Argent Capital Management LLC Has $21.50 Million Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Argent Capital Management LLC increased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 758.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 151,004 shares of the construction company’s stock after purchasing an additional 133,413 shares during the quarter. Argent Capital Management LLC owned approximately 0.67% of Patrick Industries worth $21,498,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in 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 buying an additional 221,904 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in Patrick Industries during the second quarter worth about $22,460,000. Copeland Capital Management LLC acquired a new position in Patrick Industries during the third quarter valued at approximately $8,070,000. 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 purchasing an additional 26,389 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Patrick Industries by 35.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock worth $13,869,000 after purchasing an additional 25,556 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Insider Transactions at Patrick Industries

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction that occurred 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 sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at $3,091,283.49. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were 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 $3,091,283.49. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 139,109 shares in the company, valued at approximately $18,274,749.33. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,411 shares of company stock valued at $3,858,915. 4.70% of the stock is currently owned by company insiders.

Patrick Industries Stock Performance

Shares of Patrick Industries stock traded up $0.50 on Thursday, hitting $134.64. The stock had a trading volume of 56,609 shares, compared to its average volume of 176,778. The stock has a market cap of $3.02 billion, a price-to-earnings ratio of 19.87, a price-to-earnings-growth ratio of 1.25 and a beta of 1.61. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. Patrick Industries, Inc. has a twelve month low of $70.15 and a twelve month high of $148.35. The business’s 50 day moving average is $136.15 and its two-hundred day moving average is $120.77.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data 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. 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 for the quarter, compared to analysts’ expectations of $972.06 million. During the same quarter last year, the business earned $1.94 EPS. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. Analysts forecast that Patrick Industries, Inc. will post 7.26 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were given 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 dividend yield of 1.63%. Patrick Industries’s payout ratio is presently 32.59%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PATK. DA Davidson raised their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Truist Financial lifted their price objective on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Robert W. Baird upped their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Benchmark reiterated a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a report on Tuesday, September 17th. Finally, BMO Capital Markets upped their price objective on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and an average price target of $140.38.

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.