Patrick Industries, Inc. (NASDAQ:PATK) Shares Sold by Royce & Associates LP

Royce & Associates LP lowered its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 25.6% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 76,195 shares of the construction company’s stock after selling 26,267 shares during the quarter. Royce & Associates LP’s holdings in Patrick Industries were worth $10,848,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Patrick Industries during the 2nd quarter valued at approximately $41,000. Sound Income Strategies LLC acquired a new stake in Patrick Industries during the third quarter worth about $46,000. GAMMA Investing LLC lifted its holdings in shares of Patrick Industries by 76.2% in the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after purchasing an additional 205 shares during the last quarter. UMB Bank n.a. lifted its stake in Patrick Industries by 176.6% in the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after buying an additional 362 shares during the last quarter. Finally, nVerses Capital LLC bought a new stake in Patrick Industries in the 3rd quarter valued at about $157,000. Institutional investors own 93.29% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. BMO Capital Markets lifted their target price on Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday. 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 report on Friday, August 2nd. Truist Financial boosted their target price on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, KeyCorp increased their price target on Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus target price of $139.88.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $128.50 on Friday. The company has a market capitalization of $2.88 billion, a PE ratio of 18.46, a price-to-earnings-growth ratio of 1.40 and a beta of 1.62. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. The stock has a fifty day moving average of $136.41 and a 200-day moving average of $123.36. Patrick Industries, Inc. has a one year low of $80.62 and a one year high of $148.35.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). The company had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.81 EPS. As a group, equities analysts anticipate that Patrick Industries, Inc. will post 6.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s 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 sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at $3,091,283.49. This trade represents a 7.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the transaction, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. The trade was a 12.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,411 shares of company stock worth $3,858,915 over the last ninety days. 4.70% of the stock is currently owned by company insiders.

About Patrick Industries

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.