Essex Investment Management Co. LLC Sells 14,250 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Essex Investment Management Co. LLC decreased its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 28.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 36,043 shares of the construction company’s stock after selling 14,250 shares during the period. Essex Investment Management Co. LLC owned approximately 0.16% of Patrick Industries worth $5,131,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Patrick Industries in the second quarter worth $41,000. GAMMA Investing LLC raised its stake in Patrick Industries by 76.2% during the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after buying an additional 205 shares during the period. UMB Bank n.a. boosted its holdings in Patrick Industries by 176.6% in the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after acquiring an additional 362 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of Patrick Industries by 78.5% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock valued at $205,000 after acquiring an additional 840 shares in the last quarter. Finally, Heritage Family Offices LLP bought a new stake in shares of Patrick Industries during the second quarter valued at approximately $227,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Insiders Place Their Bets

In other news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $3,091,283.49. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Todd M. Cleveland sold 7,500 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $10,795,112.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,411 shares of company stock valued at $3,858,915 over the last 90 days. Insiders own 4.70% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. KeyCorp lifted their price target on Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Benchmark reiterated a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a report on Tuesday, September 17th. BMO Capital Markets raised their price objective on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Raymond James started coverage on shares of Patrick Industries in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $160.00 target price for the company. Finally, Truist Financial raised their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $138.50.

Patrick Industries Price Performance

PATK traded up $2.40 during trading on Friday, hitting $141.45. 203,063 shares of the company traded hands, compared to its average volume of 178,551. The company has a market cap of $3.17 billion, a PE ratio of 20.96, a P/E/G ratio of 1.23 and a beta of 1.61. The stock’s 50-day simple moving average is $132.86 and its two-hundred day simple moving average is $119.41. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19. Patrick Industries, Inc. has a 1 year low of $70.15 and a 1 year high of $148.35.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.11. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $972.06 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The business’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.94 EPS. As a group, sell-side analysts anticipate that Patrick Industries, Inc. will post 7.29 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend was Monday, August 26th. Patrick Industries’s dividend payout ratio (DPR) is currently 32.59%.

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.