day moving average of $91.39 and a two-hundred day moving average of $88.38. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.41 and a quick ratio of 1.04.

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

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.67%. The ex-dividend date was Tuesday, May 27th. Patrick Industries's dividend payout ratio (DPR) is 38.37%.

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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