Citizens Financial Group Inc. RI Takes $1.70 Million Position in Patrick Industries, Inc. $PATK

Citizens Financial Group Inc. RI bought a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 16,472 shares of the construction company’s stock, valued at approximately $1,704,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Tributary Capital Management LLC lifted its holdings in Patrick Industries by 52.0% during the third quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company’s stock valued at $38,435,000 after purchasing an additional 127,099 shares in the last quarter. Hennion & Walsh Asset Management Inc. acquired a new position in shares of Patrick Industries during the 3rd quarter worth about $246,000. Financial Consulate Inc. purchased a new position in Patrick Industries in the 3rd quarter valued at about $5,517,000. Salomon & Ludwin LLC acquired a new stake in Patrick Industries in the 3rd quarter worth about $25,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Patrick Industries by 5.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 74,326 shares of the construction company’s stock worth $7,652,000 after buying an additional 3,780 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Insiders Place Their Bets

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was 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 owned 301,641 shares of the company’s stock, valued at $34,688,715. This trade represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.70% of the company’s stock.

Patrick Industries Stock Up 1.3%

NASDAQ PATK opened at $119.34 on Wednesday. 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, Inc. has a 52 week low of $72.99 and a 52 week high of $120.18. The business’s fifty day simple moving average is $108.87 and its 200-day simple moving average is $105.58. The firm has a market cap of $3.97 billion, a PE ratio of 34.10, a P/E/G ratio of 1.23 and a beta of 1.34.

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

Patrick Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a $0.47 dividend. This is a boost from Patrick Industries’s previous quarterly dividend of $0.40. This represents a $1.88 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Monday, December 1st. Patrick Industries’s payout ratio is currently 53.71%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Benchmark raised their target price on Patrick Industries from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Loop Capital started coverage on Patrick Industries in a research note on Friday, October 31st. They issued a “hold” rating and a $99.00 price objective for the company. Weiss Ratings cut shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. BMO Capital Markets reaffirmed an “outperform” rating and set a $115.00 target price on shares of Patrick Industries in a report on Friday, October 31st. Finally, Roth Capital set a $115.00 price target on shares of Patrick Industries and gave the stock a “buy” rating in a research note 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 company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $109.89.

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.