Patrick Industries, Inc. $PATK Shares Sold by Voya Investment Management LLC

Voya Investment Management LLC lessened its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 34.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 128,175 shares of the construction company’s stock after selling 67,896 shares during the quarter. Voya Investment Management LLC’s holdings in Patrick Industries were worth $13,257,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Strs Ohio purchased a new stake in shares of Patrick Industries in the first quarter valued at about $42,000. Smartleaf Asset Management LLC raised its holdings in shares of Patrick Industries by 27.0% in the first quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company’s stock worth $63,000 after acquiring an additional 160 shares during the last quarter. AlphaQuest LLC purchased a new stake in shares of Patrick Industries in the first quarter valued at $87,000. EverSource Wealth Advisors LLC boosted its stake in shares of Patrick Industries by 671.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,157 shares of the construction company’s stock valued at $107,000 after acquiring an additional 1,007 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its position in Patrick Industries by 12.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,519 shares of the construction company’s stock worth $140,000 after purchasing an additional 163 shares in the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Stock Up 1.3%

PATK opened at $112.14 on Tuesday. The firm has a 50 day moving average price of $105.09 and a 200 day moving average price of $103.05. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $116.78. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.86 and a current ratio of 2.34. The company has a market cap of $3.73 billion, a PE ratio of 32.04, a price-to-earnings-growth ratio of 1.47 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The firm had revenue of $975.63 million during the quarter, compared to analysts’ expectations of $900.35 million. Patrick Industries had a net margin of 3.11% and a return on equity of 12.44%. The firm’s revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.80 EPS. Sell-side analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were paid a dividend of $0.47 per share. This is an increase from Patrick Industries’s previous quarterly dividend of $0.40. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Monday, December 1st. Patrick Industries’s payout ratio is 53.71%.

Wall Street Analysts Forecast Growth

PATK has been the topic of several analyst reports. BMO Capital Markets reaffirmed an “outperform” rating and set a $115.00 price target on shares of Patrick Industries in a research note on Friday, October 31st. Weiss Ratings downgraded shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Roth Capital set a $115.00 target price on shares of Patrick Industries and gave the stock a “buy” rating in a research report on Friday, October 31st. Benchmark boosted their price target on Patrick Industries from $110.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Finally, KeyCorp restated an “overweight” rating and set a $120.00 price objective (up previously from $115.00) on shares of Patrick Industries in a report on Wednesday, December 10th. Seven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $108.56.

Insider Transactions at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total value of $2,875,000.00. Following the transaction, the chief executive officer owned 301,641 shares in the company, valued at $34,688,715. The trade was a 7.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.70% of the stock is owned by company insiders.

Patrick Industries Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.