Strs Ohio Cuts Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Strs Ohio reduced its position in Patrick Industries, Inc. (NASDAQ:PATK) by 34.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 4,400 shares of the construction company’s stock after selling 2,300 shares during the period. Strs Ohio’s holdings in Patrick Industries were worth $441,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Patrick Industries by 4.3% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 4,850 shares of the construction company’s stock worth $364,000 after buying an additional 199 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its position in Patrick Industries by 21.6% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock valued at $102,000 after purchasing an additional 238 shares during the period. Nomura Holdings Inc. lifted its position in Patrick Industries by 0.3% during the third quarter. Nomura Holdings Inc. now owns 79,949 shares of the construction company’s stock valued at $6,001,000 after purchasing an additional 269 shares during the period. Ziegler Capital Management LLC lifted its position in Patrick Industries by 3.6% during the fourth quarter. Ziegler Capital Management LLC now owns 11,374 shares of the construction company’s stock valued at $1,141,000 after purchasing an additional 392 shares during the period. Finally, Redmont Wealth Advisors LLC lifted its position in Patrick Industries by 10.7% during the third quarter. Redmont Wealth Advisors LLC now owns 5,504 shares of the construction company’s stock valued at $413,000 after purchasing an additional 530 shares during the period. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, insider Kip B. Ellis sold 7,462 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $121.99, for a total value of $910,289.38. Following the transaction, the insider now directly owns 101,316 shares in the company, valued at approximately $12,359,538.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Kip B. Ellis sold 7,462 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $121.99, for a total value of $910,289.38. Following the transaction, the insider now directly owns 101,316 shares in the company, valued at approximately $12,359,538.84. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Andy L. Nemeth sold 10,000 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $115.00, for a total transaction of $1,150,000.00. Following the sale, the chief executive officer now owns 289,619 shares in the company, valued at $33,306,185. The disclosure for this sale can be found here. Insiders have sold 48,873 shares of company stock worth $5,681,957 in the last ninety days. 4.70% of the stock is owned by insiders.

Patrick Industries Stock Up 1.0 %

Shares of NASDAQ PATK opened at $105.49 on Monday. Patrick Industries, Inc. has a 12-month low of $63.57 and a 12-month high of $123.58. The stock has a market cap of $2.36 billion, a PE ratio of 16.20, a P/E/G ratio of 0.66 and a beta of 1.72. The company has a current ratio of 2.38, a quick ratio of 0.73 and a debt-to-equity ratio of 0.97. The company has a 50-day moving average of $112.68 and a 200 day moving average of $98.17.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.10. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The company had revenue of $781.20 million during the quarter, compared to analysts’ expectations of $780.97 million. During the same quarter in the prior year, the company earned $1.82 EPS. Patrick Industries’s revenue was down 17.9% compared to the same quarter last year. As a group, sell-side analysts predict that Patrick Industries, Inc. will post 8 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were issued a $0.55 dividend. The ex-dividend date of this dividend was Friday, February 16th. This represents a $2.20 annualized dividend and a yield of 2.09%. Patrick Industries’s payout ratio is 33.79%.

Analyst Upgrades and Downgrades

PATK has been the subject of a number of research reports. Truist Financial restated a “buy” rating and set a $130.00 target price on shares of Patrick Industries in a research report on Friday, April 12th. Roth Mkm lifted their price objective on shares of Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a report on Friday, February 9th. KeyCorp boosted their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, February 9th. Finally, StockNews.com cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $103.00.

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.