Patrick Industries, Inc. $PATK Shares Acquired by Russell Investments Group Ltd.

Russell Investments Group Ltd. increased its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 17.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,271 shares of the construction company’s stock after purchasing an additional 3,279 shares during the quarter. Russell Investments Group Ltd. owned about 0.07% of Patrick Industries worth $1,883,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Nuveen LLC bought a new stake in shares of Patrick Industries in the 1st quarter worth $33,735,000. Nuveen Asset Management LLC raised its stake in shares of Patrick Industries by 495.5% in the 4th quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company’s stock worth $28,730,000 after buying an additional 287,739 shares in the last quarter. Northern Trust Corp raised its stake in shares of Patrick Industries by 80.3% in the 4th quarter. Northern Trust Corp now owns 414,055 shares of the construction company’s stock worth $34,400,000 after buying an additional 184,459 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Patrick Industries by 41.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 470,718 shares of the construction company’s stock worth $39,108,000 after buying an additional 136,836 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of Patrick Industries in the 4th quarter worth $10,171,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Insider Buying and Selling at Patrick Industries

In other news, insider Jeff Rodino sold 22,389 shares of Patrick Industries stock in a transaction 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $110.68, for a total value of $2,767,000.00. Following the transaction, the chief executive officer owned 328,641 shares in the company, valued at $36,373,985.88. This represents a 7.07% decrease in their position. The disclosure for this sale can be found here. In the last ninety 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.

Patrick Industries Stock Down 1.1%

Shares of Patrick Industries stock opened at $113.69 on Wednesday. The stock’s fifty day moving average is $100.55 and its 200-day moving average is $90.94. The firm has a market capitalization of $3.78 billion, a PE ratio of 30.81, a price-to-earnings-growth ratio of 1.63 and a beta of 1.23. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $116.78.

Patrick Industries (NASDAQ:PATK) last announced its earnings results 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 analyst estimates of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.Patrick Industries’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.16 earnings per share. Equities analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

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

Analyst Upgrades and Downgrades

PATK has been the topic of a number of research reports. Robert W. Baird boosted their price objective on Patrick Industries from $84.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, June 20th. Benchmark boosted their price objective on Patrick Industries from $102.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. BMO Capital Markets boosted their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Friday, August 1st. KeyCorp boosted their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Finally, Truist Financial boosted their target price on Patrick Industries from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, June 3rd. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus target price of $104.86.

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.