Congress Asset Management Co. Sells 792 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Congress Asset Management Co. decreased its position in Patrick Industries, Inc. (NASDAQ:PATK) by 0.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 90,164 shares of the construction company’s stock after selling 792 shares during the quarter. Congress Asset Management Co. owned approximately 0.40% of Patrick Industries worth $12,837,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sound Income Strategies LLC purchased a new stake in shares of Patrick Industries during the 3rd quarter valued at about $46,000. Northwestern Mutual Wealth Management Co. bought a new position in Patrick Industries in the second quarter worth approximately $41,000. GAMMA Investing LLC boosted its stake in shares of Patrick Industries by 76.2% during the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after acquiring an additional 205 shares during the last quarter. UMB Bank n.a. grew its position in shares of Patrick Industries by 176.6% during the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after acquiring an additional 362 shares during the period. Finally, nVerses Capital LLC purchased a new stake in shares of Patrick Industries in the 3rd quarter worth $157,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Patrick Industries

In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the 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 sale, the insider now directly owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $3,091,283.49. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction 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 sale, the insider now owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 29,411 shares of company stock valued at $3,858,915. Corporate insiders own 4.70% of the company’s stock.

Patrick Industries Stock Down 6.0 %

Shares of NASDAQ:PATK opened at $125.98 on Friday. The company has a market cap of $2.82 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 1.26 and a beta of 1.61. Patrick Industries, Inc. has a 12 month low of $73.26 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 company has a 50-day moving average price of $137.01 and a 200 day moving average price of $121.62.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.87 by ($0.07). Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The company had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. During the same period in the previous year, the business earned $1.81 earnings per share. Patrick Industries’s revenue for the quarter was up 6.2% on a year-over-year basis. As a group, equities research analysts predict that Patrick Industries, Inc. will post 7.21 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date was Monday, August 26th. Patrick Industries’s payout ratio is presently 31.56%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Truist Financial lifted their target price on 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 lifted their price objective on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. DA Davidson increased their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Raymond James started coverage on shares of 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, Benchmark restated a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a research note on Tuesday, September 17th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $140.38.

Patrick Industries Company 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.