Patrick Industries, Inc. (NASDAQ:PATK) Shares Sold by Chartwell Investment Partners LLC

Chartwell Investment Partners LLC cut its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 10.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,168 shares of the construction company’s stock after selling 5,069 shares during the quarter. Chartwell Investment Partners LLC owned 0.20% of Patrick Industries worth $6,431,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its holdings in shares of Patrick Industries by 20.1% during the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after purchasing an additional 221,904 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Patrick Industries by 10.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after acquiring an additional 26,389 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in Patrick Industries in the second quarter valued at approximately $22,460,000. Tributary Capital Management LLC raised its position in shares of Patrick Industries by 0.3% during the 2nd quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company’s stock worth $22,338,000 after purchasing an additional 613 shares during the period. Finally, Fiera Capital Corp bought a new stake in shares of Patrick Industries in the 3rd quarter worth approximately $27,888,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Stock Up 5.0 %

Shares of PATK stock opened at $132.11 on Tuesday. Patrick Industries, Inc. has a 1 year low of $76.59 and a 1 year high of $148.35. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. The business’s fifty day moving average is $136.03 and its 200-day moving average is $122.79. The stock has a market cap of $2.96 billion, a PE ratio of 18.98, a price-to-earnings-growth ratio of 1.33 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The firm had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. During the same period in the previous year, the firm earned $1.81 earnings per share. Patrick Industries’s revenue was up 6.2% on a year-over-year basis. Equities analysts expect that Patrick Industries, Inc. will post 6.42 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were issued a $0.55 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.20 annualized dividend and a dividend yield of 1.67%. Patrick Industries’s dividend payout ratio is currently 31.61%.

Insider Activity

In related news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the transaction, the chief operating officer now owns 23,759 shares in the company, valued at $3,091,283.49. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Todd M. Cleveland sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the sale, the director now owns 82,374 shares in the company, valued at approximately $10,795,112.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,411 shares of company stock worth $3,858,915. Insiders own 4.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. BMO Capital Markets upped their price objective on Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. DA Davidson lifted their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Truist Financial upped their target price on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. KeyCorp boosted their price objective on Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Robert W. Baird increased their price objective on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $139.88.

About Patrick Industries

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.