Bokf Na Buys 172 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Bokf Na raised its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 3.7% in the second quarter, Holdings Channel.com reports. The institutional investor owned 4,848 shares of the construction company’s stock after buying an additional 172 shares during the quarter. Bokf Na’s holdings in Patrick Industries were worth $526,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Janney Montgomery Scott LLC lifted its holdings in Patrick Industries by 457.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 17,685 shares of the construction company’s stock valued at $1,774,000 after acquiring an additional 14,510 shares during the period. Norges Bank bought a new position in shares of Patrick Industries in the 4th quarter worth approximately $14,782,000. US Bancorp DE boosted its holdings in shares of Patrick Industries by 1.3% in the fourth quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock worth $770,000 after buying an additional 95 shares during the last quarter. BTC Capital Management Inc. bought a new stake in Patrick Industries during the first quarter valued at approximately $303,000. Finally, Congress Asset Management Co. MA increased its holdings in Patrick Industries by 1.0% during the first quarter. Congress Asset Management Co. MA now owns 93,959 shares of the construction company’s stock valued at $11,225,000 after buying an additional 925 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PATK. Truist Financial lifted their price target on shares of Patrick Industries from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Benchmark began coverage on Patrick Industries in a research report on Thursday, August 29th. They set a “buy” rating and a $145.00 target price on the stock. KeyCorp upped their price target on Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. BMO Capital Markets lifted their price objective on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Robert W. Baird increased their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and an average price target of $133.29.

Insiders Place Their Bets

In other news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the transaction, the chief operating officer now owns 23,759 shares in the company, valued at $3,091,283.49. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at approximately $3,091,283.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Todd M. Cleveland sold 7,500 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the completion of the sale, the director now owns 82,374 shares in the company, valued at approximately $10,795,112.70. The disclosure for this sale can be found here. Insiders have sold a total of 29,411 shares of company stock worth $3,858,915 in the last 90 days. 4.70% of the stock is currently owned by corporate insiders.

Patrick Industries Stock Performance

NASDAQ PATK opened at $136.54 on Tuesday. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. Patrick Industries, Inc. has a twelve month low of $70.15 and a twelve month high of $136.84. The business has a 50-day moving average price of $123.75 and a 200-day moving average price of $115.51. The firm has a market cap of $3.06 billion, a price-to-earnings ratio of 20.23, a price-to-earnings-growth ratio of 1.05 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.11. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $972.06 million. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.94 EPS. As a group, equities research analysts predict that Patrick Industries, Inc. will post 7.32 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were issued a $0.55 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a yield of 1.61%. Patrick Industries’s dividend payout ratio is currently 32.59%.

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.