Voya Investment Management LLC Has $15.48 Million Stake in Patrick Industries, Inc. $PATK

Key Points

• Voya Investment Management LLC reduced its stake in Patrick Industries, Inc. by 21.6%, owning 183,044 shares worth approximately $15.5 million following the sale of 50,512 shares in the first quarter.
• Patrick Industries received positive ratings from multiple analysts, with Benchmark and BMO Capital Markets both raising their target prices to $110, while the average consensus target price stands at $104.86.
• CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries for about $2.77 million, which represents a 7.07% decrease in his ownership as insiders sold a total of 73,413 shares during the last three months.

Voya Investment Management LLC trimmed its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 21.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 183,044 shares of the construction company's stock after selling 50,512 shares during the period. Voya Investment Management LLC owned about 0.55% of Patrick Industries worth $15,478,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Rhumbline Advisers increased its holdings in shares of Patrick Industries by 20.7% in the 1st quarter. Rhumbline Advisers now owns 113,845 shares of the construction company's stock valued at $9,628,000 after acquiring an additional 19,554 shares during the last quarter. Strs Ohio bought a new position in Patrick Industries during the 1st quarter worth $42,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Patrick Industries by 5.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company's stock worth $5,957,000 after buying an additional 3,748 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Patrick Industries by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company's stock worth $1,632,000 after purchasing an additional 851 shares in the last quarter. Finally, Hancock Whitney Corp grew its stake in shares of Patrick Industries by 7.7% in the first quarter. Hancock Whitney Corp now owns 2,703 shares of the construction company's stock worth $229,000 after purchasing an additional 194 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Benchmark increased their price target on Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Robert W. Baird increased their price target on Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, June 20th. BMO Capital Markets increased their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Truist Financial upped their price objective on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Finally, KeyCorp upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $104.86.

Insiders Place Their Bets

In related news, Director Michael A. Kitson sold 4,572 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $112.67, for a total transaction of $515,127.24. Following the transaction, the director directly owned 11,850 shares of the company's stock, valued at approximately $1,335,139.50. The trade was a 27.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Andy L. Nemeth sold 25,000 shares of the company's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $110.68, for a total value 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. The trade was a 7.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 73,413 shares of company stock valued at $8,112,016 over the last ninety days. Corporate insiders own 4.40% of the company's stock.

Patrick Industries Trading Down 1.3%

Shares of NASDAQ PATK traded down $1.35 during mid-day trading on Friday, hitting $106.06. 216,262 shares of the company traded hands, compared to its average volume of 347,984. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $116.78. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of 28.74, a PEG ratio of 1.50 and a beta of 1.33. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. The business has a 50 day moving average of $106.33 and a two-hundred day moving average of $93.13.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, beating the consensus estimate of $1.41 by $0.09. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period 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. On average, sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared 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. This represents a $1.60 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Monday, August 25th. Patrick Industries's 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.