Vanguard Group Inc. Grows Position in Patrick Industries, Inc. $PATK

Key Points

• Vanguard Group Inc. increased its stake in Patrick Industries by 4.2%, owning approximately 7.22% of the company, valued at around $204.9 million.
• In insider trading news, Kip B. Ellis and Jeff Rodino sold significant shares of Patrick Industries, reducing their stakes by 14.61% and 9.78% respectively.
• Patrick Industries announced a quarterly dividend of $0.40, reflecting an annualized yield of 1.4%, with the ex-dividend date set for August 25.

Vanguard Group Inc. lifted its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 4.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,423,512 shares of the construction company's stock after acquiring an additional 97,250 shares during the quarter. Vanguard Group Inc. owned 7.22% of Patrick Industries worth $204,932,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in PATK. Dimensional Fund Advisors LP grew its stake in shares of Patrick Industries by 48.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock worth $154,823,000 after acquiring an additional 609,036 shares during the period. Capital Research Global Investors bought a new stake in shares of Patrick Industries in the fourth quarter worth approximately $38,275,000. Capital World Investors grew its stake in shares of Patrick Industries by 50.0% in the fourth quarter. Capital World Investors now owns 944,319 shares of the construction company's stock worth $78,454,000 after acquiring an additional 314,773 shares during the period. Nuveen Asset Management LLC grew its stake in shares of Patrick Industries by 495.5% in the fourth quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company's stock worth $28,730,000 after acquiring an additional 287,739 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Patrick Industries by 80.3% in the fourth quarter. Northern Trust Corp now owns 414,055 shares of the construction company's stock worth $34,400,000 after acquiring an additional 184,459 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, insider Jeff Rodino sold 22,389 shares of Patrick Industries stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $110.32, for a total transaction of $2,469,954.48. Following the transaction, the insider owned 206,492 shares of the company's stock, valued at $22,780,197.44. The trade was a 9.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $110.68, for a total transaction of $2,767,000.00. Following the transaction, the chief executive officer directly owned 328,641 shares in the company, valued at $36,373,985.88. This represents a 7.07% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have bought 3,071 shares of company stock valued at $253,714 and have sold 76,288 shares valued at $8,375,424. Company insiders own 4.70% of the company's stock.

Patrick Industries Price Performance

NASDAQ:PATK traded down $1.05 during trading hours on Monday, hitting $114.99. 210,333 shares of the stock traded hands, compared to its average volume of 397,208. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $116.78. The company has a market cap of $3.83 billion, a price-to-earnings ratio of 31.16, a price-to-earnings-growth ratio of 1.65 and a beta of 1.23. The stock has a 50 day moving average price of $100.04 and a 200 day moving average price of $90.78.

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, beating the consensus estimate of $1.41 by $0.09. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the firm earned $2.16 earnings per share. The company's revenue for the quarter was up 3.0% on a year-over-year basis. Sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Shareholders of record on Monday, August 25th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, August 25th. This represents a $1.60 annualized dividend and a yield of 1.4%. Patrick Industries's payout ratio is currently 43.36%.

Analyst Upgrades and Downgrades

PATK has been the subject of a number of research analyst reports. KeyCorp lifted their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Benchmark boosted their target price on shares of Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Robert W. Baird boosted their target price on shares of Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, June 20th. Raymond James Financial boosted their target price on shares of Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, Roth Mkm restated a "buy" rating and set a $100.00 target price (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $104.86.

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.