Envestnet Asset Management Inc. Acquires 12,864 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Envestnet Asset Management Inc. raised its position in Patrick Industries, Inc. (NASDAQ:PATK) by 231.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 18,432 shares of the construction company’s stock after buying an additional 12,864 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Patrick Industries were worth $1,346,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. lifted its stake in Patrick Industries by 15.0% in the 1st quarter. Russell Investments Group Ltd. now owns 44,640 shares of the construction company’s stock valued at $3,793,000 after acquiring an additional 5,815 shares in the last quarter. Level Four Advisory Services LLC lifted its stake in Patrick Industries by 80.2% in the 1st quarter. Level Four Advisory Services LLC now owns 5,360 shares of the construction company’s stock valued at $456,000 after acquiring an additional 2,386 shares in the last quarter. Geode Capital Management LLC lifted its stake in Patrick Industries by 9.3% in the 1st quarter. Geode Capital Management LLC now owns 372,722 shares of the construction company’s stock valued at $31,681,000 after acquiring an additional 31,590 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Patrick Industries by 90.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 87,218 shares of the construction company’s stock valued at $7,413,000 after acquiring an additional 41,533 shares in the last quarter. Finally, Scout Investments Inc. lifted its stake in Patrick Industries by 0.9% in the 2nd quarter. Scout Investments Inc. now owns 123,405 shares of the construction company’s stock valued at $9,009,000 after acquiring an additional 1,089 shares in the last quarter. Hedge funds and other institutional investors own 86.94% of the company’s stock.

NASDAQ:PATK opened at $77.70 on Wednesday. The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of 9.94 and a beta of 2.44. Patrick Industries, Inc. has a twelve month low of $49.90 and a twelve month high of $98.83. The stock’s 50 day moving average price is $81.23 and its two-hundred day moving average price is $83.44. The company has a quick ratio of 1.09, a current ratio of 2.32 and a debt-to-equity ratio of 1.67.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 29th. The construction company reported $2.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.83 by $0.69. The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $878.80 million. Patrick Industries had a return on equity of 30.29% and a net margin of 5.43%. As a group, analysts anticipate that Patrick Industries, Inc. will post 8.4 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, September 13th. Shareholders of record on Monday, August 30th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend was Friday, August 27th. Patrick Industries’s dividend payout ratio (DPR) is 26.67%.

In related news, Chairman Todd M. Cleveland sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 30th. The stock was sold at an average price of $85.53, for a total transaction of $85,530.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Derrick B. Mayes sold 1,200 shares of the business’s stock in a transaction that occurred on Wednesday, August 11th. The stock was sold at an average price of $87.00, for a total value of $104,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 16,200 shares of company stock worth $1,383,910 in the last ninety days. Insiders own 6.10% of the company’s stock.

Several research firms have commented on PATK. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “strong-buy” rating and set a $96.00 target price on the stock in a research note on Wednesday, August 4th. Robert W. Baird restated a “buy” rating and issued a $104.00 target price on shares of Patrick Industries in a research note on Friday, July 2nd.

Patrick Industries Profile

Patrick Industries, Inc engages in the manufacture of components products and distribution of building products for industrial markets. It operates through the following segments: Manufacturing and Distribution. The Manufacturing segment includes laminated products what are utilized to produce furniture, shelving, walls, countertops, cabinet products, cabinet doors, fiberglass bat fixtures, hardwood furniture, vinyl printing, solid surface, granite, quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components, and other products.

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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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