Harel Insurance Investments & Financial Services Ltd. Increases Stock Holdings in Patrick Industries, Inc. $PATK

Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 93.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 23,420 shares of the construction company’s stock after buying an additional 11,320 shares during the quarter. Harel Insurance Investments & Financial Services Ltd. owned about 0.07% of Patrick Industries worth $2,417,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Salomon & Ludwin LLC purchased a new position in shares of Patrick Industries during the 3rd quarter worth about $25,000. Strs Ohio acquired a new position in Patrick Industries during the first quarter worth approximately $42,000. Quent Capital LLC purchased a new position in Patrick Industries during the third quarter worth approximately $66,000. EverSource Wealth Advisors LLC boosted its holdings 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 valued at $107,000 after purchasing an additional 1,007 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its stake in shares of Patrick Industries by 12.0% during the 2nd 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. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Trading Up 1.9%

Shares of PATK opened at $128.15 on Monday. Patrick Industries, Inc. has a one year low of $72.99 and a one year high of $128.81. The stock has a 50-day moving average price of $110.02 and a 200 day moving average price of $106.20. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.86 and a current ratio of 2.34. The company has a market capitalization of $4.26 billion, a P/E ratio of 36.61, a P/E/G ratio of 1.34 and a beta of 1.34.

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

Patrick Industries Increases Dividend

The business also recently announced 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 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, December 1st. This is an increase from Patrick Industries’s previous quarterly dividend of $0.40. Patrick Industries’s payout ratio is presently 53.71%.

Insider Activity

In other news, CEO Andy L. Nemeth sold 25,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer owned 301,641 shares of the company’s stock, valued at approximately $34,688,715. This trade represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 4.40% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on PATK. Weiss Ratings lowered Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Roth Capital set a $115.00 price objective on Patrick Industries and gave the stock a “buy” rating in a report on Friday, October 31st. Benchmark reaffirmed a “buy” rating and issued a $140.00 price objective (up from $115.00) on shares of Patrick Industries in a research note on Friday. Loop Capital assumed coverage on shares of Patrick Industries in a research report on Friday, October 31st. They set a “hold” rating and a $99.00 target price for the company. Finally, KeyCorp restated an “overweight” rating and issued a $135.00 price target (up previously from $120.00) on shares of Patrick Industries in a report on Friday. Seven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $114.33.

Patrick Industries Company Profile

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.