Redmont Wealth Advisors LLC Buys Shares of 8,002 Patrick Industries, Inc. $PATK

Redmont Wealth Advisors LLC purchased a new position in Patrick Industries, Inc. (NASDAQ:PATK) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 8,002 shares of the construction company’s stock, valued at approximately $828,000. Patrick Industries makes up 1.1% of Redmont Wealth Advisors LLC’s investment portfolio, making the stock its 24th biggest holding.

Other large investors also recently modified their holdings of the company. American Century Companies Inc. lifted its holdings in Patrick Industries by 33.8% in the second quarter. American Century Companies Inc. now owns 712,383 shares of the construction company’s stock worth $65,732,000 after purchasing an additional 180,092 shares during the period. Tributary Capital Management LLC raised its position in shares of Patrick Industries by 52.0% during the 3rd quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company’s stock worth $38,435,000 after buying an additional 127,099 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Patrick Industries in the 2nd quarter worth approximately $9,800,000. Watchtower Advisors LP bought a new position in shares of Patrick Industries in the second quarter valued at approximately $9,227,000. Finally, Kennedy Capital Management LLC boosted its holdings in shares of Patrick Industries by 54.0% in the second quarter. Kennedy Capital Management LLC now owns 228,391 shares of the construction company’s stock valued at $21,074,000 after acquiring an additional 80,125 shares in the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on PATK shares. Weiss Ratings cut Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Truist Financial set a $126.00 price objective on Patrick Industries in a research note on Friday, January 9th. Robert W. Baird set a $140.00 price objective on Patrick Industries in a report on Friday, February 6th. Benchmark reaffirmed a “buy” rating on shares of Patrick Industries in a report on Friday, February 6th. Finally, KeyCorp reiterated an “overweight” rating and issued a $155.00 price target (up from $135.00) on shares of Patrick Industries in a research report on Friday, February 6th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $135.13.

Insiders Place Their Bets

In other news, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the transaction, the chief executive officer owned 301,641 shares in the company, valued at approximately $34,688,715. The trade was a 7.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John A. Forbes sold 2,704 shares of the firm’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $140.75, for a total value of $380,588.00. Following the sale, the director owned 49,272 shares of the company’s stock, valued at $6,935,034. The trade was a 5.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 31,607 shares of company stock worth $3,823,904 over the last three months. Company insiders own 4.40% of the company’s stock.

Patrick Industries Trading Down 1.5%

Shares of NASDAQ PATK opened at $137.51 on Thursday. The company has a quick ratio of 0.80, a current ratio of 2.51 and a debt-to-equity ratio of 1.08. Patrick Industries, Inc. has a 12 month low of $72.99 and a 12 month high of $148.50. The company has a market cap of $4.58 billion, a price-to-earnings ratio of 35.17, a P/E/G ratio of 1.47 and a beta of 1.34. The business has a fifty day simple moving average of $123.72 and a 200-day simple moving average of $111.96.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.10. The firm had revenue of $924.17 million for the quarter, compared to the consensus estimate of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.52 EPS. Sell-side analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, February 23rd will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Monday, February 23rd. Patrick Industries’s payout ratio is 48.08%.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.