Victory Capital Management Inc. Sells 639 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Victory Capital Management Inc. reduced its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 1.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 42,438 shares of the construction company’s stock after selling 639 shares during the quarter. Victory Capital Management Inc.’s holdings in Patrick Industries were worth $3,526,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Copeland Capital Management LLC boosted its position in shares of Patrick Industries by 536.5% during the fourth quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company’s stock valued at $29,976,000 after purchasing an additional 304,119 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Patrick Industries by 55.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock valued at $45,592,000 after purchasing an additional 195,138 shares in the last quarter. Brightline Capital Management LLC bought a new stake in shares of Patrick Industries during the third quarter valued at approximately $14,806,000. Tributary Capital Management LLC boosted its position in shares of Patrick Industries by 49.8% during the fourth quarter. Tributary Capital Management LLC now owns 306,796 shares of the construction company’s stock valued at $25,489,000 after purchasing an additional 101,949 shares in the last quarter. Finally, Argent Capital Management LLC boosted its position in shares of Patrick Industries by 48.8% during the fourth quarter. Argent Capital Management LLC now owns 224,636 shares of the construction company’s stock valued at $18,663,000 after purchasing an additional 73,632 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PATK. Truist Financial lifted their price target on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, February 10th. KeyCorp lifted their price target on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Raymond James lifted their price objective on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Finally, Benchmark lifted their price objective on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. One 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $97.96.

Patrick Industries Stock Up 2.9 %

PATK stock opened at $85.70 on Monday. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The business has a fifty day moving average price of $91.16 and a 200-day moving average price of $89.85. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The stock has a market capitalization of $2.88 billion, a P/E ratio of 20.80, a P/E/G ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Equities analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.87%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is currently 38.83%.

Insider Transactions at Patrick Industries

In related news, EVP Stacey L. Neu sold 2,885 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the sale, the executive vice president now owns 18,044 shares in the company, valued at approximately $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director M Scott Welch acquired 10,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, March 11th. The shares were purchased at an average price of $86.22 per share, with a total value of $862,200.00. Following the transaction, the director now owns 136,000 shares of the company’s stock, valued at $11,725,920. The trade was a 7.94 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 4.70% of the company’s stock.

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.