Patrick Industries, Inc. (NASDAQ:PATK) Shares Sold by Inspire Investing LLC

Inspire Investing LLC decreased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 44.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,657 shares of the construction company’s stock after selling 2,890 shares during the quarter. Inspire Investing LLC’s holdings in Patrick Industries were worth $397,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA purchased a new position in Patrick Industries in the second quarter valued at about $22,460,000. Norges Bank purchased a new stake in shares of Patrick Industries during the 4th quarter valued at about $14,782,000. Peregrine Capital Management LLC acquired a new position in Patrick Industries during the 1st quarter worth approximately $8,546,000. Price T Rowe Associates Inc. MD grew its position in Patrick Industries by 10.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock valued at $33,078,000 after acquiring an additional 26,389 shares in the last quarter. Finally, Anchor Capital Management Company LLC raised its stake in shares of Patrick Industries by 19.3% during the first quarter. Anchor Capital Management Company LLC now owns 123,809 shares of the construction company’s stock valued at $14,791,000 after purchasing an additional 20,000 shares during the period. 93.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Patrick Industries

In related news, insider Jeff Rodino sold 20,000 shares of the business’s 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 completion of the sale, the insider now owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Todd M. Cleveland sold 7,500 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the completion of the transaction, the director now directly owns 82,374 shares in the company, valued at approximately $10,795,112.70. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction on 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 sale, the insider now owns 139,109 shares in the company, valued at $18,274,749.33. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,411 shares of company stock worth $3,858,915. 4.70% of the stock is currently owned by insiders.

Patrick Industries Stock Performance

Shares of PATK stock opened at $146.96 on Friday. The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of 21.77, a PEG ratio of 1.10 and a beta of 1.62. Patrick Industries, Inc. has a one year low of $70.15 and a one year high of $147.80. The company’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 (NASDAQ:PATK) last issued its earnings results on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, topping the consensus estimate of $2.05 by $0.11. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $972.06 million. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The business’s revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.94 EPS. Equities analysts anticipate that Patrick Industries, Inc. will post 7.32 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were issued 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 (DPR) is 32.59%.

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.