Pacer Advisors Inc. Has $143.89 Million Position in Patrick Industries, Inc. (NASDAQ:PATK)

Pacer Advisors Inc. boosted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 20.1% in the second quarter, according to its most recent filing with the SEC. The firm owned 1,325,556 shares of the construction company’s stock after acquiring an additional 221,904 shares during the period. Pacer Advisors Inc. owned 5.92% of Patrick Industries worth $143,889,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of 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 purchasing an additional 840 shares during the period. Heritage Family Offices LLP bought a new stake in shares of Patrick Industries in the 2nd quarter valued at about $227,000. Versor Investments LP bought a new stake in shares of Patrick Industries in the 2nd quarter valued at about $282,000. BTC Capital Management Inc. acquired a new stake in shares of Patrick Industries in the 1st quarter valued at approximately $303,000. Finally, Avantax Advisory Services Inc. bought a new position in Patrick Industries during the 1st quarter worth approximately $326,000. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Up 0.4 %

Shares of Patrick Industries stock opened at $146.96 on Friday. The firm has a market cap of $3.29 billion, a PE ratio of 21.77, a P/E/G ratio of 1.10 and a beta of 1.62. The business’s 50 day simple moving average is $126.92 and its 200 day simple moving average is $116.32. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.94 and a current ratio of 2.29. Patrick Industries, Inc. has a 52-week low of $70.15 and a 52-week high of $147.80.

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

Patrick Industries Dividend Announcement

The firm also recently disclosed 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 1.50%. Patrick Industries’s dividend payout ratio is 32.59%.

Analysts Set New Price Targets

PATK has been the topic of several analyst reports. BMO Capital Markets increased their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Truist Financial raised their price objective on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday. Benchmark reissued a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a research note on Tuesday. Robert W. Baird raised their price target on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, DA Davidson lifted their price objective on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $135.43.

Insider Activity

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the business’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 transaction of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock worth $3,858,915 in the last quarter. 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.