Patrick Industries, Inc. $PATK Shares Purchased by Rhumbline Advisers

Key Points

• Rhumbline Advisers increased its stake in Patrick Industries, Inc. by 20.7%, acquiring an additional 19,554 shares, bringing its total holdings to 113,845 shares valued at approximately $9.63 million.
• In the most recent quarter, several institutional investors, including Deutsche Bank AG, boosted their positions significantly, indicating a strong interest in the company as institutional ownership now stands at 93.29%.
• Patrick Industries announced a quarterly dividend of $0.40 per share, translating to an annualized dividend yield of 1.4%, with a payout ratio of 43.36%.

Rhumbline Advisers raised its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 20.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 113,845 shares of the construction company's stock after acquiring an additional 19,554 shares during the period. Rhumbline Advisers owned approximately 0.34% of Patrick Industries worth $9,628,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of PATK. Cetera Investment Advisers raised its holdings in Patrick Industries by 18.8% in the 4th quarter. Cetera Investment Advisers now owns 4,551 shares of the construction company's stock valued at $378,000 after acquiring an additional 719 shares during the last quarter. Deutsche Bank AG raised its holdings in Patrick Industries by 118.4% in the 4th quarter. Deutsche Bank AG now owns 28,445 shares of the construction company's stock valued at $2,363,000 after acquiring an additional 15,421 shares during the last quarter. Ethic Inc. raised its holdings in Patrick Industries by 112.5% in the 4th quarter. Ethic Inc. now owns 3,564 shares of the construction company's stock valued at $296,000 after acquiring an additional 1,887 shares during the last quarter. Gotham Asset Management LLC raised its holdings in Patrick Industries by 49.8% in the 4th quarter. Gotham Asset Management LLC now owns 5,354 shares of the construction company's stock valued at $445,000 after acquiring an additional 1,780 shares during the last quarter. Finally, Janus Henderson Group PLC raised its holdings in Patrick Industries by 50.0% in the 4th quarter. Janus Henderson Group PLC now owns 14,365 shares of the construction company's stock valued at $1,195,000 after acquiring an additional 4,788 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Insider Activity

In other news, insider Jeff Rodino sold 22,389 shares of the firm's stock in a transaction on 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 sale, the insider directly owned 206,492 shares in the company, valued at approximately $22,780,197.44. This trade represents a 9.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael A. Kitson sold 4,572 shares of the firm's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $112.67, for a total transaction of $515,127.24. Following the completion of the sale, the director owned 11,850 shares in the company, valued at $1,335,139.50. The trade was a 27.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 73,413 shares of company stock valued at $8,112,016 over the last quarter. Company insiders own 4.70% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on PATK. 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 research note on Friday, August 1st. BMO Capital Markets increased their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. KeyCorp increased 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. Raymond James Financial increased their price target on shares of Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Truist Financial increased their price target on shares of Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Patrick Industries has an average rating of "Moderate Buy" and a consensus target price of $104.86.

Patrick Industries Stock Down 2.6%

PATK stock traded down $2.83 during midday trading on Tuesday, hitting $107.18. The company's stock had a trading volume of 71,994 shares, compared to its average volume of 348,444. 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 capitalization of $3.57 billion, a P/E ratio of 29.04, a PEG ratio of 1.57 and a beta of 1.33. The firm has a 50-day simple moving average of $105.88 and a 200-day simple moving average of $92.81.

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 the consensus estimate 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 during the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter last year, the company posted $2.16 EPS. The firm's revenue was up 3.0% compared to the same quarter last year. As a group, equities 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 was paid on Monday, September 8th. Stockholders of record on Monday, August 25th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Monday, August 25th. Patrick Industries's dividend payout ratio (DPR) is presently 43.36%.

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.