Park Avenue Securities LLC Has $205,000 Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Park Avenue Securities LLC cut its position in Patrick Industries, Inc. (NASDAQ:PATK) by 7.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,423 shares of the construction company’s stock after selling 191 shares during the period. Park Avenue Securities LLC’s holdings in Patrick Industries were worth $205,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Truist Financial upped their target price on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, June 3rd. KeyCorp reduced their target price on shares of Patrick Industries from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Baird R W lowered shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. Raymond James reduced their target price on shares of Patrick Industries from $103.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Finally, Robert W. Baird dropped their price target on shares of Patrick Industries from $96.00 to $84.00 and set a “neutral” rating for the company in a research note on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $95.67.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $90.10 on Tuesday. The firm has a 50 day moving average of $84.38 and a 200-day moving average of $87.00. The stock has a market capitalization of $3.01 billion, a PE ratio of 21.87, a PEG ratio of 1.41 and a beta of 2.00. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 12 month low of $68.29 and a 12 month high of $98.90.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, beating the consensus estimate of $0.98 by $0.13. The company had revenue of $1 billion during the quarter, compared to analysts’ expectations of $959.46 million. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.79 EPS. On average, equities research analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal 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 given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.78%. The ex-dividend date was Tuesday, May 27th. Patrick Industries’s dividend payout ratio (DPR) is currently 38.37%.

Insider Buying and Selling

In related news, Director John A. Forbes sold 2,875 shares of the business’s stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the transaction, the director now owns 52,591 shares of the company’s stock, valued at approximately $4,818,387.42. The trade was a 5.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Todd M. Cleveland bought 2,000 shares of the company’s stock in a transaction on Monday, June 2nd. The shares were bought at an average price of $82.55 per share, with a total value of $165,100.00. Following the completion of the transaction, the director now owns 132,286 shares of the company’s stock, valued at $10,920,209.30. The trade was a 1.54% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 14,071 shares of company stock valued at $1,205,964 over the last ninety days. 4.40% of the stock is owned by corporate insiders.

About Patrick Industries

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.