Crestwood Advisors Group LLC Reduces Stock Position in Patrick Industries, Inc. $PATK

Crestwood Advisors Group LLC decreased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 6.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 19,245 shares of the construction company’s stock after selling 1,314 shares during the period. Crestwood Advisors Group LLC owned 0.06% of Patrick Industries worth $1,776,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Private Trust Co. NA lifted its stake in shares of Patrick Industries by 432.4% during the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company’s stock worth $50,000 after purchasing an additional 480 shares during the period. Teacher Retirement System of Texas purchased a new stake in shares of Patrick Industries in the first quarter valued at $478,000. Principal Financial Group Inc. grew its position in shares of Patrick Industries by 2.8% in the first quarter. Principal Financial Group Inc. now owns 178,660 shares of the construction company’s stock valued at $15,107,000 after purchasing an additional 4,841 shares during the period. Cerity Partners LLC purchased a new stake in shares of Patrick Industries in the first quarter valued at $729,000. Finally, New York State Common Retirement Fund grew its position in shares of Patrick Industries by 1.4% in the first 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. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $110.68, for a total transaction of $2,767,000.00. Following the sale, 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 filing with the SEC, which is accessible through the SEC website. Also, Director Michael A. Kitson sold 4,572 shares of Patrick Industries stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $112.67, for a total transaction of $515,127.24. Following the sale, the director directly owned 11,850 shares in the company, valued at $1,335,139.50. This trade represents a 27.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 73,413 shares of company stock worth $8,112,016 in the last 90 days. 4.40% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Weiss Ratings downgraded Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. BMO Capital Markets reiterated an “outperform” rating and set a $115.00 price objective on shares of Patrick Industries in a report on Friday, October 31st. Benchmark boosted their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday. Truist Financial set a $114.00 price objective on shares of Patrick Industries and gave the company a “buy” rating in a research note on Wednesday, October 15th. Finally, Loop Capital started coverage on shares of Patrick Industries in a research note on Friday, October 31st. They set a “hold” rating and a $99.00 price objective for the company. Seven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average price target of $108.00.

Patrick Industries Price Performance

PATK opened at $106.47 on Thursday. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $116.78. The company has a 50 day moving average of $104.78 and a two-hundred day moving average of $97.66. The company has a market cap of $3.54 billion, a P/E ratio of 28.85, a P/E/G ratio of 1.40 and a beta of 1.33.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, October 30th. The construction company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.95 by $0.06. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The company had revenue of $975.63 million for the quarter, compared to analyst estimates of $900.35 million. During the same period last year, the company posted $1.80 earnings per share. The firm’s revenue was up 6.1% compared to the same quarter last year. On average, analysts expect that Patrick Industries, Inc. will post 5.33 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 8th. Shareholders of record on Monday, August 25th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Monday, August 25th. Patrick Industries’s dividend payout ratio is currently 45.71%.

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.