Pacific Ridge Capital Partners LLC Has $987,000 Position in Patrick Industries, Inc. (NASDAQ:PATK)

Pacific Ridge Capital Partners LLC lessened its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 11.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,092 shares of the construction company’s stock after selling 1,200 shares during the quarter. Pacific Ridge Capital Partners LLC’s holdings in Patrick Industries were worth $987,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the business. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Patrick Industries by 78.5% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock valued at $205,000 after purchasing an additional 840 shares in the last quarter. Heritage Family Offices LLP acquired a new stake in Patrick Industries in the second quarter valued at approximately $227,000. Xponance Inc. boosted its position in Patrick Industries by 4.1% in the second quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock valued at $230,000 after buying an additional 83 shares in the last quarter. Versor Investments LP bought a new stake in shares of Patrick Industries during the second quarter worth $282,000. Finally, BTC Capital Management Inc. bought a new position in shares of Patrick Industries in the 1st quarter valued at $303,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Stock Up 0.6 %

Shares of NASDAQ PATK opened at $142.08 on Friday. The company’s 50 day moving average price is $129.07 and its 200-day moving average price is $117.29. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.94 and a current ratio of 2.29. Patrick Industries, Inc. has a 52-week low of $70.15 and a 52-week high of $147.80. The company has a market capitalization of $3.18 billion, a P/E ratio of 21.05, a price-to-earnings-growth ratio of 1.14 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $972.06 million. During the same quarter in the previous year, the business earned $1.94 earnings per share. Patrick Industries’s revenue for the quarter was up 10.8% on a year-over-year basis. Equities analysts forecast that Patrick Industries, Inc. will post 7.32 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were issued a $0.55 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a yield of 1.55%. Patrick Industries’s payout ratio is currently 32.59%.

Insiders Place Their Bets

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at approximately $3,091,283.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the sale, the insider now owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,411 shares of company stock worth $3,858,915. 4.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Benchmark reissued a “buy” rating and set a $145.00 price objective on shares of Patrick Industries in a report on Tuesday, September 17th. DA Davidson upped their price objective on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Truist Financial raised their price objective on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a report on Friday, September 20th. BMO Capital Markets boosted their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Robert W. Baird raised their price target on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $135.43.

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.