Smith Group Asset Management LLC Boosts Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Smith Group Asset Management LLC grew its position in Patrick Industries, Inc. (NASDAQ:PATK) by 25.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,610 shares of the construction company’s stock after acquiring an additional 1,147 shares during the quarter. Smith Group Asset Management LLC’s holdings in Patrick Industries were worth $799,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PATK. Xponance Inc. raised its position in Patrick Industries by 4.1% in the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock worth $230,000 after purchasing an additional 83 shares during the period. Trust Point Inc. raised its holdings in shares of Patrick Industries by 1.1% in the third quarter. Trust Point Inc. now owns 8,964 shares of the construction company’s stock worth $1,276,000 after buying an additional 96 shares during the period. FORA Capital LLC lifted its stake in shares of Patrick Industries by 2.9% during the 1st quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock worth $537,000 after acquiring an additional 128 shares during the last quarter. SummerHaven Investment Management LLC boosted its holdings in Patrick Industries by 1.5% during the 2nd quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock valued at $977,000 after acquiring an additional 135 shares during the period. Finally, BOKF NA grew its position in Patrick Industries by 3.7% in the 2nd quarter. BOKF NA now owns 4,848 shares of the construction company’s stock valued at $526,000 after acquiring an additional 172 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PATK. Robert W. Baird boosted their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Raymond James began coverage on shares of Patrick Industries in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $160.00 target price on the stock. Truist Financial lifted their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. BMO Capital Markets increased their price objective on Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, Benchmark reaffirmed a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a research report on Tuesday, September 17th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $140.38.

Insider Activity

In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction that occurred 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 owns 139,109 shares in the company, valued at approximately $18,274,749.33. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.37, 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 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 over the last 90 days. 4.70% of the stock is currently owned by corporate insiders.

Patrick Industries Price Performance

PATK opened at $135.70 on Tuesday. The firm has a market capitalization of $3.04 billion, a PE ratio of 19.47, a price-to-earnings-growth ratio of 1.27 and a beta of 1.61. 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 business’s 50-day moving average is $136.69 and its two-hundred day moving average is $121.32. Patrick Industries, Inc. has a 1 year low of $71.80 and a 1 year high of $148.35.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results 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. The business 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 company’s revenue was up 10.8% compared to the same quarter last year. During the same period last year, the business earned $1.94 EPS. Research analysts anticipate that Patrick Industries, Inc. will post 7.21 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were paid a dividend of $0.55 per share. The ex-dividend date was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.62%. Patrick Industries’s payout ratio is 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.