Patrick Industries, Inc. $PATK Shares Sold by Cetera Investment Advisers

Cetera Investment Advisers cut its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 19.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,677 shares of the construction company’s stock after selling 874 shares during the quarter. Cetera Investment Advisers’ holdings in Patrick Industries were worth $311,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Avantax Advisory Services Inc. raised its holdings in Patrick Industries by 12.5% during the first quarter. Avantax Advisory Services Inc. now owns 10,349 shares of the construction company’s stock worth $875,000 after purchasing an additional 1,150 shares during the last quarter. Royce & Associates LP raised its holdings in shares of Patrick Industries by 12.8% in the first quarter. Royce & Associates LP now owns 96,526 shares of the construction company’s stock worth $8,162,000 after acquiring an additional 10,990 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Patrick Industries in the first quarter worth $285,000. Crestwood Advisors Group LLC acquired a new position in shares of Patrick Industries in the first quarter worth $1,738,000. Finally, Teachers Retirement System of The State of Kentucky raised its holdings in shares of Patrick Industries by 8.0% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 26,751 shares of the construction company’s stock worth $2,262,000 after acquiring an additional 1,983 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Price Performance

PATK stock opened at $112.36 on Wednesday. The stock has a 50-day moving average price of $98.24 and a two-hundred day moving average price of $90.33. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $114.26. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11. The company has a market cap of $3.74 billion, a PE ratio of 30.45, a price-to-earnings-growth ratio of 1.56 and a beta of 1.23.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.09. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the business earned $2.16 earnings per share. The company’s revenue was up 3.0% compared to the same quarter last year. As a group, research analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Monday, August 25th will be paid a $0.40 dividend. The ex-dividend date is Monday, August 25th. This represents a $1.60 annualized dividend and a dividend yield of 1.4%. Patrick Industries’s payout ratio is 43.36%.

Insiders Place Their Bets

In related news, Director Michael A. Kitson sold 4,572 shares of the business’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $112.67, for a total value of $515,127.24. Following the transaction, the director owned 11,850 shares in the company, valued at approximately $1,335,139.50. The trade was a 27.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jeff Rodino sold 22,389 shares of the business’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total value of $2,469,954.48. Following the completion of the transaction, the insider owned 206,492 shares in the company, valued at approximately $22,780,197.44. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 3,071 shares of company stock valued at $253,714 and have sold 76,288 shares valued at $8,375,424. 4.70% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on PATK. Robert W. Baird boosted their price target on Patrick Industries from $84.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, June 20th. BMO Capital Markets boosted their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Roth Mkm reissued a “buy” rating and issued a $100.00 price target (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. KeyCorp boosted their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Finally, Benchmark lifted their price objective on Patrick Industries from $102.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus target price of $104.86.

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.