5,880 Shares in Patrick Industries, Inc. (NASDAQ:PATK) Bought by Sanctuary Advisors LLC

Sanctuary Advisors LLC acquired a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,880 shares of the construction company’s stock, valued at approximately $620,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Pacer Advisors Inc. raised its position in Patrick Industries by 20.1% in the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after purchasing an additional 221,904 shares during the last quarter. Price T Rowe Associates Inc. MD raised 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 purchasing an additional 26,389 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new position in Patrick Industries in the second quarter valued at about $22,460,000. Tributary Capital Management LLC raised its position in Patrick Industries by 0.3% in the second quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company’s stock valued at $22,338,000 after purchasing an additional 613 shares during the last quarter. Finally, Anchor Capital Management Company LLC raised its position in Patrick Industries by 18.0% in the second quarter. Anchor Capital Management Company LLC now owns 146,088 shares of the construction company’s stock valued at $15,858,000 after purchasing an additional 22,279 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on PATK. Truist Financial increased their target price on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Raymond James started coverage on Patrick Industries in a research report on Tuesday, October 1st. They set an “outperform” rating and a $160.00 price objective for the company. Benchmark restated a “buy” rating and set a $145.00 price objective on shares of Patrick Industries in a research report on Tuesday, September 17th. BMO Capital Markets raised their price objective on Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, Robert W. Baird raised their price objective on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries currently has a consensus rating of “Moderate Buy” and a consensus price target of $138.50.

Patrick Industries Trading Up 0.0 %

NASDAQ PATK opened at $141.50 on Tuesday. The business has a 50 day simple moving average of $133.29 and a 200 day simple moving average of $119.57. Patrick Industries, Inc. has a one year low of $70.15 and a one year high of $148.35. The stock has a market capitalization of $3.17 billion, a P/E ratio of 20.96, a P/E/G ratio of 1.23 and a beta of 1.61. 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 EPS for the quarter, topping the consensus estimate of $2.05 by $0.11. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The business had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $972.06 million. During the same quarter last year, the firm posted $1.94 earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. Research analysts expect that Patrick Industries, Inc. will post 7.29 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were paid a $0.55 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a yield of 1.55%. Patrick Industries’s dividend payout ratio (DPR) is presently 32.59%.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’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 value of $248,640.21. Following the completion of the sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’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 value of $248,640.21. Following the completion of the sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 139,109 shares of the company’s stock, valued at $18,274,749.33. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,411 shares of company stock valued at $3,858,915. Company 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.