Envestnet Asset Management Inc. Sells 13,445 Shares of Patrick Industries, Inc. $PATK

Envestnet Asset Management Inc. lowered its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 8.1% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 151,885 shares of the construction company’s stock after selling 13,445 shares during the period. Envestnet Asset Management Inc.’s holdings in Patrick Industries were worth $15,709,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Salomon & Ludwin LLC bought a new position in shares of Patrick Industries during the third quarter worth approximately $25,000. Cornerstone Planning Group LLC acquired a new position in Patrick Industries in the 3rd quarter valued at $31,000. Strs Ohio bought a new position in Patrick Industries during the 1st quarter worth $42,000. Parkside Financial Bank & Trust lifted its holdings in shares of Patrick Industries by 87.5% during the third quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock worth $49,000 after buying an additional 223 shares in the last quarter. Finally, Quent Capital LLC acquired a new stake in shares of Patrick Industries during the third quarter worth $66,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Truist Financial set a $126.00 price target on shares of Patrick Industries in a research report on Friday, January 9th. Robert W. Baird set a $140.00 target price on shares of Patrick Industries in a report on Friday, February 6th. Roth Mkm reiterated a “buy” rating and issued a $157.00 price target on shares of Patrick Industries in a research report on Monday, February 9th. Loop Capital started coverage on Patrick Industries in a research report on Friday, October 31st. They set a “hold” rating and a $99.00 price target on the stock. Finally, Weiss Ratings lowered Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $135.13.

Insider Activity at Patrick Industries

In other news, CAO Matthew S. Filer acquired 1,000 shares of Patrick Industries stock in a transaction that occurred on Friday, February 6th. The shares were acquired at an average price of $139.91 per share, for a total transaction of $139,910.00. Following the transaction, the chief accounting officer directly owned 20,614 shares of the company’s stock, valued at approximately $2,884,104.74. The trade was a 5.10% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John A. Forbes sold 2,704 shares of the company’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $140.75, for a total value of $380,588.00. Following the completion of the transaction, the director directly owned 49,272 shares of the company’s stock, valued at approximately $6,935,034. The trade was a 5.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 31,607 shares of company stock valued at $3,823,904 in the last quarter. 4.70% of the stock is owned by company insiders.

Patrick Industries Trading Up 1.3%

Shares of PATK opened at $143.10 on Monday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $148.50. The firm has a market cap of $4.76 billion, a price-to-earnings ratio of 36.60, a PEG ratio of 1.51 and a beta of 1.34. The business’s fifty day moving average is $121.92 and its 200-day moving average is $111.17.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.10. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The business had revenue of $924.17 million during the quarter, compared to the consensus estimate of $858.62 million. During the same period in the prior year, the company earned $0.52 EPS. Patrick Industries’s revenue for the quarter was up 9.2% on a year-over-year basis. Equities analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Investors of record on Monday, February 23rd will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, February 23rd. This represents a $1.88 annualized dividend and a dividend yield of 1.3%. Patrick Industries’s payout ratio is 48.08%.

Patrick Industries Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.