Victory Capital Management Inc. Sells 639 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Victory Capital Management Inc. decreased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 1.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,438 shares of the construction company’s stock after selling 639 shares during the quarter. Victory Capital Management Inc. owned about 0.13% of Patrick Industries worth $3,526,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Patrick Industries by 55.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock valued at $45,592,000 after acquiring an additional 195,138 shares in the last quarter. NJ State Employees Deferred Compensation Plan boosted its position in Patrick Industries by 50.0% in the fourth quarter. NJ State Employees Deferred Compensation Plan now owns 19,500 shares of the construction company’s stock worth $1,620,000 after purchasing an additional 6,500 shares during the last quarter. NBW Capital LLC lifted its position in shares of Patrick Industries by 48.2% during the 4th quarter. NBW Capital LLC now owns 107,192 shares of the construction company’s stock valued at $8,906,000 after buying an additional 34,884 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Patrick Industries by 812.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after buying an additional 528 shares during the last quarter. Finally, Mutual of America Capital Management LLC lifted its position in shares of Patrick Industries by 51.1% during the 4th quarter. Mutual of America Capital Management LLC now owns 5,090 shares of the construction company’s stock valued at $423,000 after buying an additional 1,721 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PATK shares. StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Raymond James raised their target price on Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Benchmark raised their price target on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a report on Friday, February 7th. KeyCorp raised their price target on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Finally, Truist Financial raised their price target on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $97.96.

Insider Buying and Selling

In related news, Director M Scott Welch purchased 10,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, March 11th. The shares were acquired at an average cost of $86.22 per share, for a total transaction of $862,200.00. Following the transaction, the director now directly owns 136,000 shares in the company, valued at $11,725,920. The trade was a 7.94 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the transaction, the executive vice president now owns 18,044 shares in the company, valued at approximately $1,543,303.32. The trade was a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.70% of the stock is owned by corporate insiders.

Patrick Industries Stock Performance

Shares of NASDAQ PATK opened at $85.70 on Monday. The stock has a market cap of $2.88 billion, a price-to-earnings ratio of 20.80, a P/E/G ratio of 1.41 and a beta of 2.37. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The stock’s 50-day moving average is $91.16 and its 200 day moving average is $89.85.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. On average, sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.87%. Patrick Industries’s dividend payout ratio is 38.83%.

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.