Strs Ohio lifted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK – Free Report) by 17.1% during the 1st quarter, Holdings Channel.com reports. The firm owned 48,000 shares of the construction company’s stock after buying an additional 7,000 shares during the quarter. Strs Ohio’s holdings in Patrick Industries were worth $5,331,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in PATK. Torren Management LLC bought a new stake in Patrick Industries in the fourth quarter worth $26,000. Advisory Services Network LLC bought a new position in shares of Patrick Industries during the third quarter valued at about $25,000. Allworth Financial LP grew its stake in shares of Patrick Industries by 181.2% during the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after buying an additional 203 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Patrick Industries by 200.9% in the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock worth $37,000 after buying an additional 229 shares during the period. Finally, Hantz Financial Services Inc. lifted its stake in shares of Patrick Industries by 73.0% in the 4th quarter. Hantz Financial Services Inc. now owns 564 shares of the construction company’s stock valued at $61,000 after acquiring an additional 238 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.
Insider Transactions at Patrick Industries
In related news, insider Charles R. Roeder bought 5,750 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were purchased at an average price of $87.83 per share, with a total value of $505,022.50. Following the purchase, the insider owned 42,147 shares of the company’s stock, valued at approximately $3,701,771.01. This trade represents a 15.80% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew S. Filer purchased 1,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, May 5th. The shares were bought at an average price of $85.50 per share, for a total transaction of $85,500.00. Following the transaction, the chief financial officer directly owned 21,614 shares of the company’s stock, valued at $1,847,997. This trade represents a 4.85% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders bought 28,700 shares of company stock worth $2,532,880. 3.80% of the stock is owned by corporate insiders.
Patrick Industries Trading Up 2.0%
Patrick Industries (NASDAQ:PATK – Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.02. The business had revenue of $997.17 million for the quarter, compared to analysts’ expectations of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.11 earnings per share. As a group, sell-side analysts forecast that Patrick Industries, Inc. will post 4.89 EPS for the current fiscal year.
Patrick Industries Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Tuesday, May 26th. Patrick Industries’s dividend payout ratio (DPR) is currently 48.21%.
Analysts Set New Price Targets
A number of equities analysts have commented on the company. Robert W. Baird set a $110.00 price target on Patrick Industries in a research note on Friday, May 1st. Weiss Ratings lowered shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, June 29th. Zacks Research cut shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. KeyCorp cut their price target on shares of Patrick Industries from $140.00 to $125.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Finally, Benchmark lowered their price objective on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Patrick Industries has a consensus rating of “Moderate Buy” and an average target price of $122.62.
Check Out Our Latest Stock Analysis on PATK
Patrick Industries Company 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.
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