Patrick Industries, Inc. (NASDAQ:PATK) Position Lifted by Aptus Capital Advisors LLC

Aptus Capital Advisors LLC grew its stake in Patrick Industries, Inc. (NASDAQ:PATKGet Rating) by 88.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 46,591 shares of the construction company’s stock after purchasing an additional 21,845 shares during the quarter. Aptus Capital Advisors LLC owned approximately 0.20% of Patrick Industries worth $2,809,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of PATK. Royce & Associates LP raised its stake in Patrick Industries by 3.3% during the fourth quarter. Royce & Associates LP now owns 296,370 shares of the construction company’s stock valued at $23,914,000 after buying an additional 9,407 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Patrick Industries by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 282,891 shares of the construction company’s stock worth $22,827,000 after purchasing an additional 4,124 shares during the last quarter. Epoch Investment Partners Inc. boosted its holdings in Patrick Industries by 17.8% in the fourth quarter. Epoch Investment Partners Inc. now owns 183,867 shares of the construction company’s stock worth $14,836,000 after purchasing an additional 27,726 shares during the period. Wasatch Advisors Inc. increased its stake in Patrick Industries by 17.8% during the fourth quarter. Wasatch Advisors Inc. now owns 182,039 shares of the construction company’s stock valued at $14,689,000 after purchasing an additional 27,569 shares during the last quarter. Finally, Tributary Capital Management LLC raised its holdings in shares of Patrick Industries by 4.9% during the first quarter. Tributary Capital Management LLC now owns 163,133 shares of the construction company’s stock worth $9,837,000 after purchasing an additional 7,680 shares during the period. Institutional investors own 94.85% of the company’s stock.

Analysts Set New Price Targets

PATK has been the subject of a number of recent research reports. Truist Financial lowered their price objective on shares of Patrick Industries to $75.00 in a research report on Thursday, May 26th. TheStreet downgraded Patrick Industries from a “b-” rating to a “c+” rating in a report on Thursday, July 14th. MKM Partners initiated coverage on Patrick Industries in a research note on Thursday, May 5th. They set a “buy” rating and a $93.00 price objective for the company. StockNews.com lowered Patrick Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, May 31st. Finally, KeyCorp set a $65.00 price target on shares of Patrick Industries in a report on Tuesday, July 19th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $73.25.

Insider Transactions at Patrick Industries

In related news, Chairman Todd M. Cleveland sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, May 6th. The stock was sold at an average price of $66.68, for a total transaction of $333,400.00. Following the sale, the chairman now owns 215,517 shares of the company’s stock, valued at $14,370,673.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Chairman Todd M. Cleveland sold 5,000 shares of Patrick Industries stock in a transaction dated Friday, May 6th. The stock was sold at an average price of $66.68, for a total transaction of $333,400.00. Following the transaction, the chairman now directly owns 215,517 shares of the company’s stock, valued at $14,370,673.56. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Todd M. Cleveland sold 10,000 shares of the business’s stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $68.32, for a total transaction of $683,200.00. Following the completion of the sale, the chairman now owns 220,517 shares in the company, valued at $15,065,721.44. The disclosure for this sale can be found here. In the last three months, insiders sold 23,103 shares of company stock valued at $1,556,669. Company insiders own 6.10% of the company’s stock.

Patrick Industries Stock Up 1.8 %

PATK opened at $58.97 on Thursday. The stock’s 50 day moving average price is $55.92 and its 200 day moving average price is $62.54. The company has a debt-to-equity ratio of 1.86, a current ratio of 2.37 and a quick ratio of 0.96. The stock has a market cap of $1.36 billion, a P/E ratio of 4.86, a P/E/G ratio of 0.74 and a beta of 1.94. Patrick Industries, Inc. has a 12 month low of $49.79 and a 12 month high of $88.79.

Patrick Industries (NASDAQ:PATKGet Rating) last issued its quarterly earnings results on Thursday, April 28th. The construction company reported $4.54 EPS for the quarter, beating analysts’ consensus estimates of $2.89 by $1.65. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.18 billion. Patrick Industries had a return on equity of 39.75% and a net margin of 6.35%. The company’s quarterly revenue was up 57.8% compared to the same quarter last year. During the same period last year, the company earned $1.80 earnings per share. As a group, research analysts predict that Patrick Industries, Inc. will post 12.82 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 13th. Shareholders of record on Tuesday, May 31st were given a dividend of $0.33 per share. The ex-dividend date was Friday, May 27th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.24%. Patrick Industries’s dividend payout ratio (DPR) is 10.88%.

Patrick Industries Profile

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Patrick Industries, Inc manufactures and distributes components, building products, and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.

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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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