nVerses Capital LLC Acquires New Position in Patrick Industries, Inc. (NASDAQ:PATK)

nVerses Capital LLC bought a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,100 shares of the construction company’s stock, valued at approximately $157,000.

Several other institutional investors and hedge funds have also recently modified their holdings of PATK. Sound Income Strategies LLC bought a new position in Patrick Industries in the third quarter worth approximately $46,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Patrick Industries during the 2nd quarter worth $41,000. GAMMA Investing LLC increased its stake in shares of Patrick Industries by 76.2% during the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after buying an additional 205 shares during the period. UMB Bank n.a. raised its holdings in shares of Patrick Industries by 176.6% in the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after acquiring an additional 362 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its stake in Patrick Industries by 78.5% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock worth $205,000 after acquiring an additional 840 shares during the period. Institutional investors own 93.29% of the company’s stock.

Wall Street Analyst Weigh In

PATK has been the subject of several recent research reports. KeyCorp boosted their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. DA Davidson upped 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. Benchmark reiterated a “buy” rating and issued a $145.00 price target on shares of Patrick Industries in a report on Tuesday, September 17th. Robert W. Baird upped their price objective on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, BMO Capital Markets lifted their target price on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $138.50.

Insider Buying and Selling at Patrick Industries

In other news, Director Todd M. Cleveland sold 7,500 shares of the firm’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 completion of the transaction, the director now directly owns 82,374 shares in the company, valued at $10,795,112.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the sale, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. This 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, Director Todd M. Cleveland sold 7,500 shares of Patrick Industries stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.05, for a total value of $982,875.00. Following the transaction, the director now owns 82,374 shares of the company’s stock, valued at $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 have sold 29,411 shares of company stock worth $3,858,915. 4.70% of the stock is currently owned by insiders.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $145.03 on Friday. Patrick Industries, Inc. has a fifty-two week low of $70.15 and a fifty-two week high of $148.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.94 and a current ratio of 2.29. The company has a market cap of $3.25 billion, a PE ratio of 20.81, a P/E/G ratio of 1.21 and a beta of 1.61. The business has a 50-day simple moving average of $135.30 and a two-hundred day simple moving average of $120.28.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.11. The company 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 revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.94 EPS. As a group, equities analysts expect that Patrick Industries, Inc. will post 7.29 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were paid 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 1.52%. Patrick Industries’s dividend payout ratio (DPR) is 31.56%.

Patrick Industries Profile

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.