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First National Bank of Omaha Sells 2,828 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Defense World · Sep 17, 2022 04:21

First National Bank of Omaha trimmed its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK – Get Rating) by 26.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,969 shares of the construction company's stock after selling 2,828 shares during the quarter. First National Bank of Omaha's holdings in Patrick Industries were worth $481,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Nomura Holdings Inc. lifted its position in shares of Patrick Industries by 1,065.2% during the first quarter. Nomura Holdings Inc. now owns 92,189 shares of the construction company's stock worth $5,629,000 after purchasing an additional 84,277 shares during the last quarter. Delphia USA Inc. bought a new stake in shares of Patrick Industries in the first quarter valued at about $211,000. Captrust Financial Advisors raised its holdings in shares of Patrick Industries by 80.2% in the first quarter. Captrust Financial Advisors now owns 1,656 shares of the construction company's stock valued at $100,000 after acquiring an additional 737 shares in the last quarter. State Street Corp raised its holdings in shares of Patrick Industries by 3.8% in the first quarter. State Street Corp now owns 760,855 shares of the construction company's stock valued at $45,880,000 after acquiring an additional 27,636 shares in the last quarter. Finally, Prelude Capital Management LLC raised its holdings in shares of Patrick Industries by 54.4% in the first quarter. Prelude Capital Management LLC now owns 6,868 shares of the construction company's stock valued at $414,000 after acquiring an additional 2,421 shares in the last quarter. 89.86% of the stock is currently owned by institutional investors.

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Analyst Ratings Changes

Several research firms recently weighed in on PATK. Truist Financial decreased their price objective on Patrick Industries to $75.00 in a report on Thursday, May 26th. TheStreet downgraded shares of Patrick Industries from a "b-" rating to a "c+" rating in a report on Thursday, July 14th. KeyCorp boosted their target price on shares of Patrick Industries from $65.00 to $68.00 and gave the stock an "overweight" rating in a report on Monday, August 1st. DA Davidson began coverage on shares of Patrick Industries in a report on Friday, August 26th. They issued a "neutral" rating and a $65.00 target price for the company. Finally, StockNews.com downgraded shares of Patrick Industries from a "buy" rating to a "hold" rating in a report on Tuesday, May 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $72.20.

Insider Transactions at Patrick Industries

In related news, Chairman Todd M. Cleveland sold 20,000 shares of the company's stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $63.42, for a total value of $1,268,400.00. Following the sale, the chairman now owns 131,737 shares in the company, valued at $8,354,760.54. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 6.10% of the company's stock.

Patrick Industries Price Performance

Shares of PATK stock opened at $47.83 on Friday. Patrick Industries, Inc. has a fifty-two week low of $46.44 and a fifty-two week high of $88.79. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 3.32, a PEG ratio of 0.42 and a beta of 1.95. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.02 and a current ratio of 2.58. The stock's 50-day simple moving average is $56.37 and its 200-day simple moving average is $59.13.

Patrick Industries (NASDAQ:PATK – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The construction company reported $5.31 earnings per share for the quarter, topping analysts' consensus estimates of $3.42 by $1.89. Patrick Industries had a return on equity of 45.44% and a net margin of 6.92%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.23 billion. As a group, equities analysts forecast that Patrick Industries, Inc. will post 13.59 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Monday, August 29th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, August 26th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.76%. Patrick Industries's payout ratio is 9.17%.

Patrick Industries Profile

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Patrick Industries, Inc manufactures and distributes components, building products, and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.