Envestnet Asset Management Inc. Sells 8,635 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Envestnet Asset Management Inc. reduced its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 6.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 129,883 shares of the construction company’s stock after selling 8,635 shares during the period. Envestnet Asset Management Inc. owned 0.39% of Patrick Industries worth $10,983,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in PATK. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Patrick Industries during the 1st quarter worth $499,000. Principal Financial Group Inc. raised its stake in Patrick Industries by 2.8% during the 1st quarter. Principal Financial Group Inc. now owns 178,660 shares of the construction company’s stock worth $15,107,000 after buying an additional 4,841 shares during the period. Meritage Portfolio Management raised its stake in Patrick Industries by 6.5% during the 1st quarter. Meritage Portfolio Management now owns 14,608 shares of the construction company’s stock worth $1,235,000 after buying an additional 896 shares during the period. Teacher Retirement System of Texas acquired a new stake in Patrick Industries during the 1st quarter worth $478,000. Finally, Clune & Associates LTD. acquired a new stake in Patrick Industries during the 1st quarter worth $223,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Stock Performance

PATK opened at $95.81 on Monday. The business’s 50-day moving average price is $91.39 and its two-hundred day moving average price is $88.38. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $102.84. The company has a market capitalization of $3.20 billion, a price-to-earnings ratio of 22.97, a P/E/G ratio of 1.38 and a beta of 1.22. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.41 and a quick ratio of 1.04.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.13. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $959.46 million. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter last year, the business posted $1.79 EPS. Equities analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Tuesday, May 27th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date was Tuesday, May 27th. Patrick Industries’s dividend payout ratio is currently 38.37%.

Analyst Ratings Changes

PATK has been the topic of several research analyst reports. KeyCorp dropped their price objective on Patrick Industries from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Baird R W downgraded Patrick Industries from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 4th. Truist Financial raised their price objective on Patrick Industries from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, June 3rd. Roth Mkm reaffirmed a “buy” rating and set a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Finally, Raymond James Financial dropped their price objective on Patrick Industries from $103.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $96.42.

Insider Transactions at Patrick Industries

In related news, Director Todd M. Cleveland bought 1,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were acquired at an average price of $82.75 per share, with a total value of $82,750.00. Following the completion of the transaction, the director owned 133,286 shares in the company, valued at $11,029,416.50. The trade was a 0.76% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John A. Forbes sold 2,875 shares of Patrick Industries stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $91.62, for a total value of $263,407.50. Following the completion of the sale, the director directly owned 52,591 shares in the company, valued at approximately $4,818,387.42. This represents a 5.18% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 14,071 shares of company stock worth $1,205,964. 4.70% of the stock is owned by company insiders.

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.