First Trust Advisors LP Decreases Stake in Patrick Industries, Inc. (NASDAQ:PATK)

First Trust Advisors LP reduced its stake in Patrick Industries, Inc. (NASDAQ:PATKGet Rating) by 15.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 43,958 shares of the construction company’s stock after selling 7,776 shares during the quarter. First Trust Advisors LP owned about 0.19% of Patrick Industries worth $3,547,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in PATK. Pitcairn Co. raised its holdings in shares of Patrick Industries by 5.4% during the 3rd quarter. Pitcairn Co. now owns 3,422 shares of the construction company’s stock worth $285,000 after acquiring an additional 174 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Patrick Industries by 0.8% during the 4th quarter. Russell Investments Group Ltd. now owns 24,691 shares of the construction company’s stock worth $1,991,000 after acquiring an additional 187 shares during the period. NBW Capital LLC raised its holdings in shares of Patrick Industries by 0.3% during the 4th quarter. NBW Capital LLC now owns 77,422 shares of the construction company’s stock worth $6,247,000 after acquiring an additional 229 shares during the period. Heritage Wealth Management LLC raised its holdings in shares of Patrick Industries by 25.3% during the 3rd quarter. Heritage Wealth Management LLC now owns 1,169 shares of the construction company’s stock worth $97,000 after acquiring an additional 236 shares during the period. Finally, Voya Investment Management LLC raised its holdings in shares of Patrick Industries by 1.6% during the 3rd quarter. Voya Investment Management LLC now owns 19,024 shares of the construction company’s stock worth $1,585,000 after acquiring an additional 304 shares during the period. 94.85% of the stock is owned by hedge funds and other institutional investors.

In other news, Chairman Todd M. Cleveland sold 3,103 shares of the business’s stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $65.04, for a total transaction of $201,819.12. Following the completion of the transaction, the chairman now directly owns 212,414 shares of the company’s stock, valued at $13,815,406.56. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Todd M. Cleveland sold 10,000 shares of the business’s stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $68.32, for a total value of $683,200.00. Following the transaction, the chairman now directly owns 220,517 shares of the company’s stock, valued at $15,065,721.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,103 shares of company stock valued at $1,556,669. 6.10% of the stock is currently owned by corporate insiders.

Several research analysts have recently commented on PATK shares. StockNews.com assumed coverage on Patrick Industries in a report on Thursday, March 31st. They set a “hold” rating on the stock. MKM Partners assumed coverage on shares of Patrick Industries in a report on Thursday, May 5th. They issued a “buy” rating and a $93.00 price objective on the stock. Bank of America assumed coverage on shares of Patrick Industries in a report on Monday, April 4th. They issued an “underperform” rating and a $60.00 price objective on the stock. Zacks Investment Research upgraded shares of Patrick Industries from a “hold” rating to a “strong-buy” rating and set a $78.00 price objective on the stock in a report on Thursday, May 5th. Finally, Truist Financial assumed coverage on shares of Patrick Industries in a report on Tuesday, April 12th. They issued a “buy” rating and a $75.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Patrick Industries has an average rating of “Buy” and an average price target of $83.33.

NASDAQ PATK opened at $67.84 on Friday. The company has a market cap of $1.56 billion, a P/E ratio of 5.59, a P/E/G ratio of 0.81 and a beta of 1.95. The company has a debt-to-equity ratio of 1.86, a current ratio of 2.37 and a quick ratio of 0.96. The stock has a 50-day moving average of $63.18 and a two-hundred day moving average of $71.05. Patrick Industries, Inc. has a 1-year low of $54.80 and a 1-year high of $92.67.

Patrick Industries (NASDAQ:PATKGet Rating) last released its earnings results on Thursday, April 28th. The construction company reported $4.93 earnings per share for the quarter, beating the consensus estimate of $2.89 by $2.04. The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.18 billion. Patrick Industries had a return on equity of 39.75% and a net margin of 6.35%. Patrick Industries’s revenue was up 57.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.80 EPS. On average, analysts anticipate that Patrick Industries, Inc. will post 13.16 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, March 21st. Shareholders of record on Monday, March 7th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.95%. The ex-dividend date was Friday, March 4th. Patrick Industries’s dividend payout ratio is currently 10.88%.

Patrick Industries Profile (Get Rating)

Patrick Industries, Inc manufactures and distributes components, building products, and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.

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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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