Inspire Investing LLC Grows Stock Position in Patrick Industries, Inc. $PATK

Inspire Investing LLC lifted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 7.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,216 shares of the construction company’s stock after purchasing an additional 368 shares during the quarter. Inspire Investing LLC’s holdings in Patrick Industries were worth $481,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. KLP Kapitalforvaltning AS raised its stake in shares of Patrick Industries by 3.0% during the second quarter. KLP Kapitalforvaltning AS now owns 6,799 shares of the construction company’s stock worth $627,000 after purchasing an additional 200 shares during the last quarter. Copeland Capital Management LLC grew its holdings in Patrick Industries by 16.8% during the second quarter. Copeland Capital Management LLC now owns 410,343 shares of the construction company’s stock worth $37,862,000 after acquiring an additional 58,987 shares during the period. Truist Financial Corp acquired a new position in Patrick Industries during the second quarter worth $664,000. State of Alaska Department of Revenue grew its holdings in Patrick Industries by 6.7% during the second quarter. State of Alaska Department of Revenue now owns 19,864 shares of the construction company’s stock worth $1,832,000 after acquiring an additional 1,247 shares during the period. Finally, Public Employees Retirement System of Ohio grew its holdings in Patrick Industries by 1,327.2% during the second quarter. Public Employees Retirement System of Ohio now owns 12,117 shares of the construction company’s stock worth $1,118,000 after acquiring an additional 11,268 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Insider Buying and Selling

In related news, insider Kip B. Ellis sold 21,452 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.01, for a total transaction of $2,359,934.52. Following the sale, the insider owned 125,379 shares of the company’s stock, valued at $13,792,943.79. This trade represents a 14.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Andy L. Nemeth sold 25,000 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $110.68, for a total value of $2,767,000.00. Following the transaction, the chief executive officer owned 328,641 shares in the company, valued at $36,373,985.88. This trade represents a 7.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 73,413 shares of company stock worth $8,112,016 in the last ninety days. 4.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. BMO Capital Markets upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. KeyCorp upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Raymond James Financial upped their price objective on Patrick Industries from $95.00 to $109.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Robert W. Baird upped their target price on Patrick Industries from $84.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, June 20th. Finally, Benchmark upped their target price on Patrick Industries from $102.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 1st. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $104.86.

Patrick Industries Stock Up 0.1%

PATK opened at $97.27 on Monday. 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 firm has a market cap of $3.24 billion, a P/E ratio of 26.36, a PEG ratio of 1.38 and a beta of 1.34. Patrick Industries, Inc. has a 52 week low of $72.99 and a 52 week high of $116.78. The business’s fifty day simple moving average is $107.54 and its 200 day simple moving average is $95.05.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.16 earnings per share. As a group, equities research analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Monday, August 25th were paid 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 1.6%. Patrick Industries’s dividend payout ratio (DPR) is presently 43.36%.

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.