Creative Planning Makes New $337,000 Investment in Patrick Industries, Inc. (NASDAQ:PATK)

Creative Planning bought a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the third quarter, HoldingsChannel.com reports. The firm bought 2,366 shares of the construction company’s stock, valued at approximately $337,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Pacer Advisors Inc. lifted its position in Patrick Industries by 20.1% during the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after acquiring an additional 221,904 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Patrick Industries by 10.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock valued at $33,078,000 after buying an additional 26,389 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of Patrick Industries during the second quarter valued at about $22,460,000. Tributary Capital Management LLC raised its position in shares of Patrick Industries by 0.3% during the second quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company’s stock valued at $22,338,000 after buying an additional 613 shares during the last quarter. Finally, Anchor Capital Management Company LLC raised its position in shares of Patrick Industries by 18.0% during the second quarter. Anchor Capital Management Company LLC now owns 146,088 shares of the construction company’s stock valued at $15,858,000 after buying an additional 22,279 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Analyst Ratings Changes

PATK has been the subject of a number of research analyst reports. Benchmark reaffirmed a “buy” rating and set a $145.00 price objective on shares of Patrick Industries in a research report on Monday, November 4th. Robert W. Baird upped their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. BMO Capital Markets increased their price target on shares of Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. KeyCorp increased their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, DA Davidson increased their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $139.88.

Insider Activity

In other news, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total transaction of $982,875.00. Following the sale, the director now directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. 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 is available through this link. In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of Patrick Industries stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total transaction of $982,875.00. Following the completion of the sale, the director now owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries 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 directly owns 23,759 shares in the company, valued at approximately $3,091,283.49. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock valued at $3,858,915 over the last three months. 4.70% of the stock is owned by insiders.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $125.84 on Friday. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of 18.08, a P/E/G ratio of 1.38 and a beta of 1.62. Patrick Industries, Inc. has a 1-year low of $75.01 and a 1-year high of $148.35. The firm’s 50-day moving average price is $135.97 and its two-hundred day moving average price is $122.38.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.03). The firm had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. Patrick Industries’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.81 earnings per share. On average, equities analysts predict that Patrick Industries, Inc. will post 6.42 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were paid a dividend of $0.55 per share. The ex-dividend date was Monday, August 26th. This represents a $2.20 annualized dividend and a dividend yield of 1.75%. Patrick Industries’s dividend payout ratio (DPR) is currently 31.61%.

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.