Trust Point Inc. Cuts Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Trust Point Inc. lessened its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 53.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,410 shares of the construction company's stock after selling 3,915 shares during the period. Trust Point Inc.'s holdings in Patrick Industries were worth $288,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC increased its holdings in Patrick Industries by 49.8% in the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after purchasing an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its holdings in shares of Patrick Industries by 49.6% during 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. Global Retirement Partners LLC lifted its position in Patrick Industries by 44.8% during the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company's stock worth $53,000 after acquiring an additional 199 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in Patrick Industries by 4.6% in the 1st quarter. Handelsbanken Fonder AB now owns 4,561 shares of the construction company's stock worth $386,000 after acquiring an additional 200 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in Patrick Industries by 50.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock valued at $68,000 after acquiring an additional 273 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on PATK shares. Robert W. Baird decreased their target price on shares of Patrick Industries from $96.00 to $84.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Roth Mkm reiterated a "buy" rating and issued a $100.00 price target (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Truist Financial raised their price objective on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Wall Street Zen raised Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Finally, Baird R W downgraded shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $95.67.

Patrick Industries Trading Down 2.2%

NASDAQ PATK opened at $88.08 on Wednesday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 2.41. Patrick Industries, Inc. has a one year low of $69.44 and a one year high of $98.90. The company has a 50-day simple moving average of $84.51 and a 200-day simple moving average of $87.01. The firm has a market capitalization of $2.94 billion, a PE ratio of 21.12, a price-to-earnings-growth ratio of 1.30 and a beta of 2.00.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.13. The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $959.46 million. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The business's revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the business posted $1.79 EPS. On average, equities analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.60 annualized dividend and a dividend yield of 1.82%. Patrick Industries's dividend payout ratio is currently 38.37%.

Insider Buying and Selling

In related news, Director John A. Forbes sold 2,875 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was 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 directly owns 52,591 shares of the company's stock, valued at $4,818,387.42. This represents a 5.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Todd M. Cleveland bought 6,000 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was acquired at an average price of $85.80 per share, for a total transaction of $514,800.00. Following the completion of the transaction, the director now owns 125,286 shares in the company, valued at $10,749,538.80. This trade represents a 5.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 14,071 shares of company stock valued at $1,205,964 in the last quarter. Company insiders own 4.70% of the company's stock.

About Patrick Industries

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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