Vident Advisory LLC Makes New $533,000 Investment 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 stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 6,298 shares of the construction company's stock, valued at approximately $533,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PATK. 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 purchasing an additional 480 shares during the last quarter. Investment Management Corp VA ADV acquired a new stake in shares of Patrick Industries in the fourth quarter valued at approximately $52,000. Smartleaf Asset Management LLC raised its holdings in shares of Patrick Industries by 27.0% in the first quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company's stock valued at $63,000 after purchasing an additional 160 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of 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 purchasing an additional 273 shares during the last quarter. Finally, Covestor Ltd raised its holdings in shares of Patrick Industries by 205.1% in the first quarter. Covestor Ltd now owns 961 shares of the construction company's stock valued at $81,000 after purchasing an additional 646 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Price Performance

PATK traded down $3.44 on Friday, hitting $110.37. 136,955 shares of the stock were exchanged, compared to its average volume of 253,415. Patrick Industries, Inc. has a 12 month low of $72.99 and a 12 month high of $116.78. The business has a 50-day moving average of $105.62 and a two-hundred day moving average of $92.64. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75. The firm has a market capitalization of $3.67 billion, a price-to-earnings ratio of 29.91, a PEG ratio of 1.61 and a beta of 1.33.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, topping 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 during the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter in the prior year, the business posted $2.16 earnings per share. Patrick Industries's revenue was up 3.0% compared to the same quarter last year. 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 disclosed a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Monday, August 25th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, August 25th. This represents a $1.60 annualized dividend and a yield of 1.4%. Patrick Industries's dividend payout ratio is currently 43.36%.

Analyst Upgrades and Downgrades

PATK has been the topic of a number of recent research reports. BMO Capital Markets lifted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a 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 stock a "neutral" rating in a report on Friday, June 20th. KeyCorp boosted 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 price objective on shares of Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Finally, Benchmark upped their price objective on shares of Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a report on Friday, August 1st. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $104.86.

Insider Activity

In related news, Director Michael A. Kitson sold 4,572 shares of the company's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $112.67, for a total transaction of $515,127.24. Following the completion of the sale, the director owned 11,850 shares of the company's stock, valued at $1,335,139.50. This represents a 27.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jeff Rodino sold 22,389 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $22,780,197.44. This represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 73,413 shares of company stock worth $8,112,016. 4.40% of the stock is owned by company insiders.

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.