American Century Companies Inc. Trims Position in Patrick Industries, Inc. $PATK

American Century Companies Inc. lowered its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 31.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 487,534 shares of the construction company’s stock after selling 224,849 shares during the period. American Century Companies Inc. owned 1.47% of Patrick Industries worth $50,426,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Arizona State Retirement System boosted its stake in Patrick Industries by 1.1% in the 3rd quarter. Arizona State Retirement System now owns 9,387 shares of the construction company’s stock worth $971,000 after buying an additional 98 shares during the last quarter. Strs Ohio lifted its holdings in shares of Patrick Industries by 11.1% during the 3rd quarter. Strs Ohio now owns 1,000 shares of the construction company’s stock worth $103,000 after acquiring an additional 100 shares during the period. Bank of Montreal Can boosted its position in shares of Patrick Industries by 2.1% in the second quarter. Bank of Montreal Can now owns 5,200 shares of the construction company’s stock worth $480,000 after acquiring an additional 106 shares during the last quarter. Atria Investments Inc grew its holdings in Patrick Industries by 3.0% in the second quarter. Atria Investments Inc now owns 3,806 shares of the construction company’s stock valued at $351,000 after purchasing an additional 112 shares during the period. Finally, Inspire Investing LLC increased its position in Patrick Industries by 2.9% during the third quarter. Inspire Investing LLC now owns 5,367 shares of the construction company’s stock worth $555,000 after purchasing an additional 151 shares during the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PATK shares. BMO Capital Markets reiterated an “outperform” rating and issued a $155.00 price target on shares of Patrick Industries in a report on Friday, February 6th. Truist Financial set a $126.00 target price on Patrick Industries in a research report on Friday, January 9th. KeyCorp reissued an “overweight” rating and set a $155.00 price target (up from $135.00) on shares of Patrick Industries in a research report on Friday, February 6th. Benchmark restated a “buy” rating on shares of Patrick Industries in a research note on Friday, February 6th. Finally, Robert W. Baird set a $140.00 price objective on Patrick Industries in a research note on Friday, February 6th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $135.13.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK opened at $119.52 on Friday. The business’s 50-day simple moving average is $126.86 and its 200 day simple moving average is $113.55. The company has a market cap of $3.97 billion, a P/E ratio of 30.57, a PEG ratio of 1.27 and a beta of 1.33. 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 one year low of $72.99 and a one year high of $148.50.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data 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 company had revenue of $924.17 million during the quarter, compared to the consensus estimate of $858.62 million. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. Patrick Industries’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the company earned $0.52 earnings per share. On average, sell-side analysts forecast 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. Shareholders of record on Monday, February 23rd will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Monday, February 23rd. Patrick Industries’s dividend payout ratio is presently 48.08%.

Insiders Place Their Bets

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

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.