Envestnet Asset Management Inc. Purchases 35,447 Shares of Patrick Industries, Inc. $PATK

Envestnet Asset Management Inc. grew its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 27.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 165,330 shares of the construction company’s stock after acquiring an additional 35,447 shares during the quarter. Envestnet Asset Management Inc. owned 0.49% of Patrick Industries worth $15,255,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PATK. James Investment Research Inc. boosted its holdings in Patrick Industries by 0.8% during the first quarter. James Investment Research Inc. now owns 15,654 shares of the construction company’s stock worth $1,324,000 after purchasing an additional 125 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in Patrick Industries by 27.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company’s stock worth $63,000 after buying an additional 160 shares in the last quarter. Hancock Whitney Corp boosted its stake in shares of Patrick Industries by 7.7% during the 1st quarter. Hancock Whitney Corp now owns 2,703 shares of the construction company’s stock worth $229,000 after buying an additional 194 shares during the last quarter. KLP Kapitalforvaltning AS boosted its stake in shares of Patrick Industries by 3.0% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 6,799 shares of the construction company’s stock worth $627,000 after buying an additional 200 shares during the last quarter. Finally, Ethic Inc. grew its holdings in shares of Patrick Industries by 13.1% in the 2nd quarter. Ethic Inc. now owns 2,909 shares of the construction company’s stock valued at $269,000 after acquiring an additional 337 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Trading Down 2.2%

Shares of NASDAQ:PATK opened at $104.13 on Friday. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $116.78. The business has a 50 day moving average of $104.62 and a 200-day moving average of $97.71. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. The stock has a market cap of $3.47 billion, a PE ratio of 28.22, a P/E/G ratio of 1.40 and a beta of 1.33.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The company had revenue of $975.63 million for the quarter, compared to analyst estimates of $900.35 million. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.80 earnings per share. As a group, equities research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Monday, August 25th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, August 25th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.5%. Patrick Industries’s dividend payout ratio (DPR) is currently 45.71%.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, Director Michael A. Kitson sold 4,572 shares of Patrick Industries stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $112.67, for a total value of $515,127.24. Following the completion of the sale, the director owned 11,850 shares in the company, valued at $1,335,139.50. The trade was a 27.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeff Rodino sold 22,389 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total transaction of $2,469,954.48. Following the transaction, the insider owned 206,492 shares in the company, valued at approximately $22,780,197.44. The trade was a 9.78% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 73,413 shares of company stock worth $8,112,016. Insiders own 4.40% of the company’s stock.

Analyst Upgrades and Downgrades

PATK has been the topic of several analyst reports. BMO Capital Markets reiterated an “outperform” rating and set a $115.00 target price on shares of Patrick Industries in a report on Friday, October 31st. Raymond James Financial boosted their price target on Patrick Industries from $95.00 to $109.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. Roth Capital set a $115.00 price objective on Patrick Industries and gave the company a “buy” rating in a report on Friday, October 31st. KeyCorp raised their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, October 31st. Finally, Truist Financial set a $114.00 price target on shares of Patrick Industries and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Seven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $108.00.

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.