Rhumbline Advisers Decreases Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Rhumbline Advisers reduced its position in Patrick Industries, Inc. (NASDAQ:PATK) by 5.8% during the second quarter, Holdings Channel.com reports. The institutional investor owned 62,058 shares of the construction company’s stock after selling 3,850 shares during the period. Rhumbline Advisers’ holdings in Patrick Industries were worth $6,736,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. increased its stake in Patrick Industries by 78.5% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock worth $205,000 after acquiring an additional 840 shares during the last quarter. Heritage Family Offices LLP bought a new stake in Patrick Industries during the second quarter worth approximately $227,000. Versor Investments LP bought a new stake in Patrick Industries during the second quarter worth approximately $282,000. BTC Capital Management Inc. bought a new stake in Patrick Industries during the first quarter worth approximately $303,000. Finally, Avantax Advisory Services Inc. bought a new stake in Patrick Industries during the first quarter worth approximately $326,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Trading Up 2.9 %

PATK opened at $135.33 on Friday. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 20.05, a price-to-earnings-growth ratio of 1.03 and a beta of 1.62. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.29 and a quick ratio of 0.94. The company’s 50 day simple moving average is $123.75 and its two-hundred day simple moving average is $115.53. Patrick Industries, Inc. has a 1-year low of $70.15 and a 1-year high of $136.53.

Patrick Industries (NASDAQ:PATK) last released 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 firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $972.06 million. During the same quarter in the previous year, the company earned $1.94 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. Analysts expect that Patrick Industries, Inc. will post 7.32 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were paid a $0.55 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.20 annualized dividend and a dividend yield of 1.63%. Patrick Industries’s dividend payout ratio (DPR) is 32.59%.

Insiders Place Their Bets

In other news, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction 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 directly owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value 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 $3,091,283.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction dated 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 directly owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The disclosure for this sale can be found here. Insiders sold a total of 29,411 shares of company stock worth $3,858,915 over the last 90 days. Corporate insiders own 4.70% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on PATK shares. Benchmark started coverage on Patrick Industries in a research note on Thursday, August 29th. They set a “buy” rating and a $145.00 target price on the stock. BMO Capital Markets upped their target price on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. DA Davidson increased their price objective on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Truist Financial increased their price objective on Patrick Industries from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, KeyCorp increased their price objective on Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $133.29.

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.