Vident Advisory LLC Invests $533,000 in Patrick Industries, Inc. $PATK

Key Points

• Vident Advisory LLC has invested approximately $533,000 in Patrick Industries, purchasing 6,298 shares during the first quarter, indicating significant interest from institutional investors in the construction company.
• Patrick Industries recently reported earnings of $1.50 per share for the last quarter, exceeding estimates, and announced a quarterly dividend of $0.40 to be paid on September 8th, representing an annualized yield of 1.4%.
• The company's stock has seen activity among insiders, with notable sales, including Kip B. Ellis selling over $2.35 million worth of shares, reducing their position by 14.61%.

Vident Advisory LLC acquired a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 6,298 shares of the construction company's stock, valued at approximately $533,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its holdings in shares of Patrick Industries by 2.8% during the 1st quarter. Principal Financial Group Inc. now owns 178,660 shares of the construction company's stock worth $15,107,000 after acquiring an additional 4,841 shares during the period. Private Trust Co. NA lifted its holdings in shares of Patrick Industries by 432.4% during the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after acquiring an additional 480 shares during the period. Cerity Partners LLC bought a new position in shares of Patrick Industries during the 1st quarter worth about $729,000. Nuveen Asset Management LLC lifted its holdings in shares of Patrick Industries by 495.5% during the 4th 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, Teacher Retirement System of Texas bought a new position in shares of Patrick Industries during the 1st quarter worth about $478,000. Institutional investors own 93.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Benchmark raised their price objective on shares of Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Robert W. Baird lifted their price objective on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 20th. KeyCorp upped their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Truist Financial upped their target price on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Finally, BMO Capital Markets upped their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $104.86.

Insider Activity at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of the company's stock in a transaction dated 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 approximately $36,373,985.88. This represents a 7.07% decrease in their position. The transaction was disclosed in a document filed 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 dated 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 in the company, valued at approximately $22,780,197.44. The trade was a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 76,288 shares of company stock worth $8,375,424. Insiders own 4.70% of the company's stock.

Patrick Industries Price Performance

Shares of Patrick Industries stock traded down $0.22 during midday trading on Wednesday, reaching $111.65. The company had a trading volume of 164,759 shares, compared to its average volume of 351,043. The stock has a fifty day simple moving average of $104.82 and a 200 day simple moving average of $92.23. 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 company has a market capitalization of $3.72 billion, a price-to-earnings ratio of 30.26, a price-to-earnings-growth ratio of 1.61 and a beta of 1.33. 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 released its earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share (EPS) 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 company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the company posted $2.16 EPS. The company's revenue was up 3.0% compared to the same quarter last year. As a group, equities research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Monday, August 25th were given a dividend of $0.40 per share. The ex-dividend date was Monday, August 25th. This represents a $1.60 dividend on an annualized basis and a yield of 1.4%. Patrick Industries's dividend payout ratio is presently 43.36%.

Patrick Industries 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.