Heritage Wealth Management LLC Has $97,000 Position in Patrick Industries, Inc. (NASDAQ:PATK)

Heritage Wealth Management LLC increased its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 25.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,169 shares of the construction company’s stock after buying an additional 236 shares during the quarter. Heritage Wealth Management LLC’s holdings in Patrick Industries were worth $97,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PATK. BlackRock Inc. lifted its stake in Patrick Industries by 0.3% during the third quarter. BlackRock Inc. now owns 3,366,798 shares of the construction company’s stock worth $280,454,000 after purchasing an additional 10,151 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Patrick Industries by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,448,027 shares of the construction company’s stock valued at $105,706,000 after acquiring an additional 11,544 shares during the last quarter. State Street Corp lifted its stake in shares of Patrick Industries by 3.9% in the 2nd quarter. State Street Corp now owns 681,496 shares of the construction company’s stock valued at $49,749,000 after acquiring an additional 25,643 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Patrick Industries by 4.7% in the 2nd quarter. Geode Capital Management LLC now owns 390,409 shares of the construction company’s stock valued at $28,499,000 after acquiring an additional 17,687 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Patrick Industries by 8.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 242,321 shares of the construction company’s stock valued at $17,690,000 after acquiring an additional 18,095 shares during the last quarter. 87.26% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Michael A. Kitson sold 4,022 shares of the stock in a transaction dated Friday, November 5th. The shares were sold at an average price of $79.53, for a total value of $319,869.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Todd M. Cleveland sold 10,000 shares of the company’s stock in a transaction dated Monday, December 6th. The stock was sold at an average price of $85.63, for a total transaction of $856,300.00. The disclosure for this sale can be found here. 6.10% of the stock is owned by insiders.

Patrick Industries stock opened at $77.02 on Friday. Patrick Industries, Inc. has a 52 week low of $66.57 and a 52 week high of $98.83. The company’s 50 day moving average price is $79.45 and its two-hundred day moving average price is $80.15. The company has a quick ratio of 0.92, a current ratio of 2.11 and a debt-to-equity ratio of 1.56. The stock has a market cap of $1.82 billion, a P/E ratio of 8.90 and a beta of 2.18.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, October 28th. The construction company reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.42. Patrick Industries had a net margin of 5.45% and a return on equity of 31.49%. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $963.33 million. During the same quarter in the previous year, the firm posted $1.62 EPS. Patrick Industries’s revenue was up 51.3% on a year-over-year basis. On average, equities analysts anticipate that Patrick Industries, Inc. will post 8.82 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, December 13th. Stockholders of record on Monday, November 29th were given a dividend of $0.33 per share. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.28. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend was Friday, November 26th. Patrick Industries’s payout ratio is 15.26%.

A number of brokerages have recently commented on PATK. Zacks Investment Research cut Patrick Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, January 4th. KeyCorp decreased their price target on Patrick Industries from $102.00 to $90.00 and set an “overweight” rating for the company in a report on Monday, October 25th.

Patrick Industries Profile

Patrick Industries, Inc engages in the manufacture of components products and distribution of building products for industrial markets. It operates through the following segments: Manufacturing and Distribution. The Manufacturing segment includes laminated products what are utilized to produce furniture, shelving, walls, countertops, cabinet products, cabinet doors, fiberglass bat fixtures, hardwood furniture, vinyl printing, solid surface, granite, quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components, and other products.

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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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