Swiss National Bank Lowers Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Swiss National Bank decreased its position in Patrick Industries, Inc. (NASDAQ:PATK) by 3.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 48,875 shares of the construction company’s stock after selling 1,900 shares during the period. Swiss National Bank owned 0.21% of Patrick Industries worth $3,568,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PATK. Victory Capital Management Inc. boosted its holdings in shares of Patrick Industries by 36.1% in the first quarter. Victory Capital Management Inc. now owns 111,434 shares of the construction company’s stock valued at $9,472,000 after purchasing an additional 29,552 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Patrick Industries by 20.0% in the first quarter. Envestnet Asset Management Inc. now owns 5,568 shares of the construction company’s stock valued at $473,000 after purchasing an additional 927 shares during the period. Rhumbline Advisers boosted its holdings in shares of Patrick Industries by 1.1% in the first quarter. Rhumbline Advisers now owns 63,097 shares of the construction company’s stock valued at $5,363,000 after purchasing an additional 676 shares during the period. Blueshift Asset Management LLC purchased a new stake in shares of Patrick Industries in the first quarter valued at approximately $390,000. Finally, BlackRock Inc. boosted its holdings in shares of Patrick Industries by 3.4% in the first quarter. BlackRock Inc. now owns 3,382,128 shares of the construction company’s stock valued at $287,481,000 after purchasing an additional 111,466 shares during the period. Hedge funds and other institutional investors own 86.94% of the company’s stock.

In related news, Chairman Todd M. Cleveland sold 13,000 shares of the company’s stock in a transaction on Tuesday, August 24th. The stock was sold at an average price of $85.21, for a total value of $1,107,730.00. Following the transaction, the chairman now directly owns 296,956 shares of the company’s stock, valued at approximately $25,303,620.76. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Derrick B. Mayes sold 1,200 shares of the company’s stock in a transaction on Wednesday, August 11th. The shares were sold at an average price of $87.00, for a total value of $104,400.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,200 shares of company stock worth $1,383,910. Insiders own 6.10% of the company’s stock.

Shares of NASDAQ:PATK opened at $77.70 on Wednesday. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 9.94 and a beta of 2.44. Patrick Industries, Inc. has a 52 week low of $49.90 and a 52 week high of $98.83. The company has a quick ratio of 1.09, a current ratio of 2.32 and a debt-to-equity ratio of 1.67. The firm has a 50 day moving average of $81.23 and a 200 day moving average of $83.44.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, July 29th. The construction company reported $2.52 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.69. The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $878.80 million. Patrick Industries had a net margin of 5.43% and a return on equity of 30.29%. On average, sell-side analysts expect that Patrick Industries, Inc. will post 8.4 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, September 13th. Stockholders of record on Monday, August 30th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date was Friday, August 27th. Patrick Industries’s payout ratio is presently 26.67%.

A number of analysts recently issued reports on PATK shares. Robert W. Baird reiterated a “buy” rating and issued a $104.00 price target on shares of Patrick Industries in a report on Friday, July 2nd. Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “strong-buy” rating and set a $96.00 price objective for the company in a research note on Wednesday, August 4th.

Patrick Industries Profile

Patrick Industries, Inc engages in the manufacture of components products and distribution of building products for industrial markets. It operates through the following segments: Manufacturing and Distribution. The Manufacturing segment includes laminated products what are utilized to produce furniture, shelving, walls, countertops, cabinet products, cabinet doors, fiberglass bat fixtures, hardwood furniture, vinyl printing, solid surface, granite, quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components, and other products.

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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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