Patrick Industries, Inc. $PATK Position Trimmed by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lessened its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 12.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,294 shares of the construction company’s stock after selling 599 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Patrick Industries were worth $396,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of PATK. Strs Ohio purchased a new position in Patrick Industries during the 1st quarter valued at about $42,000. Private Trust Co. NA grew its stake in Patrick Industries by 432.4% during the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company’s stock valued at $50,000 after acquiring an additional 480 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in Patrick Industries by 27.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company’s stock valued at $63,000 after acquiring an additional 160 shares in the last quarter. Covestor Ltd grew its stake in Patrick Industries by 205.1% during the 1st quarter. Covestor Ltd now owns 961 shares of the construction company’s stock valued at $81,000 after acquiring an additional 646 shares in the last quarter. Finally, AlphaQuest LLC purchased a new position in Patrick Industries during the 1st quarter valued at about $87,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Insider Buying and Selling

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $110.68, for a total transaction of $2,767,000.00. Following the completion of the sale, the chief executive officer owned 328,641 shares of the company’s stock, valued at $36,373,985.88. This represents a 7.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kip B. Ellis sold 21,452 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $110.01, for a total value of $2,359,934.52. Following the sale, the insider directly owned 125,379 shares of the company’s stock, valued at $13,792,943.79. The trade was a 14.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 73,413 shares of company stock worth $8,112,016 over the last ninety days. Company insiders own 4.70% of the company’s stock.

Analyst Ratings Changes

PATK has been the subject of several recent research reports. KeyCorp boosted their price target on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. BMO Capital Markets boosted their price target on Patrick Industries from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. Weiss Ratings cut Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday. Benchmark boosted their price target on Patrick Industries from $102.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Finally, Truist Financial set a $114.00 price target on Patrick Industries and gave the company a “buy” rating in a research note on Wednesday, October 15th. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $106.14.

Patrick Industries Stock Up 0.2%

Shares of Patrick Industries stock opened at $104.75 on Wednesday. The stock has a market capitalization of $3.49 billion, a P/E ratio of 28.39, a PEG ratio of 1.49 and a beta of 1.34. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. The stock has a 50 day moving average price of $106.04 and a two-hundred day moving average price of $96.69. 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 firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The company’s revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.16 earnings per share. Equities analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Monday, August 25th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, August 25th. This represents a $1.60 dividend on an annualized basis and a yield of 1.5%. Patrick Industries’s dividend payout ratio is presently 43.36%.

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.