Trust Point Inc. trimmed its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 53.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,410 shares of the construction company's stock after selling 3,915 shares during the quarter. Trust Point Inc.'s holdings in Patrick Industries were worth $288,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its position in shares of Patrick Industries by 27.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company's stock worth $10,222,000 after purchasing an additional 26,558 shares during the period. New York State Teachers Retirement System lifted its stake in Patrick Industries by 48.8% during the fourth quarter. New York State Teachers Retirement System now owns 33,434 shares of the construction company's stock worth $2,778,000 after purchasing an additional 10,961 shares in the last quarter. Rhumbline Advisers lifted its stake in Patrick Industries by 53.2% during the fourth quarter. Rhumbline Advisers now owns 94,291 shares of the construction company's stock worth $7,835,000 after purchasing an additional 32,740 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Patrick Industries by 55.3% during the fourth quarter. Principal Financial Group Inc. now owns 173,819 shares of the construction company's stock worth $14,441,000 after purchasing an additional 61,867 shares in the last quarter. Finally, Venturi Wealth Management LLC acquired a new position in Patrick Industries during the fourth quarter worth $86,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.
Patrick Industries Stock Down 0.7%
Shares of Patrick Industries stock traded down $0.59 during trading hours on Friday, reaching $89.07. 472,850 shares of the company were exchanged, compared to its average volume of 356,682. Patrick Industries, Inc. has a 1 year low of $69.86 and a 1 year high of $98.90. The stock's fifty day moving average is $85.04 and its 200 day moving average is $86.99. 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 firm has a market cap of $2.98 billion, a PE ratio of 21.36, a PEG ratio of 1.28 and a beta of 1.22.
Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, beating the consensus estimate of $0.98 by $0.13. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $959.46 million. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. Patrick Industries's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.79 earnings per share. As a group, equities research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.
Patrick Industries Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Tuesday, May 27th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.80%. The ex-dividend date was Tuesday, May 27th. Patrick Industries's dividend payout ratio (DPR) is presently 38.37%.
Insider Activity at Patrick Industries
In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of the company's stock in a transaction on 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 transaction, the director now owns 52,591 shares in the company, valued at $4,818,387.42. This represents a 5.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Todd M. Cleveland acquired 2,000 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was bought at an average price of $82.55 per share, with a total value of $165,100.00. Following the purchase, the director now directly owns 132,286 shares of the company's stock, valued at $10,920,209.30. This represents a 1.54% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 14,071 shares of company stock valued at $1,205,964 over the last quarter. 4.40% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
A number of research firms have commented on PATK. Baird R W cut Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. KeyCorp decreased their price target 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. Truist Financial upped their price target on Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Finally, Raymond James Financial cut their price objective on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.42.
Read Our Latest Analysis on PATK
About Patrick Industries
(
Free Report)
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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