New England Research & Management Inc. Decreases Position in Patrick Industries, Inc. (NASDAQ:PATK)

New England Research & Management Inc. lessened its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 11.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,900 shares of the construction company’s stock after selling 625 shares during the period. New England Research & Management Inc.’s holdings in Patrick Industries were worth $698,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Patrick Industries in the 2nd quarter valued at $41,000. GAMMA Investing LLC increased its position in shares of Patrick Industries by 76.2% in the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after acquiring an additional 205 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Patrick Industries by 78.5% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock valued at $205,000 after acquiring an additional 840 shares during the period. Heritage Family Offices LLP acquired a new position in shares of Patrick Industries in the 2nd quarter valued at $227,000. Finally, Xponance Inc. increased its position in shares of Patrick Industries by 4.1% in the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock valued at $230,000 after acquiring an additional 83 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Insiders Place Their Bets

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 sale, the insider now owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the insider now owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Todd M. Cleveland sold 7,500 shares of Patrick Industries stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total transaction of $982,875.00. Following the sale, the director now directly owns 82,374 shares in the company, valued at approximately $10,795,112.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock valued at $3,858,915 in the last ninety days. 4.70% of the stock is currently owned by corporate insiders.

Patrick Industries Price Performance

Patrick Industries stock traded down $1.13 during midday trading on Monday, reaching $145.03. The company had a trading volume of 76,908 shares, compared to its average volume of 178,810. The company has a market capitalization of $3.25 billion, a P/E ratio of 21.49, a P/E/G ratio of 1.22 and a beta of 1.61. Patrick Industries, Inc. has a 12-month low of $70.15 and a 12-month high of $148.35. The firm’s fifty day simple moving average is $131.57 and its 200-day simple moving average is $118.69. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.29 and a quick ratio of 0.94.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, topping 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 business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $972.06 million. During the same period last year, the company posted $1.94 EPS. The business’s revenue was up 10.8% on a year-over-year basis. As a group, equities analysts anticipate that Patrick Industries, Inc. will post 7.31 EPS for the current year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date was Monday, August 26th. Patrick Industries’s dividend payout ratio (DPR) is 32.59%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PATK shares. BMO Capital Markets upped their target price on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Raymond James initiated coverage on Patrick Industries in a research report on Tuesday, October 1st. They set an “outperform” rating and a $160.00 price target on the stock. DA Davidson increased their price target on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Benchmark reaffirmed a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a research report on Tuesday, September 17th. Finally, KeyCorp increased their price target on Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $138.50.

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.