Meritage Portfolio Management Sells 7,695 Shares of Patrick Industries, Inc. $PATK

Key Points

• Meritage Portfolio Management reduced its holdings in Patrick Industries by 52.7%, selling 7,695 shares and leaving them with a total of 6,913 shares valued at $638,000.
• In recent transactions, Patrick Industries' CEO sold 25,000 shares for approximately $2.77 million, indicating a 7.07% decrease in their position.
• Patrick Industries reported earnings of $1.50 per share, beating estimates and revealing a revenue increase of 3.0% from the previous year, with analysts predicting a strong outlook.

Meritage Portfolio Management reduced its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 52.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,913 shares of the construction company's stock after selling 7,695 shares during the period. Meritage Portfolio Management's holdings in Patrick Industries were worth $638,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. James Investment Research Inc. lifted its holdings in shares of Patrick Industries by 0.8% in the 1st quarter. James Investment Research Inc. now owns 15,654 shares of the construction company's stock worth $1,324,000 after purchasing an additional 125 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Patrick Industries by 27.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company's stock valued at $63,000 after buying an additional 160 shares during the last quarter. Hancock Whitney Corp raised its position in Patrick Industries by 7.7% in the 1st quarter. Hancock Whitney Corp now owns 2,703 shares of the construction company's stock valued at $229,000 after buying an additional 194 shares during the last quarter. Handelsbanken Fonder AB raised its position in Patrick Industries by 4.6% in the 1st quarter. Handelsbanken Fonder AB now owns 4,561 shares of the construction company's stock valued at $386,000 after buying an additional 200 shares during the last quarter. Finally, KLP Kapitalforvaltning AS raised its position in Patrick Industries by 3.0% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 6,799 shares of the construction company's stock valued at $627,000 after buying an additional 200 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors.

Insider Transactions at Patrick Industries

In related news, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $110.68, for a total value of $2,767,000.00. Following the completion of the sale, the chief executive officer owned 328,641 shares of the company's stock, valued at approximately $36,373,985.88. This trade represents a 7.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeff Rodino sold 22,389 shares of Patrick Industries stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total value of $2,469,954.48. Following the completion of the sale, the insider directly owned 206,492 shares of the company's stock, valued at approximately $22,780,197.44. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 73,413 shares of company stock worth $8,112,016. Insiders own 4.70% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented 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 research report on Friday, June 20th. Benchmark increased their price target on Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, August 1st. KeyCorp increased their price target on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. BMO Capital Markets increased their price target on Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, Raymond James Financial increased their price target on Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Patrick Industries currently has an average rating of "Moderate Buy" and an average target price of $104.86.

Patrick Industries Trading Up 0.1%

Shares of Patrick Industries stock opened at $97.27 on Monday. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $116.78. The firm has a market cap of $3.24 billion, a PE ratio of 26.36, a P/E/G ratio of 1.38 and a beta of 1.34. The stock has a fifty day moving average price of $107.54 and a 200-day moving average price of $95.05. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75.

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

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Monday, August 25th were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 25th. This represents a $1.60 annualized dividend and a yield of 1.6%. Patrick Industries's dividend payout ratio (DPR) is 43.36%.

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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