James Investment Research Inc. Buys 125 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

James Investment Research Inc. grew its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 0.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,654 shares of the construction company’s stock after acquiring an additional 125 shares during the period. James Investment Research Inc.’s holdings in Patrick Industries were worth $1,324,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Victory Capital Management Inc. raised its position in Patrick Industries by 44.8% in the first quarter. Victory Capital Management Inc. now owns 61,454 shares of the construction company’s stock worth $5,197,000 after acquiring an additional 19,016 shares during the period. Bridgewater Advisors Inc. bought a new stake in shares of Patrick Industries during the 1st quarter valued at $263,000. New York State Common Retirement Fund raised its position in shares of Patrick Industries by 1.4% during the 1st quarter. New York State Common Retirement Fund now owns 81,749 shares of the construction company’s stock valued at $6,913,000 after purchasing an additional 1,100 shares during the period. Cerity Partners LLC bought a new stake in Patrick Industries in the 1st quarter valued at $729,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in Patrick Industries in the 1st quarter valued at $499,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Trading Down 1.8%

Shares of NASDAQ PATK opened at $97.63 on Wednesday. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $102.84. The firm has a market cap of $3.26 billion, a PE ratio of 23.41, a price-to-earnings-growth ratio of 1.43 and a beta of 1.22. The business has a fifty day simple moving average of $90.54 and a two-hundred day simple moving average of $88.05. The company has a quick ratio of 1.04, a current ratio of 2.41 and a debt-to-equity ratio of 1.25.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, beating the consensus estimate of $0.98 by $0.13. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $959.46 million. During the same quarter last year, the firm posted $1.79 earnings per share. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. Analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.64%. Patrick Industries’s dividend payout ratio is presently 38.37%.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland acquired 6,000 shares of the firm’s stock in a transaction dated Thursday, May 15th. The stock was purchased at an average price of $85.80 per share, for a total transaction of $514,800.00. Following the acquisition, the director owned 125,286 shares in the company, valued at approximately $10,749,538.80. This trade represents a 5.03% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John A. Forbes sold 2,875 shares of the firm’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $91.62, for a total value of $263,407.50. Following the completion of the sale, the director directly owned 52,591 shares of the company’s stock, valued at $4,818,387.42. The trade was a 5.18% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 14,071 shares of company stock worth $1,205,964. 4.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Truist Financial lifted their price target on shares of Patrick Industries from $100.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, June 3rd. Robert W. Baird boosted their target price on shares of Patrick Industries from $84.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, June 20th. Roth Mkm restated a “buy” rating and issued a $100.00 target price (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. KeyCorp reduced their target price on shares of Patrick Industries from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Finally, Wall Street Zen upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.42.

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.