US Bancorp DE Has $514,000 Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Key Points

• US Bancorp DE reduced its stake in Patrick Industries by 45.1%, owning 6,082 shares valued at $514,000 after selling 5,003 shares in the first quarter.
• Other institutional investors like Dimensional Fund Advisors and Capital World Investors significantly increased their stakes in Patrick Industries, indicating growing institutional interest in the stock.
• Patrick Industries reported $1.50 earnings per share for the recent quarter, surpassing analysts' expectations, with revenue increasing 3.0% year-over-year to $1.05 billion.

US Bancorp DE lessened its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 45.1% in the first quarter, according to its most recent filing with the SEC. The firm owned 6,082 shares of the construction company's stock after selling 5,003 shares during the quarter. US Bancorp DE's holdings in Patrick Industries were worth $514,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of PATK. Covestor Ltd increased its position in Patrick Industries by 10,400.0% in the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after purchasing an additional 312 shares during the last quarter. Private Trust Co. NA raised its holdings in shares of Patrick Industries by 432.4% in the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock valued at $50,000 after buying an additional 480 shares during the last quarter. Investment Management Corp VA ADV bought a new position in shares of Patrick Industries in the fourth quarter valued at about $52,000. Public Employees Retirement System of Ohio raised its holdings in Patrick Industries by 50.0% during the 4th quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock worth $68,000 after purchasing an additional 273 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its position in shares of Patrick Industries by 17.5% during the 1st quarter. First Horizon Advisors Inc. now owns 1,356 shares of the construction company's stock worth $115,000 after buying an additional 202 shares during the period. Institutional investors and hedge funds own 93.29% of the company's stock.

Insider Buying and Selling

In other Patrick Industries news, Director Todd M. Cleveland acquired 5,000 shares of the stock in a transaction dated Monday, May 19th. The shares were bought at an average price of $87.49 per share, with a total value of $437,450.00. Following the purchase, the director directly owned 130,286 shares of the company's stock, valued at approximately $11,398,722.14. This trade represents a 3.99% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John A. Forbes sold 2,875 shares of the business's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $91.62, for a total transaction of $263,407.50. Following the transaction, the director directly owned 52,591 shares in the company, valued at $4,818,387.42. The trade was a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 8,071 shares of company stock worth $691,164. 4.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on PATK. Robert W. Baird upped their price target on Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, June 20th. KeyCorp increased their target price on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Roth Mkm restated a "buy" rating and set a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Wall Street Zen raised Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Finally, BMO Capital Markets lifted their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $104.86.

Patrick Industries Price Performance

PATK stock traded down $1.56 during mid-day trading on Thursday, reaching $112.51. The company's stock had a trading volume of 380,161 shares, compared to its average volume of 355,517. Patrick Industries, Inc. has a fifty-two week low of $72.99 and a fifty-two week high of $114.26. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11. The company's 50 day moving average is $97.00 and its two-hundred day moving average is $90.06. The stock has a market cap of $3.74 billion, a PE ratio of 30.49, a P/E/G ratio of 1.62 and a beta of 1.23.

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

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.