Envestnet Asset Management Inc. Sells 13,445 Shares of Patrick Industries, Inc. $PATK

Envestnet Asset Management Inc. decreased its position in Patrick Industries, Inc. (NASDAQ:PATK) by 8.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 151,885 shares of the construction company’s stock after selling 13,445 shares during the period. Envestnet Asset Management Inc. owned approximately 0.46% of Patrick Industries worth $15,709,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PATK. Cornerstone Planning Group LLC bought a new position in Patrick Industries during the third quarter worth about $31,000. Allianz Asset Management GmbH grew its position in shares of Patrick Industries by 33.2% in the 3rd quarter. Allianz Asset Management GmbH now owns 21,071 shares of the construction company’s stock valued at $2,179,000 after purchasing an additional 5,252 shares during the period. Ballast Asset Management LP increased its stake in Patrick Industries by 1.8% during the 3rd quarter. Ballast Asset Management LP now owns 50,245 shares of the construction company’s stock worth $5,197,000 after purchasing an additional 903 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Patrick Industries by 6.9% during the 3rd quarter. Principal Financial Group Inc. now owns 177,260 shares of the construction company’s stock worth $18,334,000 after buying an additional 11,492 shares during the period. Finally, Lisanti Capital Growth LLC bought a new position in Patrick Industries in the third quarter valued at approximately $3,557,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on PATK. Loop Capital initiated coverage on shares of Patrick Industries in a report on Friday, October 31st. They set a “hold” rating and a $99.00 price objective on the stock. Benchmark reiterated a “buy” rating on shares of Patrick Industries in a report on Friday, February 6th. Roth Mkm restated a “buy” rating and issued a $157.00 price target on shares of Patrick Industries in a report on Monday, February 9th. BMO Capital Markets reiterated an “outperform” rating and set a $155.00 price objective on shares of Patrick Industries in a report on Friday, February 6th. Finally, Robert W. Baird set a $140.00 target price on Patrick Industries in a research report on Friday, February 6th. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus price target of $135.13.

Insider Activity

In other Patrick Industries news, CAO Matthew S. Filer purchased 1,000 shares of the stock in a transaction on Friday, February 6th. The shares were purchased at an average price of $139.91 per share, with a total value of $139,910.00. Following the completion of the transaction, the chief accounting officer directly owned 20,614 shares in the company, valued at $2,884,104.74. This represents a 5.10% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John A. Forbes sold 2,704 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $140.75, for a total value of $380,588.00. Following the completion of the sale, the director directly owned 49,272 shares of the company’s stock, valued at approximately $6,935,034. The trade was a 5.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 31,607 shares of company stock valued at $3,823,904 in the last 90 days. 4.70% of the stock is owned by company insiders.

Patrick Industries Stock Up 1.3%

NASDAQ:PATK opened at $143.10 on Monday. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $148.50. The firm has a market capitalization of $4.76 billion, a price-to-earnings ratio of 36.60, a price-to-earnings-growth ratio of 1.51 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 stock’s 50 day moving average price is $121.92 and its two-hundred day moving average price is $111.17.

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

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 9th. Stockholders of record on Monday, February 23rd will be paid a dividend of $0.47 per share. The ex-dividend date is Monday, February 23rd. This represents a $1.88 annualized dividend and a dividend yield of 1.3%. Patrick Industries’s payout ratio is currently 48.08%.

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.