Patrick Industries, Inc. $PATK Position Increased by Russell Investments Group Ltd.

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. raised its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 17.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,271 shares of the construction company's stock after purchasing an additional 3,279 shares during the period. Russell Investments Group Ltd. owned about 0.07% of Patrick Industries worth $1,883,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. raised its position 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 purchasing an additional 4,841 shares in the last quarter. Private Trust Co. NA raised its position 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 purchasing an additional 480 shares in the last quarter. Cerity Partners LLC acquired a new stake in shares of Patrick Industries during the 1st quarter valued at approximately $729,000. Nuveen Asset Management LLC raised its position in shares of Patrick Industries by 495.5% during the 4th quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company's stock valued at $28,730,000 after acquiring an additional 287,739 shares in the last quarter. Finally, Teacher Retirement System of Texas acquired a new stake in shares of Patrick Industries during the 1st quarter valued at approximately $478,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PATK. Robert W. Baird upped 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. Truist Financial upped their price target on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. BMO Capital Markets upped 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. Raymond James Financial upped 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. Finally, Benchmark upped 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. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $104.86.

Insider Activity at Patrick Industries

In other news, Director John A. Forbes sold 2,875 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the transaction, the director directly owned 52,591 shares of the company's stock, valued at approximately $4,818,387.42. This trade represents a 5.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, the insider directly owned 206,492 shares in the company, valued at approximately $22,780,197.44. The trade was a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders acquired 3,071 shares of company stock valued at $253,714 and sold 76,288 shares valued at $8,375,424. 4.40% of the stock is currently owned by company insiders.

Patrick Industries Stock Performance

NASDAQ PATK traded down $0.62 during trading hours on Friday, hitting $111.85. The company had a trading volume of 196,604 shares, compared to its average volume of 341,645. The firm has a market cap of $3.72 billion, a P/E ratio of 30.31, a price-to-earnings-growth ratio of 1.60 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. Patrick Industries, Inc. has a fifty-two week low of $72.99 and a fifty-two week high of $116.78. The business has a fifty day simple moving average of $101.95 and a 200-day simple moving average of $91.35.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, beating analysts' consensus estimates of $1.41 by $0.09. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates 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 last year, the company earned $2.16 earnings per share. Equities analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Stockholders of record on Monday, August 25th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Monday, August 25th. Patrick Industries's dividend payout ratio (DPR) is 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.