Vanguard Group Inc. Grows Holdings in Patrick Industries, Inc. $PATK

Vanguard Group Inc. lifted its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 4.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,423,512 shares of the construction company’s stock after buying an additional 97,250 shares during the quarter. Vanguard Group Inc. owned approximately 7.22% of Patrick Industries worth $204,932,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Alberta Investment Management Corp purchased a new stake in shares of Patrick Industries in the 1st quarter worth about $1,365,000. Natixis Advisors LLC grew its position in Patrick Industries by 9.2% during the 1st quarter. Natixis Advisors LLC now owns 36,022 shares of the construction company’s stock valued at $3,046,000 after purchasing an additional 3,025 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in Patrick Industries during the 1st quarter valued at about $650,000. Bryce Point Capital LLC purchased a new stake in Patrick Industries during the 1st quarter valued at about $872,000. Finally, LPL Financial LLC grew its position in Patrick Industries by 23.2% during the 1st quarter. LPL Financial LLC now owns 19,640 shares of the construction company’s stock valued at $1,661,000 after purchasing an additional 3,698 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Patrick Industries news, insider Kip B. Ellis sold 21,452 shares of the firm’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $110.01, for a total transaction of $2,359,934.52. Following the sale, the insider owned 125,379 shares in the company, valued at approximately $13,792,943.79. This trade represents a 14.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeff Rodino sold 22,389 shares of the firm’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total transaction of $2,469,954.48. Following the sale, the insider owned 206,492 shares in the company, valued at approximately $22,780,197.44. The trade was a 9.78% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 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 corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on PATK shares. Roth Mkm reissued a “buy” rating and set a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Robert W. Baird increased their price objective 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. Raymond James Financial increased their price objective on shares of Patrick Industries from $95.00 to $109.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Benchmark raised their price target on shares of Patrick Industries from $102.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 1st. Finally, BMO Capital Markets raised their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus price target of $104.86.

Patrick Industries Stock Performance

PATK opened at $112.36 on Wednesday. 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 price-to-earnings ratio of 30.45, a PEG ratio of 1.56 and a beta of 1.23. The company’s 50 day moving average is $98.24 and its 200 day moving average is $90.33. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $114.26.

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

Patrick Industries Announces Dividend

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

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.