Envestnet Asset Management Inc. Has $15.26 Million Stock Holdings in Patrick Industries, Inc. $PATK

Envestnet Asset Management Inc. grew its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 27.3% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 165,330 shares of the construction company’s stock after acquiring an additional 35,447 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Patrick Industries were worth $15,255,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Strs Ohio bought a new stake in Patrick Industries during the first quarter worth about $42,000. Private Trust Co. NA raised its position in shares of Patrick Industries by 432.4% in the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company’s stock valued at $50,000 after buying an additional 480 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of Patrick Industries by 27.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company’s stock worth $63,000 after acquiring an additional 160 shares during the period. Covestor Ltd boosted its position in shares of Patrick Industries by 205.1% during the 1st quarter. Covestor Ltd now owns 961 shares of the construction company’s stock worth $81,000 after acquiring an additional 646 shares in the last quarter. Finally, AlphaQuest LLC bought a new position in Patrick Industries in the first quarter valued at approximately $87,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Insider Buying and Selling at Patrick Industries

In other news, insider Jeff Rodino sold 22,389 shares of the firm’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $110.32, for a total transaction of $2,469,954.48. Following the completion of the transaction, the insider owned 206,492 shares of the company’s stock, valued at approximately $22,780,197.44. This trade represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.68, for a total transaction of $2,767,000.00. Following the transaction, the chief executive officer owned 328,641 shares in the company, valued at approximately $36,373,985.88. This trade represents a 7.07% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 73,413 shares of company stock valued at $8,112,016. Insiders own 4.40% of the company’s stock.

Analysts Set New Price Targets

PATK has been the subject of several research analyst reports. Roth Capital set a $115.00 price objective on shares of Patrick Industries and gave the company a “buy” rating in a research report on Friday, October 31st. BMO Capital Markets reiterated an “outperform” rating and issued a $115.00 price target on shares of Patrick Industries in a research note on Friday, October 31st. Weiss Ratings downgraded Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Raymond James Financial raised their price objective on Patrick Industries from $95.00 to $109.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. Finally, Loop Capital assumed coverage on Patrick Industries in a research note on Friday, October 31st. They set a “hold” rating and a $99.00 target price for the company. Seven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Patrick Industries has a consensus rating of “Moderate Buy” and an average price target of $108.00.

Patrick Industries Price Performance

Shares of PATK opened at $104.13 on Friday. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. The stock has a market cap of $3.47 billion, a PE ratio of 28.22, a PEG ratio of 1.40 and a beta of 1.33. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $116.78. The business has a 50-day simple moving average of $104.62 and a two-hundred day simple moving average of $97.71.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, October 30th. The construction company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The firm had revenue of $975.63 million for the quarter, compared to analyst estimates of $900.35 million. During the same period last year, the firm posted $1.80 earnings per share. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. Analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Monday, August 25th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Monday, August 25th. Patrick Industries’s payout ratio is presently 45.71%.

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.