Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by UMB Bank n.a.

UMB Bank n.a. grew its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 176.6% during the third quarter, Holdings Channel reports. The firm owned 567 shares of the construction company’s stock after acquiring an additional 362 shares during the quarter. UMB Bank n.a.’s holdings in Patrick Industries were worth $81,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of PATK. Xponance Inc. boosted its position in Patrick Industries by 4.1% in the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock valued at $230,000 after buying an additional 83 shares during the period. FORA Capital LLC grew its stake in Patrick Industries by 2.9% during the 1st quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock worth $537,000 after purchasing an additional 128 shares in the last quarter. SummerHaven Investment Management LLC increased its holdings in Patrick Industries by 1.5% during the 2nd 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 period. BOKF NA raised its position in Patrick Industries by 3.7% in the 2nd quarter. BOKF NA now owns 4,848 shares of the construction company’s stock valued at $526,000 after purchasing an additional 172 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in shares of Patrick Industries by 3.1% in the 2nd quarter. Arizona State Retirement System now owns 5,957 shares of the construction company’s stock valued at $647,000 after buying an additional 178 shares during the period. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Stock Performance

NASDAQ PATK opened at $141.45 on Monday. The company has a fifty day moving average of $132.86 and a two-hundred day moving average of $119.42. The company has a market capitalization of $3.17 billion, a PE ratio of 20.96, a P/E/G ratio of 1.23 and a beta of 1.61. Patrick Industries, Inc. has a 1 year low of $70.15 and a 1 year high of $148.35. 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 (NASDAQ:PATK) last announced its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) 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 analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the firm earned $1.94 EPS. As a group, analysts expect that Patrick Industries, Inc. will post 7.29 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Stockholders 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 dividend yield of 1.56%. Patrick Industries’s payout ratio is 32.59%.

Insider Activity at Patrick Industries

In related news, Director Todd M. Cleveland sold 7,500 shares of the 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 in the company, valued at $10,795,112.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Todd M. Cleveland sold 7,500 shares of the company’s 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 completion of the sale, the director now directly owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value 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 position. The disclosure for this sale can be found here. Insiders sold a total of 29,411 shares of company stock worth $3,858,915 in the last 90 days. 4.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PATK. Benchmark reaffirmed a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a report on Tuesday, September 17th. DA Davidson raised their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. BMO Capital Markets lifted their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. KeyCorp increased their target price on Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Finally, Raymond James began coverage on Patrick Industries in a report on Tuesday, October 1st. They set an “outperform” rating and a $160.00 price target for the company. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $138.50.

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.