Patrick Industries, Inc. $PATK Shares Sold by Congress Asset Management Co.

Congress Asset Management Co. trimmed its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 3.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,309 shares of the construction company's stock after selling 5,210 shares during the quarter. Congress Asset Management Co. owned approximately 0.42% of Patrick Industries worth $12,946,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Public Employees Retirement System of Ohio increased its holdings in shares of Patrick Industries by 1,327.2% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 12,117 shares of the construction company's stock valued at $1,118,000 after purchasing an additional 11,268 shares in the last quarter. Argent Capital Management LLC increased its holdings in shares of Patrick Industries by 2.5% during the 2nd quarter. Argent Capital Management LLC now owns 224,005 shares of the construction company's stock valued at $20,669,000 after purchasing an additional 5,377 shares in the last quarter. KFG Wealth Management LLC increased its holdings in shares of Patrick Industries by 29.2% during the 2nd quarter. KFG Wealth Management LLC now owns 10,421 shares of the construction company's stock valued at $962,000 after purchasing an additional 2,356 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Patrick Industries by 20.7% during the 1st quarter. Rhumbline Advisers now owns 113,845 shares of the construction company's stock valued at $9,628,000 after purchasing an additional 19,554 shares in the last quarter. Finally, Strs Ohio purchased a new position in shares of Patrick Industries during the 1st quarter valued at approximately $42,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Price Performance

Patrick Industries stock opened at $103.60 on Friday. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $116.78. The firm has a market capitalization of $3.45 billion, a price-to-earnings ratio of 28.08, a PEG ratio of 1.45 and a beta of 1.33. The company has a fifty day simple moving average of $107.13 and a 200-day simple moving average of $93.84. 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 (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share (EPS) 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 business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the firm earned $2.16 earnings per share. The company's revenue for the quarter was up 3.0% compared to the same quarter last year. On average, equities analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Monday, August 25th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, August 25th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.5%. Patrick Industries's dividend payout ratio is presently 43.36%.

Wall Street Analysts Forecast Growth

PATK has been the subject of several recent research reports. Benchmark lifted their target price 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. Robert W. Baird boosted their price target on shares of Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, June 20th. Truist Financial boosted their price target on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. KeyCorp boosted their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, BMO Capital Markets boosted their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $104.86.

Insider Activity

In other news, insider Kip B. Ellis sold 21,452 shares of the business's 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 transaction, the insider owned 125,379 shares of the company's stock, valued at approximately $13,792,943.79. The trade was a 14.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jeff Rodino sold 22,389 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $110.32, for a total transaction 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 73,413 shares of company stock worth $8,112,016. 4.40% of the stock is owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.