Nomura Holdings Inc. Acquires 6,058 Shares of Patrick Industries, Inc. $PATK

Key Points

• Nomura Holdings Inc. has increased its stake in Patrick Industries, Inc. by 5.6% during the first quarter, owning 113,690 shares with a total value of approximately $9.61 million.
• Patrick Industries reported earnings per share of $1.50 for the recent quarter, exceeding analysts' expectations of $1.41 and showing a year-over-year revenue increase of 3.0%.
• The company declared a quarterly dividend of $0.40 per share, representing a 1.4% yield, with the ex-dividend date set for August 25th.

Nomura Holdings Inc. boosted its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 5.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 113,690 shares of the construction company's stock after purchasing an additional 6,058 shares during the quarter. Nomura Holdings Inc. owned about 0.34% of Patrick Industries worth $9,614,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of PATK. Private Trust Co. NA lifted its stake in Patrick Industries by 432.4% in the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after purchasing an additional 480 shares in the last quarter. Investment Management Corp VA ADV purchased a new stake in Patrick Industries in the 4th quarter worth $52,000. Smartleaf Asset Management LLC lifted its stake in Patrick Industries by 27.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company's stock worth $63,000 after purchasing an additional 160 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in Patrick Industries by 50.0% in the 4th quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock worth $68,000 after purchasing an additional 273 shares in the last quarter. Finally, Covestor Ltd lifted its stake in Patrick Industries by 205.1% in the 1st quarter. Covestor Ltd now owns 961 shares of the construction company's stock worth $81,000 after purchasing an additional 646 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Patrick Industries Trading Up 1.9%

Patrick Industries stock traded up $2.12 during midday trading on Thursday, reaching $114.06. The stock had a trading volume of 217,584 shares, compared to its average volume of 354,598. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $116.78. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of 30.91, a price-to-earnings-growth ratio of 1.59 and a beta of 1.33. The company has a fifty day moving average of $103.19 and a 200 day moving average of $91.71.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 earnings per share 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 analyst estimates of $1.03 billion. During the same period in the prior year, the company posted $2.16 EPS. The firm's revenue for the quarter was up 3.0% on a year-over-year basis. On average, analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business 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 $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Monday, August 25th. Patrick Industries's dividend payout ratio is currently 43.36%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PATK. BMO Capital Markets upped their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Robert W. Baird upped their target price on shares of Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, June 20th. KeyCorp upped their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Raymond James Financial upped their target price on shares of Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, Truist Financial upped their target price on shares of Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Patrick Industries has a consensus rating of "Moderate Buy" and a consensus target price of $104.86.

Insiders Place Their Bets

In other Patrick Industries news, insider Jeff Rodino sold 22,389 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $110.32, for a total value of $2,469,954.48. Following the transaction, the insider directly owned 206,492 shares in the company, valued at $22,780,197.44. This represents a 9.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John A. Forbes sold 2,875 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the transaction, the director owned 52,591 shares in the company, valued at $4,818,387.42. This represents a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 76,288 shares of company stock worth $8,375,424. 4.70% of the stock is owned by company insiders.

Patrick Industries Company Profile

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.