Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by WealthTrust Axiom LLC

WealthTrust Axiom LLC increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 6.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 6,582 shares of the construction company’s stock after acquiring an additional 375 shares during the quarter. WealthTrust Axiom LLC’s holdings in Patrick Industries were worth $661,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC acquired a new position in Patrick Industries during the fourth quarter worth about $35,000. Carmel Capital Partners LLC acquired a new position in shares of Patrick Industries in the 3rd quarter valued at $44,000. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Patrick Industries by 21.6% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock valued at $102,000 after purchasing an additional 238 shares during the period. Xponance Inc. acquired a new position in shares of Patrick Industries in the 4th quarter valued at $203,000. Finally, Everence Capital Management Inc. acquired a new position in shares of Patrick Industries in the 4th quarter valued at $243,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Stock Down 2.5 %

NASDAQ PATK traded down $2.69 during trading on Tuesday, reaching $104.48. 94,445 shares of the company’s stock were exchanged, compared to its average volume of 165,696. Patrick Industries, Inc. has a fifty-two week low of $63.57 and a fifty-two week high of $123.58. The firm has a market capitalization of $2.34 billion, a PE ratio of 16.46, a P/E/G ratio of 0.66 and a beta of 1.72. The company has a current ratio of 2.38, a quick ratio of 0.73 and a debt-to-equity ratio of 0.97. The company’s fifty day simple moving average is $112.60 and its 200-day simple moving average is $98.59.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.10. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The company had revenue of $781.20 million during the quarter, compared to the consensus estimate of $780.97 million. During the same period last year, the business earned $1.82 EPS. The business’s quarterly revenue was down 17.9% on a year-over-year basis. Sell-side analysts predict that Patrick Industries, Inc. will post 8 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 4th. Stockholders of record on Tuesday, February 20th were paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date was Friday, February 16th. Patrick Industries’s dividend payout ratio (DPR) is presently 33.79%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. StockNews.com lowered Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. Truist Financial reiterated a “buy” rating and issued a $130.00 price target on shares of Patrick Industries in a research report on Friday, April 12th. Roth Mkm increased their price target on Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Finally, KeyCorp raised their price objective on Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, February 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.00.

Insider Transactions at Patrick Industries

In related news, Director Michael A. Kitson sold 3,290 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value of $364,762.30. Following the transaction, the director now directly owns 8,553 shares of the company’s stock, valued at approximately $948,271.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Patrick Industries news, insider Kip B. Ellis sold 18,000 shares of Patrick Industries stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $115.00, for a total value of $2,070,000.00. Following the transaction, the insider now directly owns 108,778 shares of the company’s stock, valued at approximately $12,509,470. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael A. Kitson sold 3,290 shares of Patrick Industries stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value of $364,762.30. Following the completion of the transaction, the director now directly owns 8,553 shares in the company, valued at $948,271.11. The disclosure for this sale can be found here. Insiders sold 48,873 shares of company stock valued at $5,681,957 in the last three months. Corporate insiders own 4.70% of the company’s stock.

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.