Rivermont Capital Management LP Sells 25,960 Shares of Patrick Industries, Inc. $PATK

Key Points

• Rivermont Capital Management LP reduced its stake in Patrick Industries by 17.6%, selling 25,960 shares and holding a total of 121,939 shares, representing 4.4% of its portfolio.
• Analysts have updated their price targets for Patrick Industries, with several raising their targets to between $90.00 and $110.00, reflecting a generally positive outlook on the stock.
• Patrick Industries declared a quarterly dividend of $0.40 per share, which translates to a 1.4% annual yield, and reported a net margin of 3.30% for the last quarter.

Rivermont Capital Management LP lowered its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 17.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 121,939 shares of the construction company's stock after selling 25,960 shares during the quarter. Patrick Industries comprises approximately 4.4% of Rivermont Capital Management LP's investment portfolio, making the stock its 11th largest holding. Rivermont Capital Management LP owned about 0.36% of Patrick Industries worth $10,311,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. James Investment Research Inc. boosted its holdings in Patrick Industries by 0.8% during the first quarter. James Investment Research Inc. now owns 15,654 shares of the construction company's stock worth $1,324,000 after purchasing an additional 125 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Patrick Industries by 27.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company's stock worth $63,000 after buying an additional 160 shares in the last quarter. Hancock Whitney Corp increased its position in shares of Patrick Industries by 7.7% during the first quarter. Hancock Whitney Corp now owns 2,703 shares of the construction company's stock valued at $229,000 after acquiring an additional 194 shares during the last quarter. Handelsbanken Fonder AB increased its position in shares of Patrick Industries by 4.6% during the first quarter. Handelsbanken Fonder AB now owns 4,561 shares of the construction company's stock valued at $386,000 after acquiring an additional 200 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its position 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 purchasing an additional 202 shares during the last quarter. 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 the business's stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 206,492 shares in the company, valued at $22,780,197.44. The trade was a 9.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kip B. Ellis sold 21,452 shares of the stock in a transaction 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 sale, the insider owned 125,379 shares in the company, valued at approximately $13,792,943.79. This represents a 14.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 73,413 shares of company stock valued at $8,112,016. 4.40% of the stock is owned by insiders.

Patrick Industries Stock Down 3.0%

PATK stock traded down $3.44 during midday trading on Friday, hitting $110.37. The stock had a trading volume of 136,955 shares, compared to its average volume of 348,985. The firm has a market cap of $3.67 billion, a price-to-earnings ratio of 29.91, a price-to-earnings-growth ratio of 1.58 and a beta of 1.33. The business has a 50-day moving average of $105.38 and a two-hundred day moving average of $92.52. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $116.78. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.09. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The company had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same period in the prior year, the firm earned $2.16 earnings per share. The firm's revenue for the quarter was up 3.0% on a year-over-year basis. As a group, equities research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Raymond James Financial boosted their price target on shares of Patrick Industries from $95.00 to $109.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. BMO Capital Markets boosted their target price on Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Truist Financial lifted their target price 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. KeyCorp lifted 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. Finally, Benchmark lifted their price target on Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Patrick Industries 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.