Russell Investments Group Ltd. Acquires 3,279 Shares of Patrick Industries, Inc. $PATK

Key Points

• Russell Investments Group Ltd. increased its stake in Patrick Industries, Inc. by 17.3% in the 1st quarter, now owning 22,271 shares valued at approximately $1.88 million.
• Insiders, including CEO Andy L. Nemeth, sold significant amounts of stock recently, with Nemeth selling 25,000 shares for approximately $2.77 million.
• Patrick Industries declared a quarterly dividend of $0.40 per share, translating to an annualized dividend yield of 1.4%, with a payout ratio of 43.36%.

Russell Investments Group Ltd. grew its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 17.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,271 shares of the construction company's stock after acquiring an additional 3,279 shares during the period. Russell Investments Group Ltd. owned about 0.07% of Patrick Industries worth $1,883,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PATK. James Investment Research Inc. lifted its stake in Patrick Industries by 0.8% in the 1st quarter. James Investment Research Inc. now owns 15,654 shares of the construction company's stock valued at $1,324,000 after purchasing an additional 125 shares during the last quarter. Handelsbanken Fonder AB lifted its position in shares of Patrick Industries by 4.6% in the first 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. First Horizon Advisors Inc. boosted its stake 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 worth $115,000 after acquiring an additional 202 shares during the period. Public Employees Retirement System of Ohio increased 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 worth $68,000 after acquiring an additional 273 shares during the last quarter. Finally, Private Trust Co. NA increased 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 worth $50,000 after acquiring an additional 480 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Patrick Industries news, insider Kip B. Ellis sold 21,452 shares of the stock in a transaction dated 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 sale, the insider directly owned 125,379 shares in the company, valued at $13,792,943.79. This represents a 14.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Andy L. Nemeth sold 25,000 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $110.68, for a total transaction of $2,767,000.00. Following the completion of the transaction, the chief executive officer owned 328,641 shares of the company's stock, valued at $36,373,985.88. The trade was a 7.07% 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 valued at $8,375,424. Company insiders own 4.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PATK shares. Truist Financial raised their price target on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Raymond James Financial increased their price objective 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. Robert W. Baird raised 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. KeyCorp upped their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Benchmark increased their price target on shares of Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a report on Friday, August 1st. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Patrick Industries presently has an average rating of "Moderate Buy" and an average price target of $104.86.

Patrick Industries Price Performance

NASDAQ:PATK traded down $0.62 during trading hours on Monday, reaching $111.85. 196,604 shares of the company were exchanged, compared to its average volume of 331,429. The business has a 50 day moving average of $102.36 and a 200 day moving average of $91.43. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $116.78. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75. The company has a market capitalization of $3.72 billion, a P/E ratio of 30.31, a P/E/G ratio of 1.59 and a beta of 1.33.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.09. The firm had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The company's quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.16 EPS. Research analysts forecast 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 will be paid on Monday, September 8th. Investors of record on Monday, August 25th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, August 25th. This represents a $1.60 annualized dividend and a yield of 1.4%. Patrick Industries's dividend payout ratio is currently 43.36%.

Patrick Industries 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.