American Century Companies Inc. Decreases Stake in Patrick Industries, Inc. (NASDAQ:PATK)

American Century Companies Inc. decreased its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 39.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 342,666 shares of the construction company’s stock after selling 220,113 shares during the quarter. American Century Companies Inc. owned about 1.53% of Patrick Industries worth $37,196,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PATK. US Bancorp DE increased its holdings in 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 buying an additional 95 shares in the last quarter. FORA Capital LLC increased its stake in Patrick Industries by 2.9% in the 1st quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock valued at $537,000 after purchasing an additional 128 shares in the last quarter. SummerHaven Investment Management LLC raised its holdings 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 last quarter. Arizona State Retirement System boosted its position in Patrick Industries by 3.1% during the second quarter. Arizona State Retirement System now owns 5,957 shares of the construction company’s stock worth $647,000 after purchasing an additional 178 shares in the last quarter. Finally, Texas Permanent School Fund Corp grew its holdings in Patrick Industries by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 18,209 shares of the construction company’s stock valued at $2,175,000 after purchasing an additional 236 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Trading Up 2.3 %

Shares of PATK opened at $139.73 on Wednesday. Patrick Industries, Inc. has a fifty-two week low of $70.15 and a fifty-two week high of $140.25. The stock has a fifty day moving average of $124.31 and a two-hundred day moving average of $115.63. 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 capitalization of $3.13 billion, a PE ratio of 20.70, a price-to-earnings-growth ratio of 1.05 and a beta of 1.62.

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 firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $972.06 million. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.94 earnings per share. As a group, analysts forecast that Patrick Industries, Inc. will post 7.32 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were issued 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 1.57%. Patrick Industries’s payout ratio is 32.59%.

Insiders Place Their Bets

In other news, insider Jeff Rodino sold 20,000 shares of the business’s 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 completion of the sale, the insider now directly owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of Patrick Industries 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 transaction, the director now directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jeff Rodino sold 20,000 shares of the stock in a transaction on 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 sale, the insider now directly owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The disclosure for this sale can be found here. Insiders have sold a total of 29,411 shares of company stock valued at $3,858,915 over the last quarter. Company insiders own 4.70% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Robert W. Baird lifted their price target on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” 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 report on Friday, August 2nd. Benchmark reissued a “buy” rating and set a $145.00 price objective on shares of Patrick Industries in a research note on Tuesday. DA Davidson upped their target price on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, Truist Financial raised their price target on Patrick Industries from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $133.29.

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.