KFG Wealth Management LLC Cuts Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

KFG Wealth Management LLC trimmed its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 33.9% in the fourth quarter, HoldingsChannel reports. The fund owned 7,096 shares of the construction company’s stock after selling 3,635 shares during the period. KFG Wealth Management LLC’s holdings in Patrick Industries were worth $712,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PATK. Millennium Management LLC lifted its holdings in shares of Patrick Industries by 908.3% in the 2nd quarter. Millennium Management LLC now owns 384,664 shares of the construction company’s stock worth $19,941,000 after acquiring an additional 346,513 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Patrick Industries by 39.7% in the 4th quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock worth $104,972,000 after acquiring an additional 297,381 shares during the last quarter. Norges Bank bought a new stake in shares of Patrick Industries in the 4th quarter worth approximately $13,444,000. BlackRock Inc. lifted its holdings in shares of Patrick Industries by 5.8% in the 1st quarter. BlackRock Inc. now owns 3,691,563 shares of the construction company’s stock worth $222,602,000 after acquiring an additional 201,274 shares during the last quarter. Finally, Chartwell Investment Partners LLC bought a new stake in shares of Patrick Industries in the 4th quarter worth approximately $7,057,000. 93.29% of the stock is currently owned by institutional investors.

Insider Activity at Patrick Industries

In other news, Director Michael A. Kitson sold 3,290 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $110.87, for a total transaction of $364,762.30. Following the sale, the director now owns 8,553 shares of the company’s stock, valued at approximately $948,271.11. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Andy L. Nemeth sold 10,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 289,619 shares in the company, valued at approximately $33,306,185. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael A. Kitson sold 3,290 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the completion of the transaction, the director now owns 8,553 shares in the company, valued at approximately $948,271.11. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 48,873 shares of company stock valued at $5,681,957. 4.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PATK has been the subject of a number of recent research reports. Roth Mkm boosted their price objective on shares of Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, February 9th. StockNews.com lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. KeyCorp upped their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, February 9th. Finally, Truist Financial reiterated a “buy” rating and set a $130.00 price target on shares of Patrick Industries in a report on Friday, April 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus target price of $103.00.

Patrick Industries Trading Up 0.7 %

NASDAQ PATK traded up $0.76 during trading on Friday, hitting $103.40. The company had a trading volume of 128,629 shares, compared to its average volume of 171,457. The company has a current ratio of 2.38, a quick ratio of 0.73 and a debt-to-equity ratio of 0.97. Patrick Industries, Inc. has a one year low of $63.57 and a one year high of $123.58. The company has a market cap of $2.32 billion, a price-to-earnings ratio of 15.88, a price-to-earnings-growth ratio of 0.67 and a beta of 1.72. The company’s fifty day moving average is $113.23 and its 200-day moving average is $96.65.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.39 by $0.10. The business had revenue of $781.20 million during the quarter, compared to analyst estimates of $780.97 million. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The company’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.82 EPS. On average, sell-side analysts predict that Patrick Industries, Inc. will post 8 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Tuesday, February 20th were given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 2.13%. The ex-dividend date was Friday, February 16th. Patrick Industries’s dividend payout ratio (DPR) is 33.79%.

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.