Mairs & Power Inc. Buys New Holdings in Patrick Industries, Inc. $PATK

Mairs & Power Inc. purchased a new position in Patrick Industries, Inc. (NASDAQ:PATK) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 23,385 shares of the construction company’s stock, valued at approximately $2,419,000. Mairs & Power Inc. owned approximately 0.07% of Patrick Industries as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Gotham Asset Management LLC lifted its holdings in shares of Patrick Industries by 24.2% in the 3rd quarter. Gotham Asset Management LLC now owns 6,204 shares of the construction company’s stock worth $642,000 after purchasing an additional 1,208 shares in the last quarter. Brevan Howard Capital Management LP acquired a new position in Patrick Industries during the third quarter worth $265,000. Creative Planning raised its holdings in Patrick Industries by 89.9% during the third quarter. Creative Planning now owns 7,303 shares of the construction company’s stock worth $755,000 after buying an additional 3,458 shares during the last quarter. Man Group plc lifted its stake in shares of Patrick Industries by 17.3% in the third quarter. Man Group plc now owns 6,217 shares of the construction company’s stock valued at $643,000 after buying an additional 917 shares in the last quarter. Finally, California State Teachers Retirement System grew its holdings in shares of Patrick Industries by 3.4% during the third quarter. California State Teachers Retirement System now owns 30,526 shares of the construction company’s stock valued at $3,157,000 after buying an additional 991 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Insiders Place Their Bets

In other news, Director John A. Forbes sold 2,704 shares of Patrick Industries stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $140.75, for a total transaction of $380,588.00. Following the completion of the sale, the director owned 49,272 shares in the company, valued at approximately $6,935,034. This trade represents a 5.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Hugo E. Gonzalez sold 13,514 shares of Patrick Industries stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $113.10, for a total transaction of $1,528,433.40. Following the sale, the chief operating officer owned 33,864 shares of the company’s stock, valued at approximately $3,830,018.40. The trade was a 28.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders bought 11,110 shares of company stock worth $1,289,895 and sold 20,121 shares worth $2,477,337. 4.70% of the stock is owned by company insiders.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $114.74 on Tuesday. The stock has a fifty day simple moving average of $127.49 and a two-hundred day simple moving average of $113.66. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $148.50. The firm has a market cap of $3.81 billion, a price-to-earnings ratio of 29.35 and a beta of 1.33. The company has a current ratio of 2.51, a quick ratio of 0.80 and a debt-to-equity ratio of 1.08.

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

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were given a dividend of $0.47 per share. The ex-dividend date was Monday, February 23rd. This represents a $1.88 annualized dividend and a dividend yield of 1.6%. Patrick Industries’s dividend payout ratio is currently 48.08%.

Analyst Ratings Changes

A number of research firms recently weighed in on PATK. Wall Street Zen lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. KeyCorp reiterated an “overweight” rating and set a $155.00 price target (up from $135.00) on shares of Patrick Industries in a research note on Friday, February 6th. Roth Mkm reissued a “buy” rating and set a $157.00 price objective on shares of Patrick Industries in a report on Monday, February 9th. Truist Financial set a $126.00 price objective on Patrick Industries in a research note on Friday, January 9th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $155.00 target price on shares of Patrick Industries in a report on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $135.13.

About Patrick Industries

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.