Patrick Industries, Inc. $PATK Stock Holdings Lessened by American Century Companies Inc.

American Century Companies Inc. lessened its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 31.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 487,534 shares of the construction company’s stock after selling 224,849 shares during the quarter. American Century Companies Inc.’s holdings in Patrick Industries were worth $50,426,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Patrick Industries by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock valued at $1,632,000 after acquiring an additional 851 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position 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 valued at $5,957,000 after purchasing an additional 3,748 shares during the period. Strs Ohio bought a new position in Patrick Industries during the 1st quarter worth $42,000. Envestnet Asset Management Inc. increased its position 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 worth $15,255,000 after buying an additional 35,447 shares during the period. Finally, Teacher Retirement System of Texas increased its position in Patrick Industries by 8.3% in the second quarter. Teacher Retirement System of Texas now owns 6,125 shares of the construction company’s stock worth $565,000 after buying an additional 468 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. BMO Capital Markets reaffirmed an “outperform” rating and issued a $155.00 price objective on shares of Patrick Industries in a report on Friday, February 6th. Wall Street Zen raised Patrick Industries from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. Roth Mkm reiterated a “buy” rating and set a $157.00 price objective on shares of Patrick Industries in a research report on Monday, February 9th. Benchmark restated a “buy” rating on shares of Patrick Industries in a research report on Friday, February 6th. Finally, Weiss Ratings raised Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $135.13.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $119.52 on Friday. The company has a market capitalization of $3.97 billion, a price-to-earnings ratio of 30.57, a PEG ratio of 1.27 and a beta of 1.33. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve 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 firm has a 50-day moving average of $126.86 and a two-hundred day moving average of $113.55.

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

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, February 23rd will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.6%. The ex-dividend date is Monday, February 23rd. Patrick Industries’s payout ratio is presently 48.08%.

Insider Activity

In related news, EVP Stacey L. Amundson sold 3,903 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $145.61, for a total value of $568,315.83. Following the completion of the transaction, the executive vice president owned 12,819 shares of the company’s stock, valued at approximately $1,866,574.59. This trade represents a 23.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John A. Forbes sold 2,704 shares of the business’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $140.75, for a total transaction of $380,588.00. Following the sale, the director directly owned 49,272 shares in the company, valued at approximately $6,935,034. This trade represents a 5.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 31,607 shares of company stock valued at $3,823,904 over the last ninety days. Corporate insiders own 4.40% of the company’s stock.

About Patrick Industries

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.