Massachusetts Financial Services Co. MA Makes New Investment in Patrick Industries, Inc. (NASDAQ:PATK)

Massachusetts Financial Services Co. MA acquired a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 206,910 shares of the construction company’s stock, valued at approximately $22,460,000. Massachusetts Financial Services Co. MA owned approximately 0.92% of Patrick Industries at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of PATK. BOKF NA boosted its stake in Patrick Industries by 3.7% during the second quarter. BOKF NA now owns 4,848 shares of the construction company’s stock worth $526,000 after buying an additional 172 shares in the last quarter. Arizona State Retirement System increased its stake in Patrick Industries by 3.1% in the second quarter. Arizona State Retirement System now owns 5,957 shares of the construction company’s stock valued at $647,000 after acquiring an additional 178 shares during the period. Foster & Motley Inc. raised its position in Patrick Industries by 3.7% in the second quarter. Foster & Motley Inc. now owns 17,727 shares of the construction company’s stock worth $1,924,000 after purchasing an additional 629 shares in the last quarter. Versor Investments LP bought a new position in Patrick Industries during the second quarter worth about $282,000. Finally, Natixis Advisors LLC boosted its holdings in Patrick Industries by 41.7% during the second quarter. Natixis Advisors LLC now owns 15,283 shares of the construction company’s stock valued at $1,659,000 after purchasing an additional 4,497 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on PATK. Robert W. Baird raised their target price on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. BMO Capital Markets boosted their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. KeyCorp increased their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Benchmark reissued a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a report on Tuesday. Finally, DA Davidson upped their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $135.43.

Patrick Industries Trading Up 0.4 %

PATK opened at $146.96 on Friday. Patrick Industries, Inc. has a 1-year low of $70.15 and a 1-year high of $147.80. The stock has a market capitalization of $3.29 billion, a PE ratio of 21.77, a PEG ratio of 1.10 and a beta of 1.62. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19. The firm has a 50-day moving average price of $126.31 and a two-hundred day moving average price of $116.13.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 earnings per share 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 firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $972.06 million. During the same quarter in the previous year, the company posted $1.94 EPS. Patrick Industries’s revenue was up 10.8% on a year-over-year basis. As a group, equities analysts anticipate that Patrick Industries, Inc. will post 7.32 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company 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. This represents a $2.20 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend was Monday, August 26th. Patrick Industries’s dividend payout ratio (DPR) is presently 32.59%.

Insider Activity at Patrick Industries

In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Jeff Rodino sold 20,000 shares of Patrick Industries 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 completion of the sale, the insider now owns 139,109 shares in the company, valued at approximately $18,274,749.33. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction that occurred 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 transaction, the chief operating officer now owns 23,759 shares in the company, valued at $3,091,283.49. 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. Insiders own 4.70% of the company’s stock.

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.