Patrick Industries, Inc. (NASDAQ:PATK) Shares Acquired by 1ST Source Bank

1ST Source Bank raised its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 48.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 131,650 shares of the construction company's stock after purchasing an additional 42,883 shares during the period. Patrick Industries accounts for about 0.6% of 1ST Source Bank's portfolio, making the stock its 21st biggest position. 1ST Source Bank owned about 0.39% of Patrick Industries worth $10,938,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of PATK. Crossmark Global Holdings Inc. purchased a new stake in Patrick Industries during the 3rd quarter valued at $236,000. Victory Capital Management Inc. raised its stake in shares of Patrick Industries by 16.1% in the third quarter. Victory Capital Management Inc. now owns 43,077 shares of the construction company's stock valued at $6,133,000 after acquiring an additional 5,960 shares during the period. Natixis Advisors LLC lifted its holdings in shares of Patrick Industries by 16.6% in the 3rd quarter. Natixis Advisors LLC now owns 17,827 shares of the construction company's stock worth $2,538,000 after acquiring an additional 2,544 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Patrick Industries by 21.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company's stock worth $112,000 after purchasing an additional 139 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in Patrick Industries in the 3rd quarter worth about $2,887,000. 93.29% of the stock is owned by institutional investors.

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Insider Activity

In other Patrick Industries news, Director M Scott Welch acquired 10,000 shares of the firm's stock in a transaction dated Tuesday, March 11th. The stock was purchased at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the acquisition, the director now owns 136,000 shares in the company, valued at approximately $11,725,920. This trade represents a 7.94 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the business's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the transaction, the executive vice president now owns 18,044 shares in the company, valued at approximately $1,543,303.32. This trade represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.70% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PATK. StockNews.com lowered Patrick Industries from a "hold" rating to a "sell" rating in a research report on Thursday, January 16th. KeyCorp upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, February 7th. Truist Financial lifted their target price on Patrick Industries from $115.00 to $120.00 and gave the stock a "buy" rating in a research report on Monday, February 10th. Benchmark raised their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Finally, Raymond James boosted their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $97.96.

Patrick Industries Stock Up 0.7 %

Shares of PATK traded up $0.57 during mid-day trading on Friday, hitting $85.08. The company's stock had a trading volume of 774,541 shares, compared to its average volume of 315,893. The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of 20.65, a PEG ratio of 1.41 and a beta of 2.37. The company's 50-day moving average is $91.24 and its 200-day moving average is $89.75. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. On average, equities research analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.88%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's payout ratio is 38.83%.

Patrick Industries Company 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.