Meritage Portfolio Management Sells 7,695 Shares of Patrick Industries, Inc. $PATK

Meritage Portfolio Management lowered its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 52.7% in the 2nd quarter, Holdings Channel reports. The firm owned 6,913 shares of the construction company’s stock after selling 7,695 shares during the quarter. Meritage Portfolio Management’s holdings in Patrick Industries were worth $638,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Inspire Investing LLC boosted its stake in Patrick Industries by 7.6% in the 2nd quarter. Inspire Investing LLC now owns 5,216 shares of the construction company’s stock worth $481,000 after purchasing an additional 368 shares during the period. KLP Kapitalforvaltning AS boosted its stake in Patrick Industries by 3.0% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 6,799 shares of the construction company’s stock worth $627,000 after purchasing an additional 200 shares during the period. Copeland Capital Management LLC boosted its stake in Patrick Industries by 16.8% in the 2nd quarter. Copeland Capital Management LLC now owns 410,343 shares of the construction company’s stock worth $37,862,000 after purchasing an additional 58,987 shares during the period. Truist Financial Corp bought a new position in Patrick Industries in the 2nd quarter worth about $664,000. Finally, State of Alaska Department of Revenue boosted its stake in Patrick Industries by 6.7% in the 2nd quarter. State of Alaska Department of Revenue now owns 19,864 shares of the construction company’s stock worth $1,832,000 after purchasing an additional 1,247 shares during the period. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Performance

Shares of NASDAQ PATK opened at $97.27 on Monday. The stock has a market cap of $3.24 billion, a price-to-earnings ratio of 26.36, a P/E/G ratio of 1.38 and a beta of 1.34. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $116.78. The stock’s 50-day moving average is $107.54 and its 200 day moving average is $95.05.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.Patrick Industries’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period last year, the firm posted $2.16 EPS. On average, sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Monday, August 25th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, August 25th. Patrick Industries’s dividend payout ratio (DPR) is currently 43.36%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Raymond James Financial raised their target price on Patrick Industries from $95.00 to $109.00 and gave the stock an “outperform” rating in a research note on Friday, August 1st. KeyCorp lifted their price target on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Patrick Industries in a research report on Wednesday, October 8th. Robert W. Baird lifted their price target on Patrick Industries from $84.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, June 20th. Finally, Benchmark lifted their price target on Patrick Industries from $102.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $104.86.

Insider Transactions at Patrick Industries

In related news, Director Michael A. Kitson sold 4,572 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $112.67, for a total transaction of $515,127.24. Following the transaction, the director directly owned 11,850 shares of the company’s stock, valued at approximately $1,335,139.50. This trade represents a 27.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jeff Rodino sold 22,389 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $110.32, for a total value of $2,469,954.48. Following the transaction, the insider directly owned 206,492 shares in the company, valued at approximately $22,780,197.44. This represents a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 73,413 shares of company stock valued at $8,112,016. 4.70% of the stock is currently owned by corporate insiders.

About Patrick Industries

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.