Hsbc Holdings PLC Purchases 1,594 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Hsbc Holdings PLC increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 57.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,348 shares of the construction company’s stock after buying an additional 1,594 shares during the period. Hsbc Holdings PLC’s holdings in Patrick Industries were worth $469,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. US Bancorp DE raised its stake in Patrick Industries by 1.3% during the 4th quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock valued at $770,000 after purchasing an additional 95 shares during the last quarter. FORA Capital LLC raised its stake in Patrick Industries by 2.9% during the 1st quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock valued at $537,000 after purchasing an additional 128 shares during the last quarter. SummerHaven Investment Management LLC raised its stake in Patrick Industries by 1.5% during the 2nd quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock valued at $977,000 after purchasing an additional 135 shares during the last quarter. BOKF NA raised its stake in Patrick Industries by 3.7% during the 2nd quarter. BOKF NA now owns 4,848 shares of the construction company’s stock valued at $526,000 after purchasing an additional 172 shares during the last quarter. Finally, Arizona State Retirement System raised its stake in Patrick Industries by 3.1% during the 2nd quarter. Arizona State Retirement System now owns 5,957 shares of the construction company’s stock valued at $647,000 after purchasing an additional 178 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PATK shares. Robert W. Baird increased their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. BMO Capital Markets lifted their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. DA Davidson lifted their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Truist Financial lifted their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a report on Friday, September 20th. Finally, Benchmark reissued a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a report on Tuesday, September 17th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $138.50.

Insider Buying and Selling

In related news, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the transaction, the insider now owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the sale, the insider now directly owns 139,109 shares in the company, valued at approximately $18,274,749.33. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock valued at $3,858,915 in the last 90 days. 4.70% of the stock is owned by insiders.

Patrick Industries Trading Up 1.4 %

PATK opened at $144.32 on Wednesday. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $3.23 billion, a PE ratio of 21.38, a PEG ratio of 1.15 and a beta of 1.62. Patrick Industries, Inc. has a 1-year low of $70.15 and a 1-year high of $147.80. The firm has a 50-day moving average price of $129.48 and a two-hundred day moving average price of $117.62.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $972.06 million. During the same quarter last year, the company posted $1.94 EPS. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, equities analysts anticipate that Patrick Industries, Inc. will post 7.32 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.52%. The ex-dividend date was Monday, August 26th. Patrick Industries’s payout ratio is 32.59%.

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.