Argent Capital Management LLC Buys 133,413 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Argent Capital Management LLC grew its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 758.4% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 151,004 shares of the construction company’s stock after acquiring an additional 133,413 shares during the period. Argent Capital Management LLC’s holdings in Patrick Industries were worth $21,498,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PATK. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Patrick Industries during the 2nd quarter valued at $41,000. Sound Income Strategies LLC bought a new stake in shares of Patrick Industries during the third quarter worth about $46,000. GAMMA Investing LLC increased its stake in shares of Patrick Industries by 76.2% in the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after buying an additional 205 shares during the period. UMB Bank n.a. raised its holdings 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 buying an additional 362 shares during the last quarter. Finally, nVerses Capital LLC acquired a new stake in Patrick Industries during the 3rd quarter worth approximately $157,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Todd M. Cleveland sold 7,500 shares of the company’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 directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Todd M. Cleveland sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were 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 directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jeff Rodino sold 20,000 shares of the firm’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 transaction, the insider now directly owns 139,109 shares in the company, valued at approximately $18,274,749.33. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,411 shares of company stock valued at $3,858,915. 4.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PATK. Robert W. Baird upped their price target 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. BMO Capital Markets raised their target price on Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. DA Davidson upped their price target on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. KeyCorp raised their price objective on Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Benchmark reiterated a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a report on Tuesday, September 17th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $140.38.

Patrick Industries Trading Up 0.4 %

PATK traded up $0.50 during trading on Thursday, hitting $134.64. The company’s stock had a trading volume of 56,609 shares, compared to its average volume of 176,778. The firm has a market capitalization of $3.02 billion, a P/E ratio of 19.87, a PEG ratio of 1.25 and a beta of 1.61. Patrick Industries, Inc. has a twelve month low of $70.15 and a twelve month high of $148.35. The stock’s fifty day moving average price is $136.15 and its 200-day moving average price is $120.77. 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 released its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $972.06 million. During the same quarter in the previous year, the company earned $1.94 EPS. Patrick Industries’s quarterly revenue was up 10.8% compared to the same quarter last year. Analysts anticipate that Patrick Industries, Inc. will post 7.26 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date was Monday, August 26th. Patrick Industries’s payout ratio is 32.59%.

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.