Xponance Inc. Acquires 83 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Xponance Inc. lifted its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 4.1% during the second quarter, HoldingsChannel.com reports. The firm owned 2,118 shares of the construction company’s stock after purchasing an additional 83 shares during the quarter. Xponance Inc.’s holdings in Patrick Industries were worth $230,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. grew its position in Patrick Industries by 78.5% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock valued at $205,000 after purchasing an additional 840 shares during the last quarter. Heritage Family Offices LLP bought a new position in Patrick Industries in the 2nd quarter valued at approximately $227,000. Versor Investments LP purchased a new stake in Patrick Industries during the 2nd quarter valued at $282,000. BTC Capital Management Inc. bought a new stake in shares of Patrick Industries in the 1st quarter worth $303,000. Finally, Avantax Advisory Services Inc. purchased a new position in shares of Patrick Industries in the first quarter worth $326,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Insider Buying and Selling

In other Patrick Industries 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 sale, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the sale, the chief operating officer now owns 23,759 shares in the company, valued at $3,091,283.49. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Todd M. Cleveland sold 7,500 shares of the company’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 transaction, the director now owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,411 shares of company stock valued at $3,858,915. Company insiders own 4.70% of the company’s stock.

Patrick Industries Trading Down 1.0 %

NASDAQ:PATK opened at $142.90 on Thursday. The business has a fifty day moving average price of $129.91 and a 200-day moving average price of $117.84. Patrick Industries, Inc. has a one year low of $70.15 and a one year high of $147.80. 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 firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of 21.17, a price-to-earnings-growth ratio of 1.21 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $972.06 million. During the same period in the previous year, the firm earned $1.94 EPS. The business’s quarterly revenue was up 10.8% on a year-over-year basis. Sell-side analysts forecast that Patrick Industries, Inc. will post 7.32 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date was Monday, August 26th. Patrick Industries’s dividend payout ratio (DPR) is 32.59%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Robert W. Baird lifted their price objective on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Raymond James assumed coverage on shares of Patrick Industries in a research note on Tuesday. They issued an “outperform” rating and a $160.00 price target for the company. Truist Financial increased their price objective on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, September 20th. DA Davidson increased their price target on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Finally, BMO Capital Markets lifted their price objective on Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $138.50.

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.