Massachusetts Financial Services Co. MA Purchases New Position in Patrick Industries, Inc. (NASDAQ:PATK)

Massachusetts Financial Services Co. MA acquired a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 206,910 shares of the construction company’s stock, valued at approximately $22,460,000.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Patrick Industries during the fourth quarter worth $14,782,000. Peregrine Capital Management LLC bought a new position in Patrick Industries during the first quarter worth about $8,546,000. Price T Rowe Associates Inc. MD grew its stake in Patrick Industries by 10.5% in 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 acquiring an additional 26,389 shares during the period. Anchor Capital Management Company LLC increased its holdings in shares of Patrick Industries by 19.3% in the first quarter. Anchor Capital Management Company LLC now owns 123,809 shares of the construction company’s stock worth $14,791,000 after acquiring an additional 20,000 shares in the last quarter. Finally, Argent Capital Management LLC bought a new position in shares of Patrick Industries during the 1st quarter valued at about $2,103,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Trading Up 0.4 %

Patrick Industries stock opened at $146.96 on Friday. The company has a market cap of $3.29 billion, a price-to-earnings ratio of 21.77, a P/E/G ratio of 1.10 and a beta of 1.62. The firm has a 50-day moving average of $126.31 and a 200-day moving average of $116.13. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.29 and a quick ratio of 0.94. Patrick Industries, Inc. has a one year low of $70.15 and a one year high of $147.80.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.11. The firm had revenue of $1.02 billion during 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 business’s revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company earned $1.94 earnings per share. On average, equities analysts expect that Patrick Industries, Inc. will post 7.32 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were issued a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a yield of 1.50%. Patrick Industries’s payout ratio is 32.59%.

Analysts Set New Price Targets

PATK has been the subject of a number of research reports. Truist Financial increased their target price on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday. KeyCorp raised their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Benchmark reaffirmed a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a research note on Tuesday. BMO Capital Markets lifted their price target on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, 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 report on Friday, August 2nd. Two 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, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus price target of $135.43.

Insiders Place Their Bets

In other news, Director Todd M. Cleveland sold 7,500 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $10,795,112.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s 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 completion of the sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Todd M. Cleveland sold 7,500 shares of Patrick Industries stock in a transaction on Thursday, September 12th. The stock was 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 29,411 shares of company stock valued at $3,858,915. 4.70% of the stock is currently owned by corporate 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.