Redmont Wealth Advisors LLC Increases Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Redmont Wealth Advisors LLC raised its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 35.0% during the fourth quarter, HoldingsChannel reports. The firm owned 7,431 shares of the construction company’s stock after purchasing an additional 1,927 shares during the period. Patrick Industries makes up approximately 1.1% of Redmont Wealth Advisors LLC’s holdings, making the stock its 26th biggest holding. Redmont Wealth Advisors LLC’s holdings in Patrick Industries were worth $746,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Advisor Group Holdings Inc. grew its holdings in shares of Patrick Industries by 2.8% during the 1st quarter. Advisor Group Holdings Inc. now owns 5,532 shares of the construction company’s stock valued at $333,000 after purchasing an additional 149 shares during the last quarter. US Bancorp DE increased its holdings in Patrick Industries by 18.6% during the 1st quarter. US Bancorp DE now owns 2,024 shares of the construction company’s stock valued at $122,000 after purchasing an additional 317 shares during the period. Citigroup Inc. lifted its holdings in Patrick Industries by 14.7% in the 1st quarter. Citigroup Inc. now owns 22,851 shares of the construction company’s stock worth $1,378,000 after buying an additional 2,928 shares during the period. Acadian Asset Management LLC purchased a new position in shares of Patrick Industries during the first quarter valued at approximately $148,000. Finally, MetLife Investment Management LLC increased its position in Patrick Industries by 54.6% during the 1st quarter. MetLife Investment Management LLC now owns 12,506 shares of the construction company’s stock valued at $754,000 after purchasing an additional 4,417 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Insider Transactions at Patrick Industries

In other news, CEO Andy L. Nemeth sold 10,000 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was 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 directly owns 289,619 shares in the company, valued at approximately $33,306,185. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Kip B. Ellis sold 7,462 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $121.99, for a total transaction of $910,289.38. Following the completion of the sale, the insider now owns 101,316 shares of the company’s stock, valued at approximately $12,359,538.84. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Andy L. Nemeth sold 10,000 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $115.00, for a total value of $1,150,000.00. Following the completion of the sale, the chief executive officer now owns 289,619 shares of the company’s stock, valued at $33,306,185. The disclosure for this sale can be found here. Insiders sold 48,873 shares of company stock worth $5,681,957 over the last three months. 4.70% of the stock is currently owned by company insiders.

Patrick Industries Stock Down 0.2 %

NASDAQ:PATK traded down $0.20 on Friday, reaching $102.44. 60,776 shares of the stock traded hands, compared to its average volume of 170,457. The company’s fifty day simple moving average is $113.23 and its 200 day simple moving average is $96.65. Patrick Industries, Inc. has a 12 month low of $63.57 and a 12 month high of $123.58. The company has a current ratio of 2.38, a quick ratio of 0.73 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of 15.77, a PEG ratio of 0.67 and a beta of 1.72.

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

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date was Friday, February 16th. Patrick Industries’s dividend payout ratio (DPR) is 33.79%.

Analyst Ratings Changes

PATK has been the topic of a number of research analyst reports. StockNews.com downgraded Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. KeyCorp raised their price objective on Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, February 9th. Truist Financial reaffirmed a “buy” rating and issued a $130.00 target price on shares of Patrick Industries in a research report on Friday, April 12th. Finally, 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 research note on Friday, February 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $103.00.

Patrick Industries 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.