Patrick Industries, Inc. (NASDAQ:PATK) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lowered its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 16.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,117 shares of the construction company’s stock after selling 7,364 shares during the period. Victory Capital Management Inc. owned about 0.17% of Patrick Industries worth $4,029,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. raised its position in Patrick Industries by 78.5% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock worth $205,000 after acquiring an additional 840 shares during the last quarter. Heritage Family Offices LLP acquired a new position in shares of Patrick Industries in the second quarter valued at approximately $227,000. BTC Capital Management Inc. acquired a new position in shares of Patrick Industries in the first quarter valued at approximately $303,000. Versor Investments LP acquired a new position in shares of Patrick Industries in the second quarter valued at approximately $282,000. Finally, Avantax Advisory Services Inc. acquired a new position in shares of Patrick Industries in the first quarter valued at approximately $326,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. BMO Capital Markets boosted their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. KeyCorp boosted their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Benchmark began coverage on shares of Patrick Industries in a research report on Thursday, August 29th. They issued a “buy” rating and a $145.00 price objective for the company. Truist Financial boosted their target price on shares of Patrick Industries from $130.00 to $150.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, DA Davidson boosted their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $133.29.

Patrick Industries Price Performance

PATK opened at $136.54 on Tuesday. 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, Inc. has a 52-week low of $70.15 and a 52-week high of $136.84. The company has a 50 day moving average of $123.75 and a two-hundred day moving average of $115.51. The company has a market cap of $3.06 billion, a P/E ratio of 20.23, a P/E/G ratio of 1.05 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $972.06 million. During the same period in the previous year, the firm earned $1.94 earnings per share. Patrick Industries’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, analysts expect that Patrick Industries, Inc. will post 7.32 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were paid 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 yield of 1.61%. Patrick Industries’s dividend payout ratio is currently 32.59%.

Insider Activity

In other news, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Todd M. Cleveland sold 7,500 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total value of $982,875.00. Following the sale, the director now directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the sale, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,411 shares of company stock worth $3,858,915. 4.70% of the stock is currently owned by company insiders.

About Patrick Industries

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.