Redmont Wealth Advisors LLC Invests $828,000 in Patrick Industries, Inc. $PATK

Redmont Wealth Advisors LLC acquired a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the third quarter, HoldingsChannel reports. The fund acquired 8,002 shares of the construction company’s stock, valued at approximately $828,000. Patrick Industries accounts for about 1.1% of Redmont Wealth Advisors LLC’s investment portfolio, making the stock its 24th largest holding.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PATK. Salomon & Ludwin LLC acquired a new position in Patrick Industries in the third quarter worth approximately $25,000. Cornerstone Planning Group LLC bought a new stake in Patrick Industries in the third quarter worth approximately $31,000. Strs Ohio bought a new stake in Patrick Industries in the first quarter worth approximately $42,000. Parkside Financial Bank & Trust increased its stake in shares of Patrick Industries by 87.5% during the 3rd quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock worth $49,000 after purchasing an additional 223 shares during the last quarter. Finally, Quent Capital LLC bought a new position in shares of Patrick Industries during the 3rd quarter valued at $66,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $137.51 on Thursday. The firm’s 50-day moving average is $123.72 and its 200-day moving average is $111.96. The company has a market cap of $4.58 billion, a price-to-earnings ratio of 35.17, a PEG ratio of 1.47 and a beta of 1.34. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $148.50.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The business had revenue of $924.17 million for the quarter, compared to the consensus estimate of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period last year, the business earned $0.52 earnings per share. Equities research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 9th. Investors of record on Monday, February 23rd will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Monday, February 23rd. Patrick Industries’s dividend payout ratio is presently 48.08%.

Analyst Ratings Changes

PATK has been the subject of a number of recent research reports. BMO Capital Markets reiterated an “outperform” rating and issued a $155.00 price objective on shares of Patrick Industries in a report on Friday, February 6th. Roth Mkm reiterated a “buy” rating and set a $157.00 price target on shares of Patrick Industries in a research note on Monday, February 9th. Weiss Ratings lowered Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Loop Capital began coverage on Patrick Industries in a report on Friday, October 31st. They issued a “hold” rating and a $99.00 target price for the company. Finally, Benchmark reaffirmed a “buy” rating on shares of Patrick Industries in a research report on Friday, February 6th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and an average price target of $135.13.

Insider Transactions at Patrick Industries

In other news, Director John A. Forbes sold 2,704 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $140.75, for a total transaction of $380,588.00. Following the completion of the transaction, the director directly owned 49,272 shares of the company’s stock, valued at approximately $6,935,034. This trade represents a 5.20% decrease in their position. 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 dated Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the sale, the chief executive officer owned 301,641 shares in the company, valued at approximately $34,688,715. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 31,607 shares of company stock valued at $3,823,904 in the last ninety days. 4.40% of the stock is owned by company insiders.

Patrick Industries Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.