Patrick Industries, Inc. $PATK Shares Sold by 1ST Source Bank

1ST Source Bank cut its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 20.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 102,650 shares of the construction company’s stock after selling 27,000 shares during the quarter. Patrick Industries comprises 0.6% of 1ST Source Bank’s portfolio, making the stock its 25th biggest position. 1ST Source Bank owned about 0.31% of Patrick Industries worth $10,617,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PATK. American Century Companies Inc. grew its holdings in shares of Patrick Industries by 33.8% during the 2nd quarter. American Century Companies Inc. now owns 712,383 shares of the construction company’s stock worth $65,732,000 after purchasing an additional 180,092 shares during the period. Tributary Capital Management LLC lifted its position 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 buying an additional 127,099 shares in the last quarter. Balyasny Asset Management L.P. purchased a new stake in Patrick Industries during the second quarter worth approximately $9,800,000. Watchtower Advisors LP purchased a new stake in Patrick Industries during the second quarter worth approximately $9,227,000. Finally, Kennedy Capital Management LLC increased its position in shares of Patrick Industries by 54.0% in the second quarter. Kennedy Capital Management LLC now owns 228,391 shares of the construction company’s stock worth $21,074,000 after acquiring an additional 80,125 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Stock Performance

Shares of PATK opened at $126.60 on Friday. The firm has a market cap of $4.21 billion, a price-to-earnings ratio of 32.38, a PEG ratio of 1.35 and a beta of 1.34. The company has a quick ratio of 0.80, a current ratio of 2.51 and a debt-to-equity ratio of 1.08. The business’s 50 day moving average is $125.83 and its two-hundred day moving average is $113.13. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $148.50.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10. The firm had revenue of $924.17 million for the quarter, compared to analysts’ expectations of $858.62 million. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share. Analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Stockholders of record on Monday, February 23rd will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, February 23rd. This represents a $1.88 annualized dividend and a dividend yield of 1.5%. Patrick Industries’s dividend payout ratio (DPR) is presently 48.08%.

Insider Transactions at Patrick Industries

In other news, CAO Matthew S. Filer acquired 1,000 shares of the business’s stock in a transaction on Friday, February 6th. The shares were purchased at an average price of $139.91 per share, for a total transaction of $139,910.00. Following the completion of the purchase, the chief accounting officer directly owned 20,614 shares of the company’s stock, valued at $2,884,104.74. This represents a 5.10% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, December 16th. The stock was 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 owned 301,641 shares of the company’s stock, valued at approximately $34,688,715. The trade was a 7.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 31,607 shares of company stock valued at $3,823,904 over the last ninety days. 4.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PATK has been the subject of a number of research reports. Truist Financial set a $126.00 price target on shares of Patrick Industries in a research report on Friday, January 9th. Loop Capital assumed coverage on Patrick Industries in a research note on Friday, October 31st. They set a “hold” rating and a $99.00 price objective on the stock. Roth Mkm reaffirmed a “buy” rating and issued a $157.00 target price on shares of Patrick Industries in a research report on Monday, February 9th. BMO Capital Markets reiterated an “outperform” rating and set a $155.00 target price on shares of Patrick Industries in a report on Friday, February 6th. Finally, Benchmark restated a “buy” rating on shares of Patrick Industries in a report on Friday, February 6th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $135.13.

Patrick Industries 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.