Financial Consulate Inc. Makes New $5.52 Million Investment in Patrick Industries, Inc. $PATK

Financial Consulate Inc. acquired a new stake in Patrick Industries, Inc. (NASDAQ:PATK) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 53,341 shares of the construction company’s stock, valued at approximately $5,517,000. Patrick Industries makes up about 0.8% of Financial Consulate Inc.’s portfolio, making the stock its 18th largest position. Financial Consulate Inc. owned approximately 0.16% of Patrick Industries at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Salomon & Ludwin LLC acquired a new stake in Patrick Industries in the third quarter worth approximately $25,000. Strs Ohio bought a new stake in shares of Patrick Industries in the 1st quarter worth $42,000. EverSource Wealth Advisors LLC raised its stake in shares of Patrick Industries by 671.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,157 shares of the construction company’s stock worth $107,000 after buying an additional 1,007 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Patrick Industries by 12.0% in the second quarter. First Horizon Advisors Inc. now owns 1,519 shares of the construction company’s stock valued at $140,000 after buying an additional 163 shares during the period. Finally, Osaic Holdings Inc. boosted its stake in Patrick Industries by 14.7% during the second quarter. Osaic Holdings Inc. now owns 1,612 shares of the construction company’s stock valued at $146,000 after buying an additional 207 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $108.43 on Friday. The company’s fifty day moving average is $106.97 and its two-hundred day moving average is $104.00. The company has a market cap of $3.61 billion, a P/E ratio of 30.98, a price-to-earnings-growth ratio of 1.44 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 company has a quick ratio of 0.86, a current ratio of 2.34 and a debt-to-equity ratio of 1.13.

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

Patrick Industries Increases Dividend

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

Insider Activity

In related news, CEO Andy L. Nemeth sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the completion of the sale, the chief executive officer directly owned 301,641 shares in the company, valued at approximately $34,688,715. This trade represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.40% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. BMO Capital Markets reiterated an “outperform” rating and issued a $115.00 price target on shares of Patrick Industries in a research report on Friday, October 31st. Roth Capital set a $115.00 price objective on shares of Patrick Industries and gave the stock a “buy” rating in a research note on Friday, October 31st. KeyCorp reissued an “overweight” rating and set a $120.00 target price (up from $115.00) on shares of Patrick Industries in a research note on Wednesday, December 10th. Truist Financial set a $114.00 target price on shares of Patrick Industries and gave the stock a “buy” rating in a report on Wednesday, October 15th. Finally, Loop Capital began coverage on Patrick Industries in a report on Friday, October 31st. They issued a “hold” rating and a $99.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $108.56.

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.