Argent Capital Management LLC Raises Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Argent Capital Management LLC boosted its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 758.4% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 151,004 shares of the construction company's stock after acquiring an additional 133,413 shares during the quarter. Argent Capital Management LLC owned about 0.67% of Patrick Industries worth $21,498,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Patrick Industries during the 2nd quarter valued at about $41,000. Sound Income Strategies LLC purchased a new position in shares of Patrick Industries during the 3rd quarter valued at about $46,000. GAMMA Investing LLC raised its stake in shares of Patrick Industries by 76.2% during the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company's stock valued at $67,000 after buying an additional 205 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Patrick Industries by 176.6% during the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company's stock valued at $81,000 after buying an additional 362 shares during the last quarter. Finally, nVerses Capital LLC purchased a new position in shares of Patrick Industries during the 3rd quarter valued at about $157,000. Institutional investors and hedge funds own 93.29% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on PATK shares. BMO Capital Markets lifted their price objective on Patrick Industries from $125.00 to $135.00 and gave the company an "outperform" rating in a research note on Friday, August 2nd. Robert W. Baird lifted their price target on Patrick Industries from $120.00 to $128.00 and gave the company an "outperform" rating in a research note on Friday, August 2nd. Raymond James assumed coverage on Patrick Industries in a research note on Tuesday, October 1st. They issued an "outperform" rating and a $160.00 price target for the company. KeyCorp lifted their price target on Patrick Industries from $135.00 to $150.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, Truist Financial lifted their price target on Patrick Industries from $150.00 to $165.00 and gave the company a "buy" rating in a research note on Friday, September 20th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $140.38.

Insider Transactions at Patrick Industries

In other news, COO Hugo E. Gonzalez sold 1,911 shares of the business's stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Todd M. Cleveland sold 7,500 shares of the business's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the transaction, the director now directly owns 82,374 shares in the company, valued at $10,795,112.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of the business's stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,411 shares of company stock worth $3,858,915 in the last ninety days. Insiders own 4.70% of the company's stock.

Patrick Industries Price Performance

NASDAQ:PATK traded up $1.08 during trading hours on Thursday, hitting $135.22. 191,749 shares of the stock were exchanged, compared to its average volume of 177,460. Patrick Industries, Inc. has a 52-week low of $70.15 and a 52-week high of $148.35. The firm's fifty day moving average price is $136.15 and its 200 day moving average price is $120.77. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19. The company has a market cap of $3.03 billion, a P/E ratio of 19.87, a P/E/G ratio of 1.25 and a beta of 1.61.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, topping the consensus estimate of $2.05 by $0.11. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $972.06 million. During the same period in the previous year, the business earned $1.94 EPS. Patrick Industries's quarterly revenue was up 10.8% on a year-over-year basis. As a group, equities research analysts anticipate that Patrick Industries, Inc. will post 7.26 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Monday, August 26th. Patrick Industries's dividend payout ratio is currently 32.59%.

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.