LPL Financial LLC Boosts Stock Holdings in Patrick Industries, Inc. $PATK

Key Points

• LPL Financial LLC has increased its stake in Patrick Industries, Inc. by 23.2%, owning a total of 19,640 shares valued at approximately $1.66 million.
• Several institutional investors have significantly boosted their holdings in Patrick Industries, with 93.29% of the stock currently owned by institutional investors and hedge funds.
• Patrick Industries also announced a quarterly dividend of $0.40 per share, with an ex-dividend date of August 25th, representing a yield of 1.4%.

LPL Financial LLC grew its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 23.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 19,640 shares of the construction company's stock after buying an additional 3,698 shares during the period. LPL Financial LLC owned 0.06% of Patrick Industries worth $1,661,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. boosted its holdings in shares of Patrick Industries by 2.8% in the 1st quarter. Principal Financial Group Inc. now owns 178,660 shares of the construction company's stock valued at $15,107,000 after buying an additional 4,841 shares in the last quarter. Private Trust Co. NA boosted its holdings in shares of Patrick Industries by 432.4% in the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock valued at $50,000 after buying an additional 480 shares in the last quarter. Cerity Partners LLC bought a new stake in shares of Patrick Industries in the 1st quarter valued at about $729,000. Nuveen Asset Management LLC boosted its stake in Patrick Industries by 495.5% in the 4th quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company's stock worth $28,730,000 after purchasing an additional 287,739 shares in the last quarter. Finally, Teacher Retirement System of Texas acquired a new stake in Patrick Industries in the 1st quarter worth approximately $478,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Stock Performance

NASDAQ PATK traded up $0.33 on Wednesday, hitting $114.02. 223,982 shares of the company's stock traded hands, compared to its average volume of 387,310. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $116.78. The firm's 50-day moving average price is $101.04 and its two-hundred day moving average price is $91.10. The firm has a market capitalization of $3.79 billion, a PE ratio of 30.90, a P/E/G ratio of 1.61 and a beta of 1.23.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, beating the consensus estimate of $1.41 by $0.09. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The business had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.03 billion. During the same period in the previous year, the business posted $2.16 EPS. The business's quarterly revenue was up 3.0% compared to the same quarter last year. As a group, analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently disclosed 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 annualized dividend and a yield of 1.4%. The ex-dividend date is Monday, August 25th. Patrick Industries's payout ratio is presently 43.36%.

Analysts Set New Price Targets

A number of analysts recently commented on PATK shares. Truist Financial lifted their target price on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Raymond James Financial lifted their target price on shares of Patrick Industries from $95.00 to $109.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Robert W. Baird lifted their target price 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. Finally, Roth Mkm reiterated a "buy" rating and issued a $100.00 target price (down from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $104.86.

Insider Buying and Selling at Patrick Industries

In other news, Director Michael A. Kitson sold 4,572 shares of Patrick Industries stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $112.67, for a total transaction of $515,127.24. Following the completion of the transaction, the director directly owned 11,850 shares of the company's stock, valued at $1,335,139.50. The trade was a 27.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kip B. Ellis sold 21,452 shares of Patrick Industries stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $110.01, for a total transaction of $2,359,934.52. Following the transaction, the insider directly owned 125,379 shares of the company's stock, valued at approximately $13,792,943.79. This trade represents a 14.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 3,071 shares of company stock worth $253,714 and sold 76,288 shares worth $8,375,424. 4.40% of the stock is currently owned by insiders.

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.