1ST Source Bank Sells 2,500 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

1ST Source Bank decreased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 2.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 92,767 shares of the construction company’s stock after selling 2,500 shares during the period. Patrick Industries accounts for about 0.6% of 1ST Source Bank’s holdings, making the stock its 25th largest holding. 1ST Source Bank owned about 0.41% of Patrick Industries worth $10,070,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its position in shares of Patrick Industries by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock worth $144,828,000 after purchasing an additional 21,735 shares during the period. Janney Montgomery Scott LLC raised its position in Patrick Industries by 457.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 17,685 shares of the construction company’s stock worth $1,774,000 after buying an additional 14,510 shares during the last quarter. Norges Bank bought a new stake in shares of Patrick Industries in the fourth quarter worth approximately $14,782,000. US Bancorp DE lifted its position in Patrick Industries by 1.3% during the fourth quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock valued at $770,000 after purchasing an additional 95 shares during the period. Finally, BTC Capital Management Inc. bought a new position in Patrick Industries during the first quarter valued at approximately $303,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Stock Up 2.9 %

Shares of PATK opened at $135.33 on Friday. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. Patrick Industries, Inc. has a 52-week low of $70.15 and a 52-week high of $136.53. The company has a market cap of $3.03 billion, a PE ratio of 20.05, a P/E/G ratio of 1.03 and a beta of 1.62. The business has a fifty day moving average of $123.75 and a 200 day moving average of $115.53.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, beating the consensus estimate of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $972.06 million. During the same period in the prior year, the firm posted $1.94 EPS. The firm’s revenue was up 10.8% compared to the same quarter last year. On average, sell-side analysts expect that Patrick Industries, Inc. will post 7.32 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend was Monday, August 26th. Patrick Industries’s payout ratio is presently 32.59%.

Analyst Ratings Changes

PATK has been the subject of a number of analyst reports. Truist Financial upped their price target on Patrick Industries from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Benchmark initiated coverage on Patrick Industries in a research note on Thursday, August 29th. They issued a “buy” rating and a $145.00 price target for the company. KeyCorp lifted their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Robert W. Baird increased their target price on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, DA Davidson boosted their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus price target of $133.29.

Insider Activity at Patrick Industries

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the sale, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Jeff Rodino sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the sale, the insider now owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock worth $3,858,915 in the last 90 days. 4.70% of the stock is owned by corporate insiders.

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.