State of Wyoming Purchases 736 Shares of Patrick Industries, Inc. $PATK

State of Wyoming raised its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 38.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,648 shares of the construction company’s stock after buying an additional 736 shares during the quarter. State of Wyoming’s holdings in Patrick Industries were worth $224,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Private Trust Co. NA lifted its stake in Patrick Industries by 432.4% in the first quarter. Private Trust Co. NA now owns 591 shares of the construction company’s stock valued at $50,000 after buying an additional 480 shares during the period. Investment Management Corp VA ADV acquired a new position in Patrick Industries in the fourth quarter valued at about $52,000. Smartleaf Asset Management LLC lifted its stake in Patrick Industries by 27.0% in the first quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company’s stock valued at $63,000 after buying an additional 160 shares during the period. Public Employees Retirement System of Ohio lifted its stake in Patrick Industries by 50.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company’s stock valued at $68,000 after buying an additional 273 shares during the period. Finally, Covestor Ltd lifted its stake in Patrick Industries by 205.1% in the first quarter. Covestor Ltd now owns 961 shares of the construction company’s stock valued at $81,000 after buying an additional 646 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on PATK shares. BMO Capital Markets increased their target price on Patrick Industries from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. KeyCorp increased their target price on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Raymond James Financial raised their price target on Patrick Industries from $95.00 to $109.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. Benchmark raised their price target on Patrick Industries from $102.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Finally, Truist Financial raised their price target on Patrick Industries from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, June 3rd. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $104.86.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $110.68, for a total transaction of $2,767,000.00. Following the transaction, the chief executive officer owned 328,641 shares of the company’s stock, valued at $36,373,985.88. The trade was a 7.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jeff Rodino sold 22,389 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total value of $2,469,954.48. Following the transaction, the insider directly owned 206,492 shares in the company, valued at $22,780,197.44. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,288 shares of company stock valued at $8,375,424 in the last 90 days. 4.70% of the stock is currently owned by corporate insiders.

Patrick Industries Stock Up 0.9%

NASDAQ:PATK opened at $111.94 on Thursday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96. The company has a market cap of $3.73 billion, a PE ratio of 30.34, a PEG ratio of 1.59 and a beta of 1.33. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $116.78. The stock has a 50-day simple moving average of $103.19 and a 200 day simple moving average of $91.71.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.Patrick Industries’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period last year, the company earned $2.16 earnings per share. On average, sell-side analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Monday, August 25th will be issued a dividend of $0.40 per share. The ex-dividend date is Monday, August 25th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.4%. Patrick Industries’s dividend payout ratio (DPR) is presently 43.36%.

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.