News

Aug 06, 2023

4,864 Shares in Patrick Industries, Inc. (NASDAQ:PATK) Purchased by HighTower Advisors LLC

HighTower Advisors LLC bought a new position in shares of Patrick Industries,

HighTower Advisors LLC bought a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Get Rating) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 4,864 shares of the construction company's stock, valued at approximately $295,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of PATK. Oppenheimer & Co. Inc. purchased a new stake in shares of Patrick Industries during the fourth quarter worth approximately $532,000. AlphaCrest Capital Management LLC raised its holdings in shares of Patrick Industries by 57.3% in the 3rd quarter. AlphaCrest Capital Management LLC now owns 24,385 shares of the construction company's stock valued at $1,069,000 after buying an additional 8,884 shares during the period. Cubist Systematic Strategies LLC raised its holdings in shares of Patrick Industries by 8.9% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 115,433 shares of the construction company's stock valued at $5,061,000 after buying an additional 9,410 shares during the period. Epoch Investment Partners Inc. raised its holdings in shares of Patrick Industries by 8.3% in the 3rd quarter. Epoch Investment Partners Inc. now owns 207,474 shares of the construction company's stock valued at $9,096,000 after buying an additional 15,964 shares during the period. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Patrick Industries by 64.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 8,910 shares of the construction company's stock valued at $540,000 after buying an additional 3,498 shares during the period. Institutional investors and hedge funds own 89.53% of the company's stock.

Several equities research analysts have weighed in on PATK shares. Truist Financial cut their price target on Patrick Industries from $84.00 to $80.00 in a report on Thursday, May 25th. Robert W. Baird upped their target price on Patrick Industries from $74.00 to $85.00 and gave the company an "outperform" rating in a research report on Friday, February 10th. Roth Capital reissued a "buy" rating on shares of Patrick Industries in a research report on Friday, February 10th. StockNews.com started coverage on Patrick Industries in a research report on Thursday, May 18th. They set a "hold" rating for the company. Finally, TheStreet raised Patrick Industries from a "c+" rating to a "b-" rating in a research report on Thursday, February 9th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $73.17.

In other news, Director Todd M. Cleveland sold 2,500 shares of the company's stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $69.09, for a total transaction of $172,725.00. Following the completion of the transaction, the director now directly owns 125,416 shares of the company's stock, valued at $8,664,991.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Patrick Industries news, Director Todd M. Cleveland sold 20,000 shares of the company's stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $70.15, for a total value of $1,403,000.00. Following the completion of the sale, the director now directly owns 89,237 shares in the company, valued at $6,259,975.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Todd M. Cleveland sold 2,500 shares of the company's stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $69.09, for a total value of $172,725.00. Following the completion of the sale, the director now owns 125,416 shares of the company's stock, valued at $8,664,991.44. The disclosure for this sale can be found here. Insiders sold a total of 32,500 shares of company stock valued at $2,260,925 over the last three months. 6.80% of the stock is owned by insiders.

Shares of Patrick Industries stock opened at $69.41 on Tuesday. Patrick Industries, Inc. has a twelve month low of $41.75 and a twelve month high of $77.96. The stock has a market capitalization of $1.55 billion, a P/E ratio of 6.77, a PEG ratio of 3.50 and a beta of 1.88. The company has a current ratio of 2.87, a quick ratio of 0.98 and a debt-to-equity ratio of 1.37. The business's fifty day moving average price is $67.67 and its 200 day moving average price is $66.39.

Patrick Industries (NASDAQ:PATK - Get Rating) last announced its earnings results on Thursday, April 27th. The construction company reported $1.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.33 by $0.02. The business had revenue of $900.10 million for the quarter, compared to analyst estimates of $834.46 million. Patrick Industries had a return on equity of 27.78% and a net margin of 5.53%. The company's revenue for the quarter was down 32.9% compared to the same quarter last year. During the same period in the previous year, the company earned $4.54 earnings per share. As a group, research analysts anticipate that Patrick Industries, Inc. will post 6.88 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 26th. Investors of record on Monday, June 12th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.59%. The ex-dividend date is Friday, June 9th. Patrick Industries's dividend payout ratio is currently 17.56%.

Patrick Industries, Inc engages in the manufacture of components products and distribution of building products for industrial markets. It operates through the following segments: Manufacturing and Distribution. The Manufacturing segment includes laminated products what are utilized to produce furniture, shelving, walls, countertops, cabinet products, cabinet doors, fiberglass bat fixtures, hardwood furniture, vinyl printing, solid surface, granite, quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components, and other products.

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