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

Ritholtz Wealth Management reduced its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 14.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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 filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Kestra Investment Management LLC bought a new stake in shares of Patrick Industries during the 4th quarter valued at $25,000. Covestor Ltd lifted its position in Patrick Industries by 10,400.0% during the fourth quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after purchasing an additional 312 shares during the period. Quadrant Capital Group LLC grew its stake in Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock worth $27,000 after buying an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in Patrick Industries by 49.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after buying an additional 114 shares during the period. Finally, Smartleaf Asset Management LLC increased its holdings in Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after buying an additional 528 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Trading Down 0.3%

Shares of NASDAQ:PATK traded down $0.31 during midday trading on Friday, hitting $89.35. 172,857 shares of the stock were exchanged, compared to its average volume of 358,566. The business's 50-day moving average price is $84.86 and its 200 day moving average price is $87.02. Patrick Industries, Inc. has a 12 month low of $69.86 and a 12 month high of $98.90. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 2.41. The stock has a market capitalization of $2.99 billion, a price-to-earnings ratio of 21.49, a P/E/G ratio of 1.29 and a beta of 1.22.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.98 by $0.13. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. During the same period in the prior year, the business posted $1.79 earnings per share. Patrick Industries's quarterly revenue was up 7.5% on a year-over-year basis. Analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current 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 paid a $0.40 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 annualized dividend and a dividend yield of 1.79%. Patrick Industries's dividend payout ratio is currently 38.37%.

Insider Buying and Selling

In related news, Director Todd M. Cleveland acquired 2,000 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were purchased at an average price of $82.55 per share, for a total transaction of $165,100.00. Following the completion of the acquisition, the director now owns 132,286 shares of the company's stock, valued at approximately $10,920,209.30. This trade represents a 1.54% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John A. Forbes sold 2,875 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $91.62, for a total value of $263,407.50. Following the completion of the sale, the director now 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 disclosure for this sale can be found here. Insiders have purchased a total of 14,071 shares of company stock valued at $1,205,964 over the last ninety days. 4.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Robert W. Baird increased their price target on shares of Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday. Wall Street Zen raised Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Truist Financial boosted their price target on Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. KeyCorp reduced their price objective on 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, Raymond James Financial lowered their target price on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Patrick Industries currently has an average rating of "Moderate Buy" and a consensus target price of $96.42.

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.