Bank of New York Mellon Corp Lowers Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Bank of New York Mellon Corp cut its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 3.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 317,536 shares of the construction company’s stock after selling 12,081 shares during the period. Bank of New York Mellon Corp owned 0.95% of Patrick Industries worth $26,851,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in PATK. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Patrick Industries during the first quarter valued at $499,000. Principal Financial Group Inc. lifted its holdings in Patrick Industries by 2.8% during the first quarter. Principal Financial Group Inc. now owns 178,660 shares of the construction company’s stock valued at $15,107,000 after purchasing an additional 4,841 shares in the last quarter. Meritage Portfolio Management lifted its holdings in Patrick Industries by 6.5% during the first quarter. Meritage Portfolio Management now owns 14,608 shares of the construction company’s stock valued at $1,235,000 after purchasing an additional 896 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in Patrick Industries during the first quarter valued at $478,000. Finally, Clune & Associates LTD. purchased a new position in Patrick Industries during the first quarter valued at $223,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Price Performance

Patrick Industries stock opened at $97.25 on Thursday. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $102.84. The stock has a market cap of $3.25 billion, a P/E ratio of 23.32, a PEG ratio of 1.41 and a beta of 1.22. The company has a 50-day moving average price of $90.86 and a 200 day moving average price of $88.11. The company has a current ratio of 2.41, a quick ratio of 1.04 and a debt-to-equity ratio of 1.25.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.13. The company had revenue of $1 billion during the quarter, compared to analyst estimates of $959.46 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. Patrick Industries’s revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.79 earnings per share. Sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend was Tuesday, May 27th. Patrick Industries’s dividend payout ratio (DPR) is presently 38.37%.

Wall Street Analysts Forecast Growth

PATK has been the subject of a number of recent research reports. Truist Financial increased their target price on shares of Patrick Industries from $100.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, June 3rd. Robert W. Baird increased their target price on shares of Patrick Industries from $84.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, June 20th. Roth Mkm reiterated a “buy” rating and issued a $100.00 target price (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. KeyCorp reduced their target price on shares of Patrick Industries from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Finally, Baird R W cut shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $96.42.

Insider Activity

In related news, Director Todd M. Cleveland bought 6,000 shares of the stock in a transaction on Thursday, May 15th. The stock was bought at an average price of $85.80 per share, with a total value of $514,800.00. Following the completion of the purchase, the director directly owned 125,286 shares in the company, valued at $10,749,538.80. This represents a 5.03% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John A. Forbes sold 2,875 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the transaction, the director directly owned 52,591 shares of the company’s stock, valued at approximately $4,818,387.42. This trade represents a 5.18% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 14,071 shares of company stock valued at $1,205,964. 4.40% of the stock is currently owned by 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.