Principal Financial Group Inc. Sells 10,300 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Principal Financial Group Inc. reduced its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 7.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 122,817 shares of the construction company’s stock after selling 10,300 shares during the period. Principal Financial Group Inc. owned approximately 0.55% of Patrick Industries worth $9,825,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in PATK. Tower Research Capital LLC TRC increased its position in Patrick Industries by 129.6% in the 1st quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock worth $34,000 after buying an additional 276 shares during the period. Gyon Technologies Capital Management LP acquired a new stake in shares of Patrick Industries during the 4th quarter worth approximately $48,000. Federated Hermes Inc. grew its holdings in shares of Patrick Industries by 37.3% during the 1st quarter. Federated Hermes Inc. now owns 751 shares of the construction company’s stock worth $52,000 after purchasing an additional 204 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Patrick Industries during the 2nd quarter worth approximately $71,000. Finally, Public Employees Retirement System of Ohio grew its holdings in shares of Patrick Industries by 12.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,800 shares of the construction company’s stock worth $79,000 after purchasing an additional 195 shares in the last quarter. 93.18% of the stock is owned by institutional investors.

Patrick Industries Trading Up 0.6 %

Shares of PATK opened at $85.42 on Tuesday. The stock has a fifty day moving average price of $76.44 and a two-hundred day moving average price of $77.34. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.87 and a current ratio of 2.42. Patrick Industries, Inc. has a 52-week low of $53.01 and a 52-week high of $87.36. The company has a market cap of $1.89 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 4.27 and a beta of 1.85.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, October 26th. The construction company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.09. The company had revenue of $866.07 million during the quarter, compared to the consensus estimate of $839.93 million. Patrick Industries had a return on equity of 15.75% and a net margin of 4.18%. The firm’s quarterly revenue was down 22.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.43 earnings per share. Analysts predict that Patrick Industries, Inc. will post 6.48 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Monday, November 27th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Friday, November 24th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.58%. This is an increase from Patrick Industries’s previous quarterly dividend of $0.45. Patrick Industries’s payout ratio is presently 26.55%.

Wall Street Analysts Forecast Growth

PATK has been the topic of several recent research reports. KeyCorp lifted their price objective on Patrick Industries from $90.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, July 31st. StockNews.com raised Patrick Industries from a “hold” rating to a “buy” rating in a report on Tuesday, November 14th. Bank of America boosted their price target on Patrick Industries from $63.00 to $75.00 and gave the company an “underperform” rating in a research note on Monday, August 7th. Truist Financial decreased their price target on Patrick Industries from $100.00 to $95.00 and set a “buy” rating on the stock in a research note on Tuesday, October 17th. Finally, DA Davidson boosted their price target on Patrick Industries from $75.00 to $81.00 and gave the company a “neutral” rating in a research note on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and an average price target of $88.20.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland sold 2,500 shares of the stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $83.57, for a total value of $208,925.00. Following the transaction, the director now owns 88,690 shares of the company’s stock, valued at $7,411,823.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Andy L. Nemeth sold 24,990 shares of the stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $80.20, for a total transaction of $2,004,198.00. Following the completion of the transaction, the chief executive officer now directly owns 318,013 shares in the company, valued at $25,504,642.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Todd M. Cleveland sold 2,500 shares of the stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $83.57, for a total value of $208,925.00. Following the transaction, the director now owns 88,690 shares of the company’s stock, valued at $7,411,823.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,390 shares of company stock valued at $2,360,221. 6.80% of the stock is currently owned by company insiders.

Patrick Industries Profile

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, 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.