Renaissance Technologies LLC Has $2.41 Million Position in Patrick Industries, Inc. (NASDAQ:PATK)

Renaissance Technologies LLC lessened its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 43.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 22,161 shares of the construction company’s stock after selling 16,700 shares during the period. Renaissance Technologies LLC owned approximately 0.10% of Patrick Industries worth $2,406,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in PATK. Massachusetts Financial Services Co. MA acquired a new stake in shares of Patrick Industries in the second quarter worth $22,460,000. BOKF NA grew its position in Patrick Industries by 3.7% in the 2nd quarter. BOKF NA now owns 4,848 shares of the construction company’s stock worth $526,000 after purchasing an additional 172 shares during the last quarter. Arizona State Retirement System raised its position in shares of Patrick Industries by 3.1% during the second quarter. Arizona State Retirement System now owns 5,957 shares of the construction company’s stock valued at $647,000 after buying an additional 178 shares during the last quarter. Foster & Motley Inc. lifted its stake in shares of Patrick Industries by 3.7% in the second quarter. Foster & Motley Inc. now owns 17,727 shares of the construction company’s stock valued at $1,924,000 after buying an additional 629 shares during the period. Finally, Versor Investments LP acquired a new stake in Patrick Industries during the second quarter worth about $282,000. 93.29% of the stock is owned by institutional investors.

Patrick Industries Stock Up 1.4 %

PATK opened at $144.32 on Wednesday. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of 21.38, a PEG ratio of 1.15 and a beta of 1.62. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.94 and a current ratio of 2.29. The firm’s 50-day simple moving average is $129.48 and its 200-day simple moving average is $117.62. Patrick Industries, Inc. has a twelve month low of $70.15 and a twelve month high of $147.80.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.11. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $972.06 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.94 earnings per share. Equities research analysts anticipate that Patrick Industries, Inc. will post 7.32 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were issued a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a yield of 1.52%. Patrick Industries’s dividend payout ratio is 32.59%.

Insider Buying and Selling at Patrick Industries

In other news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the sale, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total transaction of $982,875.00. Following the completion of the sale, the director now directly owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,411 shares of company stock worth $3,858,915. 4.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PATK has been the subject of a number of research reports. Benchmark reiterated a “buy” rating and issued a $145.00 price objective on shares of Patrick Industries in a research report on Tuesday, September 17th. Truist Financial raised their target price on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. BMO Capital Markets boosted their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Raymond James began coverage on shares of Patrick Industries in a research note on Tuesday. They issued an “outperform” rating and a $160.00 price objective for the company. Finally, DA Davidson lifted their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries has an average rating of “Moderate Buy” and a consensus price target of $138.50.

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.