F M Investments LLC Raises Stake in Patrick Industries, Inc. (NASDAQ:PATK)

F M Investments LLC increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 1,607.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,712 shares of the construction company's stock after purchasing an additional 36,445 shares during the quarter. F M Investments LLC owned 0.12% of Patrick Industries worth $3,216,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of PATK. Bessemer Group Inc. grew its stake in Patrick Industries by 489.2% during the fourth quarter. Bessemer Group Inc. now owns 3,258 shares of the construction company's stock worth $271,000 after purchasing an additional 2,705 shares during the period. Raymond James Financial Inc. bought a new position in shares of Patrick Industries in the fourth quarter valued at approximately $16,983,000. Legal & General Group Plc boosted its holdings in shares of Patrick Industries by 50.7% in the 4th quarter. Legal & General Group Plc now owns 85,534 shares of the construction company's stock worth $7,106,000 after buying an additional 28,780 shares during the last quarter. Invesco Ltd. increased its position in Patrick Industries by 61.6% in the fourth quarter. Invesco Ltd. now owns 709,140 shares of the construction company's stock worth $58,915,000 after buying an additional 270,266 shares during the last quarter. Finally, Bank of Montreal Can lifted its holdings in Patrick Industries by 68.7% during the fourth quarter. Bank of Montreal Can now owns 3,868 shares of the construction company's stock valued at $321,000 after purchasing an additional 1,575 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PATK has been the topic of several recent research reports. StockNews.com lowered Patrick Industries from a "hold" rating to a "sell" rating in a research report on Thursday, January 16th. Baird R W cut Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. KeyCorp raised their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research report on Friday, February 7th. Raymond James lifted their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a report on Friday, February 7th. Finally, Truist Financial decreased their price target on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a research note on Monday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Patrick Industries presently has a consensus rating of "Moderate Buy" and an average price target of $98.04.

Insider Buying and Selling

In other news, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the sale, the executive vice president now owns 18,044 shares in the company, valued at $1,543,303.32. This represents a 13.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director M Scott Welch purchased 2,500 shares of the business's stock in a transaction on Thursday, March 13th. The shares were acquired at an average cost of $84.62 per share, with a total value of $211,550.00. Following the acquisition, the director now directly owns 2,961 shares in the company, valued at approximately $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 4.70% of the company's stock.

Patrick Industries Stock Performance

Shares of NASDAQ PATK traded up $0.25 during mid-day trading on Wednesday, hitting $79.93. The company had a trading volume of 54,127 shares, compared to its average volume of 335,484. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of 19.40, a PEG ratio of 1.41 and a beta of 2.17. The firm's 50 day simple moving average is $86.79 and its two-hundred day simple moving average is $88.68.

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

Patrick Industries Dividend Announcement

The firm also recently announced 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 yield of 2.00%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries's payout ratio is 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.