Ritholtz Wealth Management Sells 3,038 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Ritholtz Wealth Management decreased its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 14.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,282 shares of the construction company's stock after selling 3,038 shares during the period. Ritholtz Wealth Management owned approximately 0.05% of Patrick Industries worth $1,546,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Elevation Point Wealth Partners LLC boosted its stake in shares of Patrick Industries by 17.1% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 4,076 shares of the construction company's stock valued at $345,000 after purchasing an additional 595 shares in the last quarter. Handelsbanken Fonder AB boosted its stake in Patrick Industries by 4.6% during the first quarter. Handelsbanken Fonder AB now owns 4,561 shares of the construction company's stock worth $386,000 after acquiring an additional 200 shares in the last quarter. Wedge Capital Management L L P NC boosted its stake in Patrick Industries by 13.0% during the first quarter. Wedge Capital Management L L P NC now owns 21,670 shares of the construction company's stock worth $1,832,000 after acquiring an additional 2,492 shares in the last quarter. Congress Asset Management Co. boosted its stake in Patrick Industries by 0.4% during the first quarter. Congress Asset Management Co. now owns 145,519 shares of the construction company's stock worth $12,305,000 after acquiring an additional 520 shares in the last quarter. Finally, Heritage Family Offices LLP boosted its stake in Patrick Industries by 16.5% during the first quarter. Heritage Family Offices LLP now owns 3,571 shares of the construction company's stock worth $302,000 after acquiring an additional 505 shares in the last quarter. Institutional investors own 93.29% of the company's stock.

Insider Activity

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of the company's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the sale, the director now directly owns 52,591 shares of the company's stock, valued at approximately $4,818,387.42. This represents a 5.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Todd M. Cleveland purchased 5,000 shares of the company's stock in a transaction dated Monday, May 19th. The shares were acquired at an average price of $87.49 per share, for a total transaction of $437,450.00. Following the purchase, the director now directly owns 130,286 shares in the company, valued at approximately $11,398,722.14. The trade was a 3.99% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 14,071 shares of company stock valued at $1,205,964 over the last three months. Insiders own 4.40% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. 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. Robert W. Baird dropped their price objective on shares of Patrick Industries from $96.00 to $84.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Raymond James dropped their price objective on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. KeyCorp dropped their price objective on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, Baird R W cut shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $95.67.

Patrick Industries Stock Up 0.2%

Shares of Patrick Industries stock opened at $90.10 on Tuesday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The stock has a market capitalization of $3.01 billion, a PE ratio of 21.87, a price-to-earnings-growth ratio of 1.41 and a beta of 2.00. Patrick Industries, Inc. has a 52-week low of $68.29 and a 52-week high of $98.90. The company has a 50-day simple moving average of $84.38 and a two-hundred day simple moving average of $87.00.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.13. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The firm had revenue of $1 billion during the quarter, compared to analysts' expectations of $959.46 million. During the same period in the previous year, the company earned $1.79 earnings per share. The firm's quarterly revenue was up 7.5% on a year-over-year basis. On average, analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were issued a dividend of $0.40 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 annualized dividend and a dividend yield of 1.78%. Patrick Industries's payout ratio is 38.37%.

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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