WealthTrust Axiom LLC Grows Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

WealthTrust Axiom LLC lifted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 6.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,582 shares of the construction company’s stock after purchasing an additional 375 shares during the quarter. WealthTrust Axiom LLC’s holdings in Patrick Industries were worth $661,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PATK. GAMMA Investing LLC purchased a new stake in shares of Patrick Industries during the fourth quarter worth approximately $35,000. Carmel Capital Partners LLC purchased a new stake in shares of Patrick Industries during the third quarter worth approximately $44,000. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Patrick Industries by 21.6% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock worth $102,000 after purchasing an additional 238 shares during the last quarter. Xponance Inc. purchased a new stake in shares of Patrick Industries during the fourth quarter worth approximately $203,000. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Patrick Industries during the third quarter worth approximately $243,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Price Performance

Patrick Industries stock traded down $2.69 during trading hours on Tuesday, hitting $104.48. The stock had a trading volume of 94,445 shares, compared to its average volume of 165,696. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.38 and a quick ratio of 0.73. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of 16.46, a PEG ratio of 0.66 and a beta of 1.72. Patrick Industries, Inc. has a 1-year low of $63.57 and a 1-year high of $123.58. The stock’s fifty day moving average is $112.60 and its two-hundred day moving average is $98.59.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.10. The company had revenue of $781.20 million for the quarter, compared to analyst estimates of $780.97 million. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. Patrick Industries’s revenue was down 17.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.82 earnings per share. As a group, analysts predict that Patrick Industries, Inc. will post 8 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.11%. The ex-dividend date was Friday, February 16th. Patrick Industries’s dividend payout ratio (DPR) is 33.79%.

Insider Buying and Selling at Patrick Industries

In other news, insider Kip B. Ellis sold 7,462 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $121.99, for a total value of $910,289.38. Following the sale, the insider now directly owns 101,316 shares in the company, valued at $12,359,538.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Kip B. Ellis sold 7,462 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $121.99, for a total value of $910,289.38. Following the sale, the insider now directly owns 101,316 shares in the company, valued at $12,359,538.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Andy L. Nemeth sold 10,000 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $115.00, for a total value of $1,150,000.00. Following the completion of the sale, the chief executive officer now owns 289,619 shares in the company, valued at $33,306,185. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,873 shares of company stock valued at $5,681,957. Insiders own 4.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Roth Mkm upped their price objective on Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Truist Financial reaffirmed a “buy” rating and set a $130.00 price objective on shares of Patrick Industries in a report on Friday, April 12th. KeyCorp upped their price objective on Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, February 9th. Finally, StockNews.com lowered Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average price target of $103.00.

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.