Patrick Industries, Inc. (NASDAQ:PATK) Stock Holdings Lifted by Inspire Advisors LLC

Inspire Advisors LLC lifted its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 12.5% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 4,463 shares of the construction company’s stock after buying an additional 497 shares during the quarter. Inspire Advisors LLC’s holdings in Patrick Industries were worth $635,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Sound Income Strategies LLC bought a new position in shares of Patrick Industries in the 3rd quarter worth about $46,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Patrick Industries in the 2nd quarter worth about $41,000. GAMMA Investing LLC lifted its position in shares of Patrick Industries by 76.2% in the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after buying an additional 205 shares during the last quarter. UMB Bank n.a. lifted its position in Patrick Industries by 176.6% in the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after purchasing an additional 362 shares during the last quarter. Finally, nVerses Capital LLC bought a new stake in Patrick Industries in the 3rd quarter valued at about $157,000. 93.29% of the stock is currently owned by institutional investors.

Insider Transactions at Patrick Industries

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 value of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the transaction, the insider now owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 of the company’s stock, valued at approximately $3,091,283.49. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock valued at $3,858,915 in the last quarter. Insiders own 4.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. KeyCorp lifted their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. BMO Capital Markets lifted their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. DA Davidson lifted their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Truist Financial lifted 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. Finally, Robert W. Baird lifted their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $138.50.

Patrick Industries Stock Down 0.5 %

Patrick Industries stock opened at $145.03 on Friday. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 20.81, a PEG ratio of 1.21 and a beta of 1.61. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19. The company’s 50-day moving average price is $134.78 and its two-hundred day moving average price is $120.10. Patrick Industries, Inc. has a 52 week low of $70.15 and a 52 week high of $148.35.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.11. The company had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $972.06 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The business’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.94 EPS. On average, analysts expect that Patrick Industries, Inc. will post 7.29 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Stockholders 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 1.52%. Patrick Industries’s dividend payout ratio is currently 31.56%.

Patrick Industries Profile

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.