Bright Futures Wealth Management LLC. Invests $457,000 in Patrick Industries, Inc. $PATK

Bright Futures Wealth Management LLC. purchased a new stake in Patrick Industries, Inc. (NASDAQ:PATK) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,414 shares of the construction company’s stock, valued at approximately $457,000.

A number of other institutional investors have also recently added to or reduced their stakes in PATK. Journey Strategic Wealth LLC acquired a new stake in shares of Patrick Industries in the 3rd quarter worth $214,000. Intech Investment Management LLC grew its holdings in shares of Patrick Industries by 21.8% in the third quarter. Intech Investment Management LLC now owns 21,528 shares of the construction company’s stock valued at $2,227,000 after purchasing an additional 3,855 shares during the period. TD Asset Management Inc acquired a new stake in Patrick Industries during the third quarter worth about $800,000. EverSource Wealth Advisors LLC raised its stake in Patrick Industries by 49.4% during the third quarter. EverSource Wealth Advisors LLC now owns 1,729 shares of the construction company’s stock worth $179,000 after purchasing an additional 572 shares during the period. Finally, Redmont Wealth Advisors LLC acquired a new position in Patrick Industries in the 3rd quarter valued at about $828,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on PATK shares. Robert W. Baird set a $140.00 price target on shares of Patrick Industries in a report on Friday, February 6th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $155.00 price target on shares of Patrick Industries in a research note on Friday, February 6th. Roth Mkm reiterated a “buy” rating and set a $157.00 price target on shares of Patrick Industries in a report on Monday, February 9th. Wall Street Zen upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Benchmark reaffirmed a “buy” rating on shares of Patrick Industries in a research report on Friday, February 6th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average target price of $135.13.

Insider Activity

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of the business’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 transaction, the chief executive officer owned 301,641 shares in the company, valued at $34,688,715. The trade was a 7.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John A. Forbes sold 2,704 shares of the firm’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $140.75, for a total transaction of $380,588.00. Following the completion of the sale, the director owned 49,272 shares in the company, valued at $6,935,034. The trade was a 5.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 31,607 shares of company stock worth $3,823,904 over the last three months. Insiders own 4.40% of the company’s stock.

Patrick Industries Stock Down 2.2%

Shares of PATK opened at $123.79 on Monday. The company’s 50-day simple moving average is $126.10 and its 200-day simple moving average is $113.30. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $148.50. The stock has a market capitalization of $4.11 billion, a PE ratio of 31.66, a P/E/G ratio of 1.30 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.10. The company had revenue of $924.17 million for 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%.Patrick Industries’s revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.52 EPS. Analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Investors of record on Monday, February 23rd will be paid a $0.47 dividend. The ex-dividend date is Monday, February 23rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.5%. Patrick Industries’s payout ratio is currently 48.08%.

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.