Patrick Industries (NASDAQ:PATK) Sees Large Volume Increase

Patrick Industries, Inc. (NASDAQ:PATK) saw an uptick in trading volume on Wednesday . 132,307 shares were traded during trading, a decline of 24% from the previous session’s volume of 174,442 shares.The stock last traded at $139.80 and had previously closed at $139.73.

Wall Street Analyst Weigh In

PATK has been the topic of several research reports. 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 report on Friday, August 2nd. Robert W. Baird boosted 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. KeyCorp increased their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Truist Financial lifted their price objective on shares of Patrick Industries from $130.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Finally, DA Davidson raised their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $133.29.

Patrick Industries Stock Down 0.2 %

The firm has a market capitalization of $3.13 billion, a P/E ratio of 20.70, a P/E/G ratio of 1.05 and a beta of 1.62. The stock has a fifty day moving average price of $125.00 and a two-hundred day moving average price of $115.75. 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 (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 earnings per share 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 the consensus estimate of $972.06 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. Patrick Industries’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the firm posted $1.94 EPS. Research analysts forecast that Patrick Industries, Inc. will post 7.32 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.58%. The ex-dividend date was Monday, August 26th. Patrick Industries’s payout ratio is currently 32.59%.

Insider Activity

In related news, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the transaction, the insider now owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction on 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 transaction, the insider now directly owns 139,109 shares in the company, valued at approximately $18,274,749.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of the business’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 sale, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock worth $3,858,915 over the last three months. Corporate insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Xponance Inc. increased its holdings in Patrick Industries by 4.1% in the second quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock worth $230,000 after buying an additional 83 shares during the last quarter. US Bancorp DE raised its stake in shares of Patrick Industries by 1.3% in the fourth quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock valued at $770,000 after purchasing an additional 95 shares in the last quarter. FORA Capital LLC lifted its holdings in shares of Patrick Industries by 2.9% during the 1st quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock worth $537,000 after acquiring an additional 128 shares during the period. SummerHaven Investment Management LLC lifted its stake in Patrick Industries by 1.5% during the second quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock worth $977,000 after purchasing an additional 135 shares during the period. Finally, BOKF NA boosted its stake in Patrick Industries by 3.7% in the 2nd quarter. BOKF NA now owns 4,848 shares of the construction company’s stock valued at $526,000 after buying an additional 172 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

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.