Millennium Management LLC trimmed its position in Patrick Industries, Inc. (NASDAQ:PATK – Free Report) by 37.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,449 shares of the construction company’s stock after selling 15,321 shares during the period. Millennium Management LLC owned 0.11% of Patrick Industries worth $2,762,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of PATK. Pacer Advisors Inc. boosted its holdings in Patrick Industries by 20.1% in the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after purchasing an additional 221,904 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in shares of Patrick Industries during the 2nd quarter valued at $22,460,000. Price T Rowe Associates Inc. MD raised its position in shares of Patrick Industries by 10.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock valued at $33,078,000 after buying an additional 26,389 shares in the last quarter. Anchor Capital Management Company LLC raised its position in shares of Patrick Industries by 18.0% during the 2nd quarter. Anchor Capital Management Company LLC now owns 146,088 shares of the construction company’s stock valued at $15,858,000 after buying an additional 22,279 shares in the last quarter. Finally, Peregrine Capital Management LLC raised its position in shares of Patrick Industries by 29.8% during the 2nd quarter. Peregrine Capital Management LLC now owns 92,865 shares of the construction company’s stock valued at $10,080,000 after buying an additional 21,329 shares in the last quarter. 93.29% of the stock is owned by institutional investors.
Patrick Industries Trading Up 0.0 %
PATK stock opened at $141.50 on Tuesday. The company’s 50-day simple moving average is $133.29 and its 200-day simple moving average is $119.57. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. Patrick Industries, Inc. has a 52-week low of $70.15 and a 52-week high of $148.35. The firm has a market cap of $3.17 billion, a P/E ratio of 20.96, a PEG ratio of 1.23 and a beta of 1.61.
Patrick Industries Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 annualized dividend and a dividend yield of 1.55%. Patrick Industries’s dividend payout ratio (DPR) is currently 32.59%.
Analyst Ratings Changes
Several analysts have recently weighed in on PATK shares. Robert W. Baird raised their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. DA Davidson upped their price target 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. KeyCorp upped their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Benchmark reissued a “buy” rating and issued a $145.00 price target on shares of Patrick Industries in a report on Tuesday, September 17th. Finally, BMO Capital Markets upped their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Two 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, the company currently has an average rating of “Moderate Buy” and an average price target of $138.50.
View Our Latest Stock Analysis on PATK
Insider Transactions at Patrick Industries
In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the transaction, the insider now directly owns 139,109 shares in the company, valued at approximately $18,274,749.33. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the transaction, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was 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 in the company, valued at approximately $3,091,283.49. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 29,411 shares of company stock valued at $3,858,915. Insiders own 4.70% of the company’s stock.
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.
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