Sanctuary Advisors LLC Buys Shares of 5,880 Patrick Industries, Inc. (NASDAQ:PATK)

Sanctuary Advisors LLC bought a new stake in Patrick Industries, Inc. (NASDAQ:PATK) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,880 shares of the construction company’s stock, valued at approximately $620,000.

Other hedge funds have also recently made changes to their positions in the company. Boston Partners bought a new stake in shares of Patrick Industries in the first quarter valued at $1,645,000. Price T Rowe Associates Inc. MD raised its stake in shares of 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 buying an additional 26,389 shares during the period. Public Sector Pension Investment Board raised its stake in shares of Patrick Industries by 8.7% in the second quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock valued at $5,032,000 after buying an additional 3,705 shares during the period. Illinois Municipal Retirement Fund raised its stake in shares of Patrick Industries by 7.4% in the first quarter. Illinois Municipal Retirement Fund now owns 12,684 shares of the construction company’s stock valued at $1,515,000 after buying an additional 869 shares during the period. Finally, Louisiana State Employees Retirement System raised its stake in shares of Patrick Industries by 2.9% in the second quarter. Louisiana State Employees Retirement System now owns 10,600 shares of the construction company’s stock valued at $1,151,000 after buying an additional 300 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction that occurred on 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 owns 23,759 shares in the company, valued at approximately $3,091,283.49. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,411 shares of company stock worth $3,858,915 in the last ninety days. 4.70% of the stock is owned by insiders.

Patrick Industries Price Performance

PATK opened at $141.50 on Tuesday. The stock has a 50-day moving average price of $133.29 and a 200-day moving average price of $119.57. Patrick Industries, Inc. has a 12-month low of $70.15 and a 12-month high of $148.35. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $3.17 billion, a P/E ratio of 20.96, a PEG ratio of 1.23 and a beta of 1.61.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $972.06 million. During the same period in the prior year, the business earned $1.94 EPS. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. Equities analysts predict that Patrick Industries, Inc. will post 7.29 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. Investors of record on Monday, August 26th were given a dividend of $0.55 per share. The ex-dividend date was Monday, August 26th. This represents a $2.20 annualized dividend and a yield of 1.55%. Patrick Industries’s payout ratio is 32.59%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PATK shares. DA Davidson lifted their price target on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Benchmark reiterated a “buy” rating and issued a $145.00 price target on shares of Patrick Industries in a research report on Tuesday, September 17th. 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 report on Friday, August 2nd. Raymond James started coverage on Patrick Industries in a research report on Tuesday, October 1st. They issued an “outperform” rating and a $160.00 price target for the company. Finally, Robert W. Baird lifted their price target on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $138.50.

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.