Citigroup Inc. Has $2.12 Million Position in Patrick Industries, Inc. $PATK

Citigroup Inc. lessened its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 38.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,501 shares of the construction company’s stock after selling 13,076 shares during the quarter. Citigroup Inc. owned 0.06% of Patrick Industries worth $2,120,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PATK. Salomon & Ludwin LLC acquired a new stake in shares of Patrick Industries during the 3rd quarter valued at about $25,000. Cornerstone Planning Group LLC bought a new stake in Patrick Industries in the third quarter valued at about $31,000. Strs Ohio acquired a new position in Patrick Industries in the first quarter worth about $42,000. Parkside Financial Bank & Trust raised its position in Patrick Industries by 87.5% in the third quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock worth $49,000 after purchasing an additional 223 shares in the last quarter. Finally, Quent Capital LLC bought a new position in Patrick Industries during the third quarter worth about $66,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $115.81 on Friday. The company has a current ratio of 2.51, a quick ratio of 0.80 and a debt-to-equity ratio of 1.08. The stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of 29.62, a P/E/G ratio of 1.22 and a beta of 1.33. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $148.50. The firm’s 50-day moving average price is $126.94 and its two-hundred day moving average price is $113.60.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The company had revenue of $924.17 million during 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%. Patrick Industries’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 earnings per share. On average, equities analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm 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. The ex-dividend date is Monday, February 23rd. This represents a $1.88 annualized dividend and a yield of 1.6%. Patrick Industries’s payout ratio is presently 48.08%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PATK shares. Wall Street Zen downgraded Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday. Roth Mkm restated a “buy” rating and set a $157.00 target price on shares of Patrick Industries in a research report on Monday, February 9th. Benchmark reaffirmed a “buy” rating on shares of Patrick Industries in a research note on Friday, February 6th. Weiss Ratings upgraded Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Finally, Truist Financial set a $126.00 price objective on Patrick Industries in a research note on Friday, January 9th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $135.13.

Insiders Place Their Bets

In other Patrick Industries news, EVP Stacey L. Amundson sold 3,903 shares of the business’s stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $145.61, for a total value of $568,315.83. Following the transaction, the executive vice president owned 12,819 shares of the company’s stock, valued at approximately $1,866,574.59. The trade was a 23.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John A. Forbes sold 2,704 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $140.75, for a total value of $380,588.00. Following 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 position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 31,607 shares of company stock worth $3,823,904 in the last three months. Company insiders own 4.40% of the company’s stock.

About Patrick Industries

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.