Franklin Resources Inc. Lowers Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Franklin Resources Inc. cut its stake in shares of Patrick Industries, Inc. (NASDAQ:PATKFree Report) by 4.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 98,575 shares of the construction company’s stock after selling 4,095 shares during the quarter. Franklin Resources Inc. owned 0.45% of Patrick Industries worth $9,892,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of PATK. SummerHaven Investment Management LLC raised its position in shares of Patrick Industries by 1.4% during the 4th quarter. SummerHaven Investment Management LLC now owns 8,768 shares of the construction company’s stock valued at $880,000 after buying an additional 117 shares in the last quarter. Nomura Holdings Inc. raised 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 in the last quarter. Meritage Portfolio Management lifted its stake in Patrick Industries by 3.8% during the fourth quarter. Meritage Portfolio Management now owns 8,108 shares of the construction company’s stock worth $814,000 after purchasing an additional 295 shares during the last quarter. GAMMA Investing LLC purchased a new position in shares of Patrick Industries in the 4th quarter worth about $35,000. Finally, WealthTrust Axiom LLC increased its position in shares of Patrick Industries by 6.0% during the 4th quarter. WealthTrust Axiom LLC now owns 6,582 shares of the construction company’s stock valued at $661,000 after purchasing an additional 375 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Andy L. Nemeth sold 5,000 shares of Patrick Industries stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $118.00, for a total transaction of $590,000.00. Following the sale, the chief executive officer now owns 279,619 shares of the company’s stock, valued at approximately $32,995,042. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Andy L. Nemeth sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $118.00, for a total value of $590,000.00. Following the completion of the transaction, the chief executive officer now owns 279,619 shares in the company, valued at approximately $32,995,042. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kip B. Ellis sold 7,462 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $121.99, for a total value of $910,289.38. Following the completion of the sale, the insider now directly owns 101,316 shares in the company, valued at $12,359,538.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,583 shares of company stock worth $1,514,694. 4.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PATK shares. Truist Financial restated a “buy” rating and issued a $130.00 target price on shares of Patrick Industries in a research report on Friday, April 12th. StockNews.com cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. BMO Capital Markets increased their target price on shares of Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Roth Mkm reissued a “buy” rating and issued a $126.00 price target (up from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. Finally, KeyCorp upped their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, February 9th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Patrick Industries currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.71.

Check Out Our Latest Stock Analysis on PATK

Patrick Industries Price Performance

PATK stock opened at $111.39 on Thursday. The company has a current ratio of 2.38, a quick ratio of 0.96 and a debt-to-equity ratio of 1.32. The firm’s 50-day moving average price is $111.62 and its two-hundred day moving average price is $104.08. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of 16.50, a PEG ratio of 0.82 and a beta of 1.73. Patrick Industries, Inc. has a 12-month low of $64.28 and a 12-month high of $123.58.

Patrick Industries (NASDAQ:PATKGet Free Report) last released its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.47. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. The business had revenue of $933.50 million during the quarter, compared to analyst estimates of $829.22 million. During the same quarter in the prior year, the company posted $1.35 EPS. Patrick Industries’s quarterly revenue was up 3.7% compared to the same quarter last year. As a group, equities analysts predict that Patrick Industries, Inc. will post 8.12 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend is Monday, June 3rd. Patrick Industries’s payout ratio is currently 32.59%.

Patrick Industries Profile

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding PATK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patrick Industries, Inc. (NASDAQ:PATKFree Report).

Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.