Everence Capital Management Inc. Invests $243,000 in Patrick Industries, Inc. (NASDAQ:PATK)

Everence Capital Management Inc. acquired a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 2,420 shares of the construction company’s stock, valued at approximately $243,000.

Several other institutional investors also recently bought and sold shares of PATK. Advisor Group Holdings Inc. increased its holdings in Patrick Industries by 2.8% during the 1st quarter. Advisor Group Holdings Inc. now owns 5,532 shares of the construction company’s stock worth $333,000 after purchasing an additional 149 shares during the period. 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 worth $122,000 after purchasing an additional 317 shares during the period. Citigroup Inc. increased its holdings in Patrick Industries by 14.7% during the 1st quarter. Citigroup Inc. now owns 22,851 shares of the construction company’s stock worth $1,378,000 after purchasing an additional 2,928 shares during the period. Acadian Asset Management LLC purchased a new position in Patrick Industries during the 1st quarter worth $148,000. Finally, MetLife Investment Management LLC increased its holdings 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 worth $754,000 after purchasing an additional 4,417 shares during the period. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Patrick Industries

In other news, insider Kip B. Ellis sold 18,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $115.00, for a total value of $2,070,000.00. Following the completion of the sale, the insider now owns 108,778 shares of the company’s stock, valued at approximately $12,509,470. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Patrick Industries news, insider Kip B. Ellis sold 18,000 shares of Patrick Industries stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $115.00, for a total transaction of $2,070,000.00. Following the completion of the sale, the insider now owns 108,778 shares of the company’s stock, valued at approximately $12,509,470. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Andy L. Nemeth sold 10,000 shares of Patrick Industries stock in a transaction dated 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 sale, the chief executive officer now directly owns 289,619 shares of the company’s stock, valued at approximately $33,306,185. The disclosure for this sale can be found here. Insiders sold 48,873 shares of company stock valued at $5,681,957 in the last quarter. 4.70% of the stock is currently owned by corporate insiders.

Patrick Industries Stock Down 1.5 %

Patrick Industries stock opened at $102.64 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.38 and a quick ratio of 0.73. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of 15.77, a PEG ratio of 0.67 and a beta of 1.72. Patrick Industries, Inc. has a 1-year low of $63.57 and a 1-year high of $123.58. The business has a fifty day moving average price of $113.23 and a 200-day moving average price of $96.65.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.10. The firm had revenue of $781.20 million during 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 business’s quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.82 EPS. Equities research analysts forecast that Patrick Industries, Inc. will post 8 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Stockholders of record on Tuesday, February 20th were given 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 dividend yield of 2.14%. Patrick Industries’s payout ratio is 33.79%.

Analysts Set New Price Targets

Several research analysts have commented on PATK shares. KeyCorp raised their price objective on Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, February 9th. Roth Mkm lifted their price target 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 reiterated a “buy” rating and issued a $130.00 price target on shares of Patrick Industries in a report on Friday, April 12th. Finally, StockNews.com downgraded Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Patrick Industries has an average rating of “Moderate Buy” and an average price target 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.