7,732 Shares in Patrick Industries, Inc. $PATK Purchased by TD Asset Management Inc

TD Asset Management Inc bought a new position in Patrick Industries, Inc. (NASDAQ:PATK) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 7,732 shares of the construction company’s stock, valued at approximately $800,000.

Several other hedge funds and other institutional investors have also bought and sold shares of PATK. EverSource Wealth Advisors LLC boosted its holdings in shares of Patrick Industries by 49.4% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,729 shares of the construction company’s stock valued at $179,000 after acquiring an additional 572 shares during the last quarter. Redmont Wealth Advisors LLC purchased a new position in shares of Patrick Industries during the third quarter valued at approximately $828,000. First National Bank of Omaha purchased a new position in shares of Patrick Industries during the third quarter valued at approximately $601,000. GSA Capital Partners LLP bought a new position in Patrick Industries during the third quarter valued at approximately $209,000. Finally, BTC Capital Management Inc. boosted its holdings in Patrick Industries by 18.7% in the third quarter. BTC Capital Management Inc. now owns 3,365 shares of the construction company’s stock worth $348,000 after purchasing an additional 530 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Trading Down 3.1%

Shares of PATK stock opened at $115.81 on Friday. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $148.50. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. The firm has a market capitalization of $3.85 billion, a PE ratio of 29.62, a PEG ratio of 1.26 and a beta of 1.33. The stock has a fifty day simple moving average of $126.94 and a two-hundred day simple moving average of $113.59.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The business had revenue of $924.17 million for the quarter, compared to analysts’ expectations of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The business’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period last year, the firm earned $0.52 earnings per share. On average, analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 9th. Investors of record on Monday, February 23rd will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Monday, February 23rd. Patrick Industries’s dividend payout ratio (DPR) is 48.08%.

Analyst Ratings Changes

A number of equities research analysts have commented on PATK shares. Benchmark reaffirmed a “buy” rating on shares of Patrick Industries in a research report on Friday, February 6th. KeyCorp reissued an “overweight” rating and set a $155.00 price target (up from $135.00) on shares of Patrick Industries in a report on Friday, February 6th. Weiss Ratings upgraded Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Robert W. Baird set a $140.00 price objective on Patrick Industries in a report on Friday, February 6th. Finally, Wall Street Zen upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $135.13.

Insiders Place Their Bets

In related news, Director John A. Forbes sold 2,704 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $140.75, for a total value of $380,588.00. Following the transaction, the director directly owned 49,272 shares of the company’s stock, valued at approximately $6,935,034. The trade was a 5.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Stacey L. Amundson sold 3,903 shares of the company’s stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $145.61, for a total value of $568,315.83. Following the completion of the transaction, the executive vice president owned 12,819 shares of the company’s stock, valued at $1,866,574.59. The trade was a 23.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 31,607 shares of company stock valued at $3,823,904 in the last 90 days. 4.40% of the stock is currently owned by company insiders.

Patrick Industries Company 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.