Redmont Wealth Advisors LLC Boosts Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Redmont Wealth Advisors LLC lifted its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 35.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,431 shares of the construction company’s stock after buying an additional 1,927 shares during the period. Patrick Industries comprises 1.1% of Redmont Wealth Advisors LLC’s investment portfolio, making the stock its 26th largest position. Redmont Wealth Advisors LLC’s holdings in Patrick Industries were worth $746,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Tower Research Capital LLC TRC boosted its position in Patrick Industries by 129.6% during the first quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock valued at $34,000 after buying an additional 276 shares during the period. Carmel Capital Partners LLC bought a new stake in Patrick Industries in the third quarter valued at approximately $44,000. Gyon Technologies Capital Management LP purchased a new stake in shares of Patrick Industries during the fourth quarter valued at approximately $48,000. Quantbot Technologies LP bought a new stake in Patrick Industries during the 2nd quarter valued at $71,000. Finally, Public Employees Retirement System of Ohio grew its holdings in Patrick Industries by 12.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,800 shares of the construction company’s stock worth $79,000 after acquiring an additional 195 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PATK has been the subject of a number of recent analyst reports. Roth Mkm upped their price target on Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, February 9th. KeyCorp boosted their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, February 9th. StockNews.com lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. Finally, Truist Financial restated a “buy” rating and issued a $130.00 price objective on shares of Patrick Industries in a report on Friday, April 12th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $103.00.

Patrick Industries Stock Down 0.2 %

PATK traded down $0.20 on Friday, hitting $102.44. The company had a trading volume of 60,776 shares, compared to its average volume of 170,457. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.73 and a current ratio of 2.38. The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of 15.77, a P/E/G ratio of 0.67 and a beta of 1.72. The stock has a fifty day moving average price of $113.23 and a 200-day moving average price of $96.65. Patrick Industries, Inc. has a 12-month low of $63.57 and a 12-month high of $123.58.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.10. The business had revenue of $781.20 million for the quarter, compared to analyst estimates of $780.97 million. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. Patrick Industries’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.82 EPS. Analysts predict that Patrick Industries, Inc. will post 8 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Tuesday, February 20th were issued a $0.55 dividend. The ex-dividend date of this dividend was Friday, February 16th. This represents a $2.20 annualized dividend and a yield of 2.15%. Patrick Industries’s dividend payout ratio (DPR) is presently 33.79%.

Insider Activity

In related news, insider Kip B. Ellis sold 18,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $115.00, for a total transaction of $2,070,000.00. Following the sale, the insider now directly owns 108,778 shares of the company’s stock, valued at $12,509,470. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Kip B. Ellis sold 18,000 shares of Patrick Industries stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $115.00, for a total value of $2,070,000.00. Following the completion of the transaction, the insider now owns 108,778 shares in the company, valued at approximately $12,509,470. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael A. Kitson sold 3,290 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $110.87, for a total value of $364,762.30. Following the transaction, the director now owns 8,553 shares in the company, valued at approximately $948,271.11. The disclosure for this sale can be found here. Insiders have sold 48,873 shares of company stock valued at $5,681,957 in the last ninety days. Insiders own 4.70% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.