Patrick Industries, Inc. (NASDAQ:PATK) Shares Sold by Congress Asset Management Co.

Congress Asset Management Co. cut its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 0.9% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 90,164 shares of the construction company’s stock after selling 792 shares during the quarter. Congress Asset Management Co.’s holdings in Patrick Industries were worth $12,837,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PATK. Boston Partners acquired a new stake in Patrick Industries in the 1st quarter valued at $1,645,000. Price T Rowe Associates Inc. MD lifted its holdings in Patrick Industries by 10.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock valued at $33,078,000 after purchasing an additional 26,389 shares in the last quarter. Argent Capital Management LLC increased its stake in shares of Patrick Industries by 758.4% during the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after purchasing an additional 133,413 shares in the last quarter. Public Sector Pension Investment Board raised its position in shares of Patrick Industries by 8.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock worth $5,032,000 after purchasing an additional 3,705 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Patrick Industries by 35.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock valued at $13,869,000 after buying an additional 25,556 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Price Performance

NASDAQ:PATK opened at $125.98 on Friday. Patrick Industries, Inc. has a 52 week low of $73.26 and a 52 week high of $148.35. The stock’s fifty day moving average is $137.01 and its two-hundred day moving average is $121.62. The company has a market capitalization of $2.82 billion, a P/E ratio of 18.07, a P/E/G ratio of 1.26 and a beta of 1.61. 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 (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.87 by ($0.07). Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The company had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. During the same quarter in the prior year, the company posted $1.81 earnings per share. The business’s revenue was up 6.2% compared to the same quarter last year. Equities analysts expect that Patrick Industries, Inc. will post 7.21 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 annualized dividend and a dividend yield of 1.75%. Patrick Industries’s dividend payout ratio is presently 31.56%.

Insiders Place Their Bets

In related news, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at $10,795,112.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Jeff Rodino sold 20,000 shares of the company’s 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 transaction, the insider now directly owns 139,109 shares of the company’s stock, valued at $18,274,749.33. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 directly owns 82,374 shares in the company, valued at approximately $10,795,112.70. This trade represents a 0.00 % decrease in their ownership of the stock. 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 ninety days. 4.70% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Truist Financial increased their target price on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a report on Friday, September 20th. KeyCorp lifted their target price on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Raymond James started coverage on shares of Patrick Industries in a research report on Tuesday, October 1st. They issued an “outperform” rating and a $160.00 target price for the company. DA Davidson boosted their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Finally, Benchmark restated a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a report on Tuesday, September 17th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Patrick Industries has an average rating of “Moderate Buy” and an average target price of $140.38.

Patrick Industries Company 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.