Patrick Industries, Inc. $PATK Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its position in Patrick Industries, Inc. (NASDAQ:PATK) by 0.7% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 315,455 shares of the construction company’s stock after selling 2,081 shares during the quarter. Bank of New York Mellon Corp’s holdings in Patrick Industries were worth $29,107,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PATK. Nuveen LLC purchased a new stake in shares of Patrick Industries during the first quarter worth about $33,735,000. Vanguard Group Inc. boosted its holdings in Patrick Industries by 4.2% in the first quarter. Vanguard Group Inc. now owns 2,423,512 shares of the construction company’s stock valued at $204,932,000 after purchasing an additional 97,250 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in Patrick Industries during the 1st quarter valued at approximately $6,075,000. Copeland Capital Management LLC increased its holdings in Patrick Industries by 16.8% during the 2nd quarter. Copeland Capital Management LLC now owns 410,343 shares of the construction company’s stock worth $37,862,000 after purchasing an additional 58,987 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in Patrick Industries by 27.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 165,330 shares of the construction company’s stock worth $15,255,000 after purchasing an additional 35,447 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on PATK shares. Loop Capital started coverage on shares of Patrick Industries in a research report on Friday, October 31st. They set a “hold” rating and a $99.00 price target for the company. KeyCorp increased their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, October 31st. Benchmark boosted their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Truist Financial set a $114.00 target price on shares of Patrick Industries and gave the company a “buy” rating in a research note on Wednesday, October 15th. Finally, Raymond James Financial increased their price target on shares of Patrick Industries from $95.00 to $109.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. Seven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus target price of $108.00.

Patrick Industries Trading Down 1.2%

Patrick Industries stock opened at $100.00 on Friday. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $116.78. The firm’s 50-day moving average is $103.53 and its 200-day moving average is $98.72. 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 $3.33 billion, a P/E ratio of 27.10, a PEG 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 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.06. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The firm had revenue of $975.63 million for the quarter, compared to analyst estimates of $900.35 million. During the same quarter in the prior year, the business earned $1.80 earnings per share. Patrick Industries’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Insider Buying and Selling

In other Patrick Industries news, Director Michael A. Kitson sold 4,572 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $112.67, for a total value of $515,127.24. Following the sale, the director directly owned 11,850 shares of the company’s stock, valued at $1,335,139.50. This trade represents a 27.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.70% of the stock is currently owned by insiders.

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.