Rhumbline Advisers Acquires 19,554 Shares of Patrick Industries, Inc. $PATK

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 boosted its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 20.7% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 113,845 shares of the construction company's stock after acquiring an additional 19,554 shares during the quarter. Rhumbline Advisers owned 0.34% of Patrick Industries worth $9,628,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Cetera Investment Advisers raised its stake in Patrick Industries by 18.8% in the fourth quarter. Cetera Investment Advisers now owns 4,551 shares of the construction company's stock valued at $378,000 after purchasing an additional 719 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of Patrick Industries by 118.4% in the 4th quarter. Deutsche Bank AG now owns 28,445 shares of the construction company's stock worth $2,363,000 after acquiring an additional 15,421 shares during the last quarter. Ethic Inc. boosted its stake in shares of 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 purchasing an additional 1,887 shares in the last quarter. Gotham Asset Management LLC raised its position 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 worth $445,000 after purchasing an additional 1,780 shares during the period. Finally, Janus Henderson Group PLC boosted its position in Patrick Industries by 50.0% during the fourth quarter. Janus Henderson Group PLC now owns 14,365 shares of the construction company's stock valued at $1,195,000 after buying an additional 4,788 shares during the period. Institutional investors own 93.29% of the company's stock.

Insider Buying and Selling

In related news, insider Jeff Rodino sold 22,389 shares of Patrick Industries stock in a transaction on 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Andy L. Nemeth sold 25,000 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $110.68, for a total value of $2,767,000.00. Following the completion of the transaction, the chief executive officer owned 328,641 shares in the company, 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. Insiders sold a total of 76,288 shares of company stock worth $8,375,424 in the last ninety days. Corporate insiders own 4.40% of the company's stock.

Patrick Industries Stock Down 0.2%

Patrick Industries stock opened at $111.65 on Thursday. The stock has a fifty day moving average of $105.07 and a 200 day moving average of $92.37. The stock has a market cap of $3.72 billion, a PE ratio of 30.26, a price-to-earnings-growth ratio of 1.59 and a beta of 1.33. Patrick Industries, Inc. has a one year low of $72.99 and a one year high of $116.78. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the firm posted $2.16 earnings per share. The firm's revenue was up 3.0% compared to the same quarter last year. As a group, sell-side analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Monday, August 25th were given a dividend of $0.40 per share. The ex-dividend date was Monday, August 25th. This represents a $1.60 annualized dividend and a yield of 1.4%. Patrick Industries's payout ratio is 43.36%.

Analysts Set New Price Targets

Several research analysts recently commented on PATK shares. 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. Benchmark boosted their price target on shares of Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Raymond James Financial lifted their price objective on Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. KeyCorp upped their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, Truist Financial boosted their price objective on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $104.86.

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.

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