Trust Point Inc. Has $1.28 Million Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Trust Point Inc. lifted its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 1.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,964 shares of the construction company’s stock after acquiring an additional 96 shares during the quarter. Trust Point Inc.’s holdings in Patrick Industries were worth $1,276,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of PATK. Sound Income Strategies LLC acquired a new position in shares of Patrick Industries during the third quarter worth approximately $46,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Patrick Industries in the second quarter worth about $41,000. GAMMA Investing LLC boosted its stake in Patrick Industries by 76.2% in the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after purchasing an additional 205 shares during the period. UMB Bank n.a. raised its stake in shares of Patrick Industries by 176.6% in the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after purchasing an additional 362 shares during the period. Finally, nVerses Capital LLC acquired a new position in Patrick Industries during the 3rd quarter worth approximately $157,000. 93.29% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the sale, the director now owns 82,374 shares of the company’s stock, valued at $10,795,112.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of the 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 completion of the transaction, the director now directly owns 82,374 shares in the company, valued at approximately $10,795,112.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the sale, the insider now owns 139,109 shares in the company, valued at approximately $18,274,749.33. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,411 shares of company stock valued at $3,858,915. 4.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PATK shares. KeyCorp increased their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. BMO Capital Markets upped their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Benchmark reaffirmed a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a research report on Tuesday, September 17th. DA Davidson increased their target price on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Finally, Robert W. Baird raised their price target on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $138.50.

Patrick Industries Price Performance

Shares of Patrick Industries stock traded up $0.25 during trading on Friday, reaching $146.01. 13,387 shares of the company’s stock were exchanged, compared to its average volume of 177,520. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.94 and a current ratio of 2.29. Patrick Industries, Inc. has a 1-year low of $70.15 and a 1-year high of $148.35. The company has a market cap of $3.27 billion, a P/E ratio of 21.69, a PEG ratio of 1.23 and a beta of 1.61. The firm’s 50-day moving average price is $134.78 and its 200 day moving average price is $120.10.

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

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were given a $0.55 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a yield of 1.51%. Patrick Industries’s dividend payout ratio 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.