Congress Asset Management Co. Acquires 54,835 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Congress Asset Management Co. raised its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 60.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 144,999 shares of the construction company's stock after acquiring an additional 54,835 shares during the period. Congress Asset Management Co. owned about 0.43% of Patrick Industries worth $12,046,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of PATK. Rhumbline Advisers raised its position in Patrick Industries by 53.2% in the 4th quarter. Rhumbline Advisers now owns 94,291 shares of the construction company's stock valued at $7,835,000 after purchasing an additional 32,740 shares during the last quarter. New York State Teachers Retirement System lifted its position in Patrick Industries by 48.8% during the 4th quarter. New York State Teachers Retirement System now owns 33,434 shares of the construction company's stock worth $2,778,000 after buying an additional 10,961 shares in the last quarter. Supplemental Annuity Collective Trust of NJ grew its holdings in Patrick Industries by 50.0% during the 4th quarter. Supplemental Annuity Collective Trust of NJ now owns 7,950 shares of the construction company's stock worth $660,000 after acquiring an additional 2,650 shares during the last quarter. Bright Futures Wealth Management LLC. increased its position in Patrick Industries by 66.0% in the 4th quarter. Bright Futures Wealth Management LLC. now owns 5,771 shares of the construction company's stock valued at $479,000 after acquiring an additional 2,294 shares in the last quarter. Finally, Legato Capital Management LLC raised its stake in shares of Patrick Industries by 14.5% in the fourth quarter. Legato Capital Management LLC now owns 11,611 shares of the construction company's stock worth $965,000 after acquiring an additional 1,467 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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Insider Activity

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the business's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the transaction, the chief executive officer now owns 364,678 shares of the company's stock, valued at approximately $34,192,209.28. The trade was a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.70% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on PATK. KeyCorp raised their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research note on Friday, February 7th. Raymond James lifted their price objective on Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. Truist Financial increased their target price on Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a research note on Monday, February 10th. BMO Capital Markets boosted their target price on Patrick Industries from $100.00 to $103.33 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Finally, Benchmark upped their price target on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $97.96.

Patrick Industries Stock Performance

Patrick Industries stock traded down $2.82 during mid-day trading on Friday, hitting $90.18. 323,755 shares of the company's stock traded hands, compared to its average volume of 353,563. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90. The stock has a market cap of $3.03 billion, a price-to-earnings ratio of 21.89, a P/E/G ratio of 1.41 and a beta of 2.26. The firm has a 50 day simple moving average of $89.90 and a two-hundred day simple moving average of $89.35. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate 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, research analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.60 annualized dividend and a dividend yield of 1.77%. Patrick Industries's dividend payout ratio is presently 38.83%.

About Patrick Industries

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.