Truist Financial Corp Decreases Stock Holdings in Patrick Industries, Inc. $PATK

Truist Financial Corp reduced its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 69.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 5,068 shares of the construction company’s stock after selling 11,744 shares during the period. Truist Financial Corp’s holdings in Patrick Industries were worth $550,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Advisory Services Network LLC purchased a new stake in Patrick Industries during the third quarter valued at approximately $25,000. Torren Management LLC bought a new position in shares of Patrick Industries during the fourth quarter worth $26,000. Cornerstone Planning Group LLC bought a new position in shares of Patrick Industries during the third quarter worth $31,000. Farther Finance Advisors LLC boosted its position in shares of Patrick Industries by 200.9% during the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock worth $37,000 after acquiring an additional 229 shares during the last quarter. Finally, Strs Ohio purchased a new stake in Patrick Industries during the first quarter valued at $42,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PATK has been the topic of a number of recent research reports. Robert W. Baird set a $110.00 price target on shares of Patrick Industries in a research note on Friday, May 1st. Weiss Ratings downgraded shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, May 7th. BMO Capital Markets reiterated an “outperform” rating and set a $150.00 target price (down from $155.00) on shares of Patrick Industries in a report on Monday, April 20th. Wall Street Zen cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Finally, Zacks Research cut shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus price target of $122.63.

Patrick Industries Stock Down 1.7%

PATK stock opened at $88.79 on Wednesday. Patrick Industries, Inc. has a 52 week low of $82.24 and a 52 week high of $148.50. The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $2.92 billion, a PE ratio of 22.77 and a beta of 1.12. The firm has a 50 day moving average of $105.38 and a 200 day moving average of $113.47.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The company had revenue of $997.17 million during the quarter, compared to analyst estimates of $989.06 million. During the same period last year, the firm posted $1.11 EPS. Patrick Industries’s revenue for the quarter was down .6% compared to the same quarter last year. Sell-side analysts forecast that Patrick Industries, Inc. will post 4.94 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a yield of 2.1%. Patrick Industries’s dividend payout ratio (DPR) is currently 48.21%.

Insider Activity

In other news, insider Charles R. Roeder bought 5,750 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was purchased at an average cost of $87.83 per share, with a total value of $505,022.50. Following the acquisition, the insider directly owned 42,147 shares in the company, valued at $3,701,771.01. This trade represents a 15.80% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director M Scott Welch purchased 10,050 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was bought at an average cost of $88.23 per share, with a total value of $886,711.50. Following the acquisition, the director owned 156,000 shares in the company, valued at $13,763,880. This represents a 6.89% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders bought 37,310 shares of company stock worth $3,541,295. 3.80% of the stock is currently owned by corporate insiders.

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.