KFG Wealth Management LLC Sells 3,635 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

KFG Wealth Management LLC lowered its position in Patrick Industries, Inc. (NASDAQ:PATK) by 33.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,096 shares of the construction company’s stock after selling 3,635 shares during the period. KFG Wealth Management LLC’s holdings in Patrick Industries were worth $712,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in PATK. Millennium Management LLC increased its holdings in Patrick Industries by 908.3% during the 2nd quarter. Millennium Management LLC now owns 384,664 shares of the construction company’s stock worth $19,941,000 after purchasing an additional 346,513 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Patrick Industries by 39.7% during the 4th quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock worth $104,972,000 after purchasing an additional 297,381 shares in the last quarter. Norges Bank bought a new position in Patrick Industries during the 4th quarter worth about $13,444,000. BlackRock Inc. increased its holdings in Patrick Industries by 5.8% during the 1st quarter. BlackRock Inc. now owns 3,691,563 shares of the construction company’s stock worth $222,602,000 after purchasing an additional 201,274 shares in the last quarter. Finally, Chartwell Investment Partners LLC bought a new position in Patrick Industries during the 4th quarter worth about $7,057,000. Institutional investors own 93.29% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. KeyCorp raised their price objective on Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, February 9th. Roth Mkm raised their price objective on Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a report on Friday, February 9th. Truist Financial restated a “buy” rating and issued a $130.00 price objective on shares of Patrick Industries in a report on Friday, April 12th. Finally, StockNews.com downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $103.00.

Patrick Industries Stock Performance

Shares of PATK traded up $0.76 during mid-day trading on Friday, hitting $103.40. 128,629 shares of the company’s stock were exchanged, compared to its average volume of 171,457. Patrick Industries, Inc. has a 52 week low of $63.57 and a 52 week high of $123.58. The stock’s 50-day simple moving average is $113.23 and its 200-day simple moving average is $96.65. The firm has a market cap of $2.32 billion, a price-to-earnings ratio of 15.88, a price-to-earnings-growth ratio of 0.67 and a beta of 1.72. The company has a quick ratio of 0.73, a current ratio of 2.38 and a debt-to-equity ratio of 0.97.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 4.12% and a return on equity of 14.31%. The firm’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same period last year, the firm posted $1.82 earnings per share. On average, equities research analysts expect that Patrick Industries, Inc. will post 8 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Tuesday, February 20th were paid a $0.55 dividend. The ex-dividend date of this dividend was Friday, February 16th. This represents a $2.20 dividend on an annualized basis and a yield of 2.13%. Patrick Industries’s dividend payout ratio (DPR) is 33.79%.

Insider Activity at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 10,000 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $115.00, for a total transaction of $1,150,000.00. Following the sale, the chief executive officer now owns 289,619 shares of the company’s stock, valued at $33,306,185. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Patrick Industries 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 sale, the insider now owns 101,316 shares of the company’s stock, valued at $12,359,538.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Andy L. Nemeth sold 10,000 shares of Patrick Industries stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $115.00, for a total transaction of $1,150,000.00. Following the transaction, the chief executive officer now owns 289,619 shares in the company, valued at approximately $33,306,185. The disclosure for this sale can be found here. Insiders have sold 48,873 shares of company stock valued at $5,681,957 over the last three months. 4.70% of the stock is owned by insiders.

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.