Bank of New York Mellon Corp Boosts Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Bank of New York Mellon Corp boosted its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 27.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 329,617 shares of the construction company's stock after purchasing an additional 71,493 shares during the quarter. Bank of New York Mellon Corp owned about 0.98% of Patrick Industries worth $27,385,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Copeland Capital Management LLC lifted its holdings in shares of Patrick Industries by 536.5% in the 4th quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company's stock worth $29,976,000 after purchasing an additional 304,119 shares in the last quarter. Fiera Capital Corp acquired a new position in Patrick Industries during the third quarter worth $27,888,000. Brightline Capital Management LLC bought a new position in shares of Patrick Industries in the third quarter valued at $14,806,000. Tributary Capital Management LLC grew its holdings in shares of Patrick Industries by 49.8% during the fourth quarter. Tributary Capital Management LLC now owns 306,796 shares of the construction company's stock valued at $25,489,000 after buying an additional 101,949 shares during the last quarter. Finally, Argent Capital Management LLC increased its position in shares of Patrick Industries by 48.8% during the fourth quarter. Argent Capital Management LLC now owns 224,636 shares of the construction company's stock worth $18,663,000 after acquiring an additional 73,632 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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Patrick Industries Stock Performance

NASDAQ PATK traded up $0.02 during trading hours on Wednesday, reaching $85.21. 302,893 shares of the company were exchanged, compared to its average volume of 319,238. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $2.87 billion, a P/E ratio of 20.71, a P/E/G ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90. The business's 50 day simple moving average is $91.04 and its 200-day simple moving average is $89.90.

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

Patrick Industries Announces Dividend

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

Wall Street Analyst Weigh In

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

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.