Vanguard Group Inc. Boosts Stake 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. increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 4.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,423,512 shares of the construction company's stock after purchasing an additional 97,250 shares during the quarter. Vanguard Group Inc. owned approximately 7.22% of Patrick Industries worth $204,932,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PATK. Bank of Montreal Can boosted its holdings in Patrick Industries by 68.7% during the fourth quarter. Bank of Montreal Can now owns 3,868 shares of the construction company's stock worth $321,000 after purchasing an additional 1,575 shares during the last quarter. Summit Investment Advisors Inc. boosted its stake in Patrick Industries by 59.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,390 shares of the construction company's stock valued at $282,000 after acquiring an additional 1,267 shares during the last quarter. Mariner LLC boosted its stake in Patrick Industries by 56.4% in the fourth quarter. Mariner LLC now owns 19,414 shares of the construction company's stock valued at $1,613,000 after acquiring an additional 7,002 shares during the last quarter. Marshall Wace LLP boosted its stake in Patrick Industries by 973.3% in the fourth quarter. Marshall Wace LLP now owns 30,051 shares of the construction company's stock valued at $2,497,000 after acquiring an additional 27,251 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its stake in Patrick Industries by 50.0% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 32,082 shares of the construction company's stock valued at $2,667,000 after acquiring an additional 10,694 shares during the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Stock Performance

Shares of PATK stock traded up $4.93 during trading on Friday, reaching $116.04. 334,226 shares of the company's stock traded hands, compared to its average volume of 392,096. The company has a market capitalization of $3.86 billion, a P/E ratio of 31.45, a PEG ratio of 1.58 and a beta of 1.23. 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 firm's 50-day moving average is $99.54 and its 200 day moving average is $90.72. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $116.78.

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

Patrick Industries Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Truist Financial boosted their target price on shares of Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. BMO Capital Markets boosted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a research note 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 note 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 note on Friday, August 1st. Finally, Roth Mkm reiterated a "buy" rating and issued a $100.00 target price (down from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Patrick Industries currently has an average rating of "Moderate Buy" and a consensus target price of $104.86.

Insider Buying and Selling at Patrick Industries

In related news, Director John A. Forbes sold 2,875 shares of the company'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 sale, the director owned 52,591 shares of the company's stock, valued at approximately $4,818,387.42. This represents a 5.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jeff Rodino sold 22,389 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total transaction of $2,469,954.48. Following the sale, the insider directly owned 206,492 shares in the company, valued at $22,780,197.44. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 3,071 shares of company stock worth $253,714 and have sold 76,288 shares worth $8,375,424. Insiders own 4.40% 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.