Vestcor Inc Lowers Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Key Points

• Vestcor Inc significantly reduced its stake in Patrick Industries by 79.7%, owning just 2,385 shares after selling 9,348 shares.
• Analysts are optimistic about Patrick Industries, with multiple upgrades, raising the price targets to a range of $90.00 to $110.00 and maintaining various buy ratings.
• Patrick Industries announced a quarterly dividend of $0.40 per share, reflecting a 1.6% dividend yield and a payout ratio of 43.36%.

Vestcor Inc cut its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 79.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,385 shares of the construction company's stock after selling 9,348 shares during the quarter. Vestcor Inc's holdings in Patrick Industries were worth $202,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Covestor Ltd grew its holdings in Patrick Industries by 10,400.0% during the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after acquiring an additional 312 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock worth $27,000 after acquiring an additional 109 shares in the last quarter. Private Trust Co. NA raised its holdings in Patrick Industries by 432.4% during the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after buying an additional 480 shares during the last quarter. Investment Management Corp VA ADV bought a new position in shares of Patrick Industries in the fourth quarter valued at $52,000. Finally, Public Employees Retirement System of Ohio raised its holdings in shares of Patrick Industries by 50.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock valued at $68,000 after purchasing an additional 273 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Stock Up 0.5%

Shares of PATK stock traded up $0.51 during mid-day trading on Friday, reaching $101.64. 117,279 shares of the company's stock traded hands, compared to its average volume of 355,868. Patrick Industries, Inc. has a 12 month low of $72.99 and a 12 month high of $103.99. The company has a market cap of $3.40 billion, a P/E ratio of 27.54, a P/E/G ratio of 1.45 and a beta of 1.23. 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 company's 50-day moving average price is $94.87 and its 200-day moving average price is $89.64.

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

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were paid a $0.40 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.6%. Patrick Industries's payout ratio is currently 43.36%.

Wall Street Analysts Forecast Growth

PATK has been the subject of several recent research reports. 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 company a "neutral" rating in a research report on Friday, June 20th. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. KeyCorp lifted their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, BMO Capital Markets lifted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $104.86.

Insider Buying and Selling

In other news, Director John A. Forbes sold 2,875 shares of Patrick Industries stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $91.62, for a total value of $263,407.50. Following the completion of the sale, the director directly owned 52,591 shares in the company, valued at $4,818,387.42. The trade was a 5.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Todd M. Cleveland bought 1,000 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The shares were acquired at an average price of $82.75 per share, with a total value of $82,750.00. Following the completion of the transaction, the director directly owned 133,286 shares of the company's stock, valued at $11,029,416.50. This trade represents a 0.76% increase in their position. The disclosure for this purchase can be found here. Insiders bought 14,071 shares of company stock valued at $1,205,964 over the last quarter. Company insiders own 4.40% of the company's stock.

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.