Carmel Capital Partners LLC Sells 280 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Carmel Capital Partners LLC lessened its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 9.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,765 shares of the construction company’s stock after selling 280 shares during the period. Carmel Capital Partners LLC’s holdings in Patrick Industries were worth $394,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Assetmark Inc. raised its holdings in Patrick Industries by 1,589.0% during the third quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock worth $938,000 after acquiring an additional 6,197 shares in the last quarter. Fiera Capital Corp bought a new stake in Patrick Industries in the third quarter valued at approximately $27,888,000. Principal Financial Group Inc. raised its stake in Patrick Industries by 2.1% in the third quarter. Principal Financial Group Inc. now owns 111,952 shares of the construction company’s stock valued at $15,939,000 after buying an additional 2,275 shares during the period. Amalgamated Bank raised its stake in Patrick Industries by 2.1% in the third quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock valued at $936,000 after buying an additional 136 shares during the period. Finally, Janney Montgomery Scott LLC raised its stake in Patrick Industries by 2.3% in the third quarter. Janney Montgomery Scott LLC now owns 20,137 shares of the construction company’s stock valued at $2,867,000 after buying an additional 451 shares during the period. Institutional investors own 93.29% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on PATK. BMO Capital Markets upped their price objective on Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Robert W. Baird upped their target price on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. KeyCorp upped their target price on Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Benchmark reaffirmed a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a research report on Monday, November 4th. Finally, DA Davidson upped their target price on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $139.88.

Insider Activity

In other news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at approximately $3,091,283.49. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of Patrick Industries stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the transaction, the director now directly owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,411 shares of company stock worth $3,858,915. Insiders own 4.70% of the company’s stock.

Patrick Industries Stock Down 0.7 %

NASDAQ PATK opened at $125.84 on Friday. The business has a fifty day moving average price of $135.97 and a two-hundred day moving average price of $122.38. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. Patrick Industries, Inc. has a fifty-two week low of $75.01 and a fifty-two week high of $148.35. The stock has a market capitalization of $2.82 billion, a PE ratio of 18.08, a PEG ratio of 1.38 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.03). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The business had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. During the same quarter in the previous year, the company earned $1.81 earnings per share. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities analysts expect that Patrick Industries, Inc. will post 6.42 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend was Monday, August 26th. Patrick Industries’s payout ratio is 31.61%.

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.