7,196 Shares in Patrick Industries, Inc. $PATK Purchased by Truist Financial Corp

Truist Financial Corp acquired a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 7,196 shares of the construction company’s stock, valued at approximately $664,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Strs Ohio acquired a new stake in shares of Patrick Industries during the 1st quarter worth about $42,000. Private Trust Co. NA increased its position in shares of Patrick Industries by 432.4% during the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company’s stock worth $50,000 after purchasing an additional 480 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of Patrick Industries by 27.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company’s stock worth $63,000 after purchasing an additional 160 shares during the last quarter. Covestor Ltd increased its position in shares of Patrick Industries by 205.1% during the 1st quarter. Covestor Ltd now owns 961 shares of the construction company’s stock worth $81,000 after purchasing an additional 646 shares during the last quarter. Finally, AlphaQuest LLC acquired a new stake in shares of Patrick Industries during the 1st quarter worth about $87,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $99.22 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. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $116.78. The stock has a 50 day moving average of $107.40 and a two-hundred day moving average of $95.17. The stock has a market cap of $3.30 billion, a P/E ratio of 26.89, a P/E/G ratio of 1.38 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, July 31st. The construction company reported $1.50 EPS 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 business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the business earned $2.16 earnings per share. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. On average, research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Monday, August 25th were given a $0.40 dividend. The ex-dividend date was Monday, August 25th. This represents a $1.60 annualized dividend and a yield of 1.6%. Patrick Industries’s dividend payout ratio is presently 43.36%.

Analyst Ratings Changes

PATK has been the subject of a number of recent analyst reports. Robert W. Baird raised their price objective on Patrick Industries from $84.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, June 20th. Raymond James Financial lifted their target price on Patrick Industries from $95.00 to $109.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Patrick Industries in a research report on Wednesday, October 8th. BMO Capital Markets lifted their target price on Patrick Industries from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Finally, KeyCorp lifted their target price on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $104.86.

Insiders Place Their Bets

In other Patrick Industries news, Director Michael A. Kitson sold 4,572 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $112.67, for a total value of $515,127.24. Following the completion of the transaction, the director owned 11,850 shares in the company, valued at approximately $1,335,139.50. This represents 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 Kip B. Ellis sold 21,452 shares of the company’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $110.01, for a total value of $2,359,934.52. Following the completion of the sale, the insider directly owned 125,379 shares in the company, valued at $13,792,943.79. This trade represents a 14.61% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 73,413 shares of company stock worth $8,112,016. 4.70% of the stock is owned by insiders.

Patrick Industries Company 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.