Rhumbline Advisers Acquires 19,554 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Rhumbline Advisers boosted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 20.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 113,845 shares of the construction company’s stock after purchasing an additional 19,554 shares during the period. Rhumbline Advisers owned about 0.34% of Patrick Industries worth $9,628,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kestra Investment Management LLC bought a new stake in Patrick Industries during the fourth quarter worth $25,000. Covestor Ltd increased its holdings in shares of Patrick Industries by 10,400.0% during the fourth quarter. Covestor Ltd now owns 315 shares of the construction company’s stock worth $26,000 after buying an additional 312 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after buying an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in shares of Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock worth $29,000 after buying an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in shares of Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock worth $49,000 after buying an additional 528 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Stock Up 0.8%

Shares of NASDAQ PATK opened at $91.07 on Tuesday. The company has a market capitalization of $3.04 billion, a P/E ratio of 22.10, a price-to-earnings-growth ratio of 1.41 and a beta of 2.00. Patrick Industries, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The company’s 50 day moving average price is $82.99 and its 200-day moving average price is $87.00.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.13. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. During the same period last year, the business posted $1.79 EPS. The business’s revenue was up 7.5% compared to the same quarter last year. Equities analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were issued a dividend of $0.40 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a yield of 1.76%. Patrick Industries’s payout ratio is currently 38.37%.

Analyst Upgrades and Downgrades

PATK has been the subject of several research analyst reports. KeyCorp lowered their price target on shares of Patrick Industries from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Raymond James lowered their price target on shares of Patrick Industries from $103.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Truist Financial upped their price target on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, June 3rd. Robert W. Baird decreased their price objective on Patrick Industries from $96.00 to $84.00 and set a “neutral” rating for the company in a report on Friday, May 2nd. Finally, Wall Street Zen upgraded Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $95.67.

Insiders Place Their Bets

In other Patrick Industries news, Director Todd M. Cleveland purchased 5,000 shares of the firm’s stock in a transaction on Monday, May 19th. The stock was purchased at an average cost of $87.49 per share, for a total transaction of $437,450.00. Following the acquisition, the director now owns 130,286 shares in the company, valued at approximately $11,398,722.14. The trade was a 3.99% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director M Scott Welch purchased 2,500 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were acquired at an average price of $84.62 per share, with a total value of $211,550.00. Following the completion of the acquisition, the director now owns 2,961 shares in the company, valued at approximately $250,559.82. This trade represents a 542.30% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 16,571 shares of company stock worth $1,417,514. Company insiders own 4.40% of the company’s stock.

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.