Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 5,900 shares of the construction company's stock, valued at approximately $499,000.
Other large investors also recently bought and sold shares of the company. Covestor Ltd boosted its holdings in shares of Patrick Industries by 10,400.0% during the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock valued at $26,000 after acquiring an additional 312 shares during the last quarter. Quadrant Capital Group LLC lifted its position in Patrick Industries by 49.8% during 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 period. Nomura Asset Management Co. Ltd. lifted its position in Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after purchasing an additional 114 shares during the period. Private Trust Co. NA boosted its holdings in 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 purchasing an additional 480 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its position in Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock worth $49,000 after purchasing an additional 528 shares during the period. 93.29% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several research firms have recently weighed in on PATK. Robert W. Baird increased their price target on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 20th. Raymond James Financial lowered their target price on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Finally, KeyCorp lowered their price objective on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $96.42.
View Our Latest Report on Patrick Industries
Patrick Industries Stock Performance
NASDAQ PATK traded down $0.67 on Friday, reaching $98.44. 153,495 shares of the stock were exchanged, compared to its average volume of 350,661. The company has a current ratio of 2.41, a quick ratio of 1.04 and a debt-to-equity ratio of 1.25. Patrick Industries, Inc. has a one year low of $69.86 and a one year high of $100.30. The firm has a market capitalization of $3.29 billion, a PE ratio of 23.61, a PEG ratio of 1.42 and a beta of 1.22. The company's 50-day simple moving average is $87.96 and its two-hundred day simple moving average is $87.28.
Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, beating 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 company had revenue of $1 billion for the quarter, compared to analysts' expectations of $959.46 million. During the same quarter in the previous year, the company earned $1.79 EPS. Patrick Industries's revenue for the quarter was up 7.5% on a year-over-year basis. Analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.
Patrick Industries Dividend Announcement
The firm 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. This represents a $1.60 annualized dividend and a yield of 1.63%. The ex-dividend date was Tuesday, May 27th. Patrick Industries's dividend payout ratio (DPR) is presently 38.37%.
Insider Buying and Selling
In related news, Director John A. Forbes sold 2,875 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the transaction, the director directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Todd M. Cleveland purchased 6,000 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was bought at an average price of $85.80 per share, for a total transaction of $514,800.00. Following 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 ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 14,071 shares of company stock worth $1,205,964. 4.40% of the stock is owned by insiders.
About Patrick Industries
(
Free Report)
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.
Further Reading
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