23,385 Shares in Patrick Industries, Inc. $PATK Acquired by Mairs & Power Inc.

Mairs & Power Inc. purchased a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the third quarter, Holdings Channel.com reports. The firm purchased 23,385 shares of the construction company’s stock, valued at approximately $2,419,000.

Other large investors have also recently made changes to their positions in the company. Salomon & Ludwin LLC bought a new stake in shares of Patrick Industries in the 3rd quarter worth approximately $25,000. Cornerstone Planning Group LLC purchased a new position in Patrick Industries in the 3rd quarter worth $31,000. Parkside Financial Bank & Trust lifted its stake in Patrick Industries by 87.5% in the third quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock worth $49,000 after purchasing an additional 223 shares during the last quarter. Strs Ohio bought a new stake in Patrick Industries in the first quarter worth $42,000. Finally, Quent Capital LLC bought a new stake in Patrick Industries during the 3rd quarter valued at $66,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John A. Forbes sold 2,704 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $140.75, for a total transaction of $380,588.00. Following the transaction, the director directly owned 49,272 shares of the company’s stock, valued at $6,935,034. This represents a 5.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Stacey L. Amundson sold 3,903 shares of the firm’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $145.61, for a total value of $568,315.83. Following the completion of the transaction, the executive vice president directly owned 12,819 shares in the company, valued at $1,866,574.59. The trade was a 23.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders purchased 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 corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Roth Mkm reissued a “buy” rating and issued a $157.00 price target on shares of Patrick Industries in a report on Monday, February 9th. Weiss Ratings raised shares of Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Truist Financial set a $126.00 target price on Patrick Industries in a research note on Friday, January 9th. Wall Street Zen downgraded Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $155.00 price target on shares of Patrick Industries in a research report on Friday, February 6th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $135.13.

Patrick Industries Stock Up 0.4%

NASDAQ:PATK opened at $114.74 on Tuesday. Patrick Industries, Inc. has a fifty-two week low of $72.99 and a fifty-two week high of $148.50. The firm has a market cap of $3.81 billion, a P/E ratio of 29.35 and a beta of 1.33. The firm has a 50-day simple moving average of $127.49 and a two-hundred day simple moving average of $113.66. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51.

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

Patrick Industries Dividend Announcement

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

Patrick Industries Company Profile

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.