Foster & Motley Inc. Decreases Position in Patrick Industries, Inc. $PATK

Foster & Motley Inc. cut its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 5.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,458 shares of the construction company’s stock after selling 1,219 shares during the period. Foster & Motley Inc. owned 0.06% of Patrick Industries worth $1,888,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of PATK. Inspire Investing LLC boosted its holdings in Patrick Industries by 7.6% in the 2nd quarter. Inspire Investing LLC now owns 5,216 shares of the construction company’s stock valued at $481,000 after purchasing an additional 368 shares during the period. KLP Kapitalforvaltning AS raised its position 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 raised its position 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 purchased a new position in Patrick Industries in the 2nd quarter worth $664,000. Finally, State of Alaska Department of Revenue raised its position 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. 93.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Truist Financial set a $114.00 price objective on shares of Patrick Industries and gave the company a “buy” rating in a research report on Wednesday. Benchmark lifted their target price on shares of Patrick Industries from $102.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, August 1st. BMO Capital Markets lifted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. KeyCorp boosted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Patrick Industries in a research note on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $106.14.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $97.63 on Friday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96. The firm has a fifty day moving average price of $107.24 and a 200 day moving average price of $95.43. Patrick Industries, Inc. has a fifty-two week low of $72.99 and a fifty-two week high of $116.78. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of 26.46, a P/E/G ratio of 1.39 and a beta of 1.34.

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

Patrick Industries Dividend Announcement

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

Insider Buying and Selling at Patrick Industries

In other news, Director Michael A. Kitson sold 4,572 shares of Patrick Industries stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $112.67, for a total value of $515,127.24. Following the transaction, the director owned 11,850 shares of the company’s stock, valued at $1,335,139.50. The trade was a 27.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeff Rodino sold 22,389 shares of Patrick Industries stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total transaction of $2,469,954.48. Following the completion of the transaction, the insider directly owned 206,492 shares in the company, valued at approximately $22,780,197.44. The trade was a 9.78% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 73,413 shares of company stock worth $8,112,016. Company insiders own 4.40% 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.