Patrick Industries, Inc. (NASDAQ:PATK) Shares Sold by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP trimmed its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 3.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,320,102 shares of the construction company’s stock after selling 49,640 shares during the period. Dimensional Fund Advisors LP owned about 5.89% of Patrick Industries worth $143,296,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. US Bancorp DE raised its position in shares of Patrick Industries by 1.3% during the 4th quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock worth $770,000 after purchasing an additional 95 shares during the last quarter. FORA Capital LLC raised its position 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 purchasing an additional 128 shares during the last quarter. SummerHaven Investment Management LLC raised its position in shares of Patrick Industries by 1.5% during the 2nd quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock worth $977,000 after purchasing an additional 135 shares during the last quarter. BOKF NA raised its position in shares of Patrick Industries by 3.7% during the 2nd quarter. BOKF NA now owns 4,848 shares of the construction company’s stock worth $526,000 after purchasing an additional 172 shares during the last quarter. Finally, Arizona State Retirement System raised its position in shares of Patrick Industries by 3.1% during the 2nd quarter. Arizona State Retirement System now owns 5,957 shares of the construction company’s stock worth $647,000 after purchasing an additional 178 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Stock Performance

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 price-to-earnings-growth ratio of 1.10 and a beta of 1.62. The firm’s 50-day simple moving average is $126.92 and its 200-day simple moving average is $116.30. 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 1 year low of $70.15 and a 1 year high of $147.80.

Patrick Industries (NASDAQ:PATK) last released 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. The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $972.06 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. Patrick Industries’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.94 earnings per share. Equities analysts forecast 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. Investors 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 annualized dividend and a yield of 1.50%. Patrick Industries’s dividend payout ratio (DPR) is 32.59%.

Analysts Set New Price Targets

PATK has been the subject of several analyst reports. Truist Financial boosted their price target on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a report on Friday. Robert W. Baird upped their price target on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. DA Davidson upped their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Benchmark reissued a “buy” rating and issued a $145.00 price objective on shares of Patrick Industries in a research report on Tuesday, September 17th. Finally, KeyCorp upped 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. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $135.43.

Insider Buying and Selling

In related news, insider Jeff Rodino sold 20,000 shares of the stock in a transaction dated 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 sale, the insider now owns 139,109 shares in the company, valued at $18,274,749.33. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the transaction, the insider now owns 139,109 shares in the company, valued at approximately $18,274,749.33. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 completion of the transaction, the chief operating officer now owns 23,759 shares of the company’s stock, valued at approximately $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 quarter. 4.70% of the stock is 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.