Congress Asset Management Co. Lowers Holdings in Patrick Industries, Inc. $PATK

Congress Asset Management Co. reduced its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 7.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 129,765 shares of the construction company’s stock after selling 10,544 shares during the quarter. Congress Asset Management Co. owned about 0.39% of Patrick Industries worth $13,422,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of PATK. Russell Investments Group Ltd. grew its position in shares of Patrick Industries by 17.3% during the 1st quarter. Russell Investments Group Ltd. now owns 22,271 shares of the construction company’s stock worth $1,883,000 after buying an additional 3,279 shares in the last quarter. Northern Trust Corp lifted its stake in Patrick Industries by 0.4% in the first quarter. Northern Trust Corp now owns 415,657 shares of the construction company’s stock worth $35,148,000 after acquiring an additional 1,602 shares during the period. T. Rowe Price Investment Management Inc. bought a new position in Patrick Industries during the 1st quarter worth about $6,075,000. AlphaQuest LLC purchased a new position in Patrick Industries during the 1st quarter valued at about $87,000. Finally, Smartleaf Asset Management LLC increased its position 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 purchasing an additional 160 shares during the period. 93.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PATK. KeyCorp reaffirmed an “overweight” rating and issued a $120.00 price target (up previously from $115.00) on shares of Patrick Industries in a research report on Wednesday, December 10th. Benchmark boosted their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Roth Capital set a $115.00 target price on Patrick Industries and gave the stock a “buy” rating in a report on Friday, October 31st. Truist Financial set a $114.00 price target on Patrick Industries and gave the company a “buy” rating in a report on Wednesday, October 15th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $115.00 price target on shares of Patrick Industries in a research report on Friday, October 31st. Seven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Patrick Industries currently has a consensus rating of “Moderate Buy” and a consensus target price of $108.56.

Patrick Industries Stock Performance

Shares of PATK opened at $110.70 on Monday. The company has a current ratio of 2.34, a quick ratio of 0.86 and a debt-to-equity ratio of 1.13. The firm has a market cap of $3.68 billion, a PE ratio of 31.63, a P/E/G ratio of 1.47 and a beta of 1.34. Patrick Industries, Inc. has a 12 month low of $72.99 and a 12 month high of $116.78. The stock has a fifty day moving average price of $104.79 and a 200-day moving average price of $102.90.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.06. Patrick Industries had a return on equity of 12.44% and a net margin of 3.11%.The firm had revenue of $975.63 million for the quarter, compared to the consensus estimate of $900.35 million. During the same period in the previous year, the business earned $1.80 EPS. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. Equities research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were paid a dividend of $0.47 per share. The ex-dividend date was Monday, December 1st. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.40. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.7%. Patrick Industries’s payout ratio is presently 53.71%.

Insider Activity

In related news, CEO Andy L. Nemeth sold 25,000 shares of the stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total value of $2,875,000.00. Following the completion of the transaction, the chief executive officer directly owned 301,641 shares of the company’s stock, valued at $34,688,715. This trade represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.70% of the stock is currently owned by company insiders.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.