Patrick Industries, Inc. (NASDAQ:PATK) Stock Holdings Trimmed by Millennium Management LLC

Millennium Management LLC lowered its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 37.6% during the 2nd quarter, Holdings Channel reports. The fund owned 25,449 shares of the construction company’s stock after selling 15,321 shares during the period. Millennium Management LLC’s holdings in Patrick Industries were worth $2,762,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Patrick Industries by 78.5% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock valued at $205,000 after purchasing an additional 840 shares during the period. Heritage Family Offices LLP acquired a new position in shares of Patrick Industries during the 2nd quarter valued at $227,000. Xponance Inc. increased its position in shares of Patrick Industries by 4.1% during the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock valued at $230,000 after purchasing an additional 83 shares during the period. BTC Capital Management Inc. acquired a new position in shares of Patrick Industries during the 1st quarter valued at $303,000. Finally, Versor Investments LP acquired a new position in shares of Patrick Industries during the 2nd quarter valued at $282,000. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Price Performance

PATK stock opened at $141.50 on Tuesday. The stock has a 50-day moving average price of $133.29 and a two-hundred day moving average price of $119.57. The stock has a market cap of $3.17 billion, a PE ratio of 20.96, a price-to-earnings-growth ratio of 1.23 and a beta of 1.61. 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 posted its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $972.06 million. During the same period in the prior year, the business posted $1.94 EPS. The company’s quarterly revenue was up 10.8% on a year-over-year basis. Equities analysts forecast that Patrick Industries, Inc. will post 7.29 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were given a dividend of $0.55 per share. The ex-dividend date was Monday, August 26th. This represents a $2.20 annualized dividend and a yield of 1.55%. Patrick Industries’s dividend payout ratio (DPR) is presently 32.59%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Robert W. Baird lifted their target price on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. DA Davidson lifted 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. Raymond James assumed coverage on Patrick Industries in a report on Tuesday, October 1st. They issued an “outperform” rating and a $160.00 target price on the stock. BMO Capital Markets lifted their target price on Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Truist Financial lifted their price target on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a report on Friday, September 20th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $138.50.

Insider Transactions at Patrick Industries

In other news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the transaction, the insider now owns 139,109 shares in the company, valued at approximately $18,274,749.33. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the transaction, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,411 shares of company stock valued at $3,858,915. 4.70% of the stock is currently owned by company insiders.

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.