Truist Financial Corp Decreases Position in Patrick Industries, Inc. $PATK

Key Points

• Truist Financial Corp cut its stake in Patrick Industries by 69.9% in the fourth quarter, leaving it with 5,068 shares valued at about $550,000.
• Patrick Industries reported quarterly earnings of $1.10 per share, topping estimates, while revenue came in at $997.17 million; the company also announced a quarterly dividend of $0.47 per share payable June 8.
• Insider buying was notable, with CEO Andy L. Nemeth and Director Blake Augsburger purchasing shares, even as analysts remain mixed with a consensus rating of Moderate Buy and an average price target of $122.63.

Truist Financial Corp lessened its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 69.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,068 shares of the construction company's stock after selling 11,744 shares during the quarter. Truist Financial Corp's holdings in Patrick Industries were worth $550,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. First National Bank of Omaha purchased a new position in Patrick Industries in the 3rd quarter worth $601,000. SG Americas Securities LLC grew its holdings in Patrick Industries by 12,134.2% in the 4th quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company's stock worth $28,123,000 after acquiring an additional 257,245 shares during the last quarter. Watchtower Advisors LP grew its holdings in Patrick Industries by 50.0% in the 3rd quarter. Watchtower Advisors LP now owns 150,000 shares of the construction company's stock worth $15,514,000 after acquiring an additional 50,000 shares during the last quarter. Mairs & Power Inc. bought a new stake in Patrick Industries in the 3rd quarter worth $2,419,000. Finally, Copeland Capital Management LLC grew its holdings in Patrick Industries by 23.4% in the 4th quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company's stock worth $51,938,000 after acquiring an additional 90,691 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Patrick Industries Trading Down 1.7%

Shares of PATK opened at $88.79 on Wednesday. Patrick Industries, Inc. has a 1-year low of $82.24 and a 1-year high of $148.50. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. The firm's 50-day moving average price is $105.38 and its 200-day moving average price is $113.47. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of 22.77 and a beta of 1.12.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The business had revenue of $997.17 million for the quarter, compared to analyst estimates of $989.06 million. During the same quarter in the previous year, the firm posted $1.11 earnings per share. Patrick Industries's quarterly revenue was down .6% on a year-over-year basis. Sell-side analysts anticipate that Patrick Industries, Inc. will post 4.94 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 8th. Investors of record on Tuesday, May 26th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, May 26th. This represents a $1.88 annualized dividend and a yield of 2.1%. Patrick Industries's payout ratio is presently 48.21%.

Insider Buying and Selling at Patrick Industries

In other news, Director Blake Augsburger bought 400 shares of the firm's stock in a transaction on Tuesday, May 5th. The stock was acquired at an average cost of $85.19 per share, with a total value of $34,076.00. Following the completion of the acquisition, the director owned 2,125 shares of the company's stock, valued at approximately $181,028.75. This represents a 23.19% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Andy L. Nemeth bought 10,000 shares of the firm's stock in a transaction on Tuesday, May 5th. The stock was purchased at an average cost of $88.00 per share, with a total value of $880,000.00. Following the completion of the acquisition, the chief executive officer directly owned 287,745 shares of the company's stock, valued at approximately $25,321,560. The trade was a 3.60% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 37,310 shares of company stock valued at $3,541,295 over the last three months. 3.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PATK. Benchmark cut their price target on shares of Patrick Industries from $150.00 to $135.00 and set a "buy" rating on the stock in a report on Friday, May 1st. BMO Capital Markets reissued an "outperform" rating and issued a $150.00 price target (down from $155.00) on shares of Patrick Industries in a report on Monday, April 20th. Raymond James Financial set a $108.00 price target on shares of Patrick Industries in a report on Friday, May 1st. Zacks Research lowered shares of Patrick Industries from a "hold" rating to a "strong sell" rating in a report on Tuesday, May 5th. Finally, Robert W. Baird set a $110.00 price target on shares of Patrick Industries in a report on Friday, May 1st. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $122.63.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.

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