Ritholtz Wealth Management Decreases Stake in Patrick Industries, Inc. $PATK

Key Points

• Ritholtz Wealth Management decreased its stake in Patrick Industries, Inc. by 50.6%, reducing its holdings to 9,024 shares worth approximately $833,000 as of the end of the second quarter.
• Insider Kip B. Ellis sold 21,452 shares of the company's stock, resulting in a 14.61% decrease in their position, while director Michael A. Kitson sold 4,572 shares, marking a 27.84% decrease.
• Patrick Industries recently paid a quarterly dividend of $0.40, representing an annualized yield of 1.6% and a 43.36% dividend payout ratio.

Ritholtz Wealth Management reduced its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 50.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,024 shares of the construction company's stock after selling 9,258 shares during the period. Ritholtz Wealth Management's holdings in Patrick Industries were worth $833,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PATK. Peregrine Capital Management LLC lifted its position in shares of Patrick Industries by 3.4% during the first quarter. Peregrine Capital Management LLC now owns 146,989 shares of the construction company's stock worth $12,429,000 after purchasing an additional 4,830 shares during the last quarter. Private Trust Co. NA lifted its holdings in Patrick Industries by 432.4% in the first 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. First Horizon Advisors Inc. lifted its holdings in Patrick Industries by 17.5% in the first 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 last quarter. Clune & Associates LTD. acquired a new stake in shares of Patrick Industries in the first quarter valued at approximately $223,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of Patrick Industries during the first quarter valued at approximately $478,000. Institutional investors own 93.29% of the company's stock.

Insider Activity

In related news, insider Kip B. Ellis sold 21,452 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $110.01, for a total value of $2,359,934.52. Following the completion of the transaction, the insider owned 125,379 shares of the company's stock, valued at approximately $13,792,943.79. This trade represents a 14.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael A. Kitson sold 4,572 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $112.67, for a total transaction of $515,127.24. Following the completion of the transaction, the director directly owned 11,850 shares of the company's stock, valued at $1,335,139.50. This represents a 27.84% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,413 shares of company stock worth $8,112,016. Company insiders own 4.40% of the company's stock.

Patrick Industries Trading Down 1.4%

Patrick Industries stock opened at $97.63 on Friday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of 26.46, a price-to-earnings-growth ratio of 1.39 and a beta of 1.34. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $116.78. The firm's 50 day moving average price is $107.24 and its two-hundred day moving average price is $95.43.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 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 firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the business posted $2.16 EPS. The company's revenue was up 3.0% on a year-over-year basis. On average, research analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Monday, August 25th were paid a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 25th. This represents a $1.60 dividend on an annualized basis and a yield of 1.6%. Patrick Industries's dividend payout ratio (DPR) is currently 43.36%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PATK shares. Weiss Ratings reiterated a "buy (b-)" rating on shares of Patrick Industries in a research note on Wednesday, October 8th. KeyCorp raised their price objective 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 raised their price objective 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. Benchmark lifted their price target on shares of Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Truist Financial set a $114.00 price target on shares of Patrick Industries and gave the stock a "buy" rating in a research report on Wednesday. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $106.14.

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.

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