Bright Futures Wealth Management LLC. Invests $457,000 in Patrick Industries, Inc. $PATK

Bright Futures Wealth Management LLC. bought a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,414 shares of the construction company’s stock, valued at approximately $457,000.

Other hedge funds also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Patrick Industries by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock worth $1,632,000 after purchasing an additional 851 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Patrick Industries by 5.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock worth $5,957,000 after acquiring an additional 3,748 shares in the last quarter. Strs Ohio purchased a new stake in Patrick Industries in the first quarter valued at $42,000. Envestnet Asset Management Inc. boosted its stake in Patrick Industries by 27.3% in the second quarter. Envestnet Asset Management Inc. now owns 165,330 shares of the construction company’s stock valued at $15,255,000 after acquiring an additional 35,447 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake in Patrick Industries by 21.2% in the second quarter. Bessemer Group Inc. now owns 4,010 shares of the construction company’s stock valued at $370,000 after acquiring an additional 702 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Andy L. Nemeth sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total value of $2,875,000.00. Following the completion of the sale, the chief executive officer owned 301,641 shares in the company, valued at $34,688,715. This trade represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Matthew S. Filer acquired 1,000 shares of the stock in a transaction on Friday, February 6th. The stock was acquired at an average cost of $139.91 per share, for a total transaction of $139,910.00. Following the acquisition, the chief accounting officer directly owned 20,614 shares in the company, valued at $2,884,104.74. This represents a 5.10% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders sold 31,607 shares of company stock valued at $3,823,904. Company insiders own 4.40% of the company’s stock.

Patrick Industries Trading Down 2.2%

NASDAQ:PATK opened at $123.79 on Monday. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $148.50. The company has a current ratio of 2.51, a quick ratio of 0.80 and a debt-to-equity ratio of 1.08. The stock’s 50 day simple moving average is $126.10 and its 200-day simple moving average is $113.30. The firm has a market cap of $4.11 billion, a P/E ratio of 31.66, a PEG ratio of 1.30 and a beta of 1.34.

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

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Stockholders of record on Monday, February 23rd will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Monday, February 23rd. Patrick Industries’s payout ratio is 48.08%.

Analyst Ratings Changes

Several analysts have recently weighed in on PATK shares. Truist Financial set a $126.00 target price on Patrick Industries in a report on Friday, January 9th. Benchmark reaffirmed a “buy” rating on shares of Patrick Industries in a research report on Friday, February 6th. Robert W. Baird set a $140.00 price objective on Patrick Industries in a report on Friday, February 6th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $155.00 target price on shares of Patrick Industries in a report on Friday, February 6th. Finally, Wall Street Zen upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating in a research report on Saturday. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $135.13.

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.