Invesco Ltd. trimmed its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 10.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 631,813 shares of the construction company's stock after selling 77,327 shares during the quarter. Invesco Ltd. owned about 1.88% of Patrick Industries worth $53,426,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the company. James Investment Research Inc. boosted its holdings in shares of Patrick Industries by 0.8% during the 1st quarter. James Investment Research Inc. now owns 15,654 shares of the construction company's stock valued at $1,324,000 after acquiring an additional 125 shares during the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of Patrick Industries by 4.6% during the 1st quarter. Handelsbanken Fonder AB now owns 4,561 shares of the construction company's stock valued at $386,000 after acquiring an additional 200 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Patrick Industries by 17.5% during the 1st 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 last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of Patrick Industries by 50.0% during the 4th 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. Finally, Private Trust Co. NA boosted its holdings in shares of Patrick Industries by 432.4% during the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock valued at $50,000 after acquiring an additional 480 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on PATK shares. BMO Capital Markets raised their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Benchmark increased their price objective 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. Roth Mkm reiterated a "buy" rating and issued a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Finally, Robert W. Baird increased their price objective 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. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $104.86.
Check Out Our Latest Stock Report on PATK
Patrick Industries Price Performance
Shares of NASDAQ:PATK opened at $112.13 on Monday. The firm's 50 day moving average price is $97.43 and its 200-day moving average price is $90.09. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $114.26. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $3.73 billion, a PE ratio of 30.39, a price-to-earnings-growth ratio of 1.59 and a beta of 1.23.
Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.09. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The company had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter last year, the business earned $2.16 EPS. The firm's revenue was up 3.0% compared to the same quarter last year. Equities research analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.
Patrick Industries Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Shareholders of record on Monday, August 25th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.4%. Patrick Industries's payout ratio is 43.36%.
Insider Activity at Patrick Industries
In other Patrick Industries 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 transaction of $263,407.50. Following the sale, the director owned 52,591 shares in the company, valued at approximately $4,818,387.42. This trade represents a 5.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kip B. Ellis sold 21,452 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $110.01, for a total transaction 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. In the last 90 days, insiders have purchased 3,071 shares of company stock worth $253,714 and have sold 71,716 shares worth $7,860,297. 4.70% of the stock is currently 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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