Forge First Asset Management Inc. Makes New $632,000 Investment in Patrick Industries, Inc. (NASDAQ:PATK)

Forge First Asset Management Inc. acquired a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 7,600 shares of the construction company's stock, valued at approximately $632,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. HighTower Advisors LLC boosted its holdings in Patrick Industries by 55.9% during the 4th quarter. HighTower Advisors LLC now owns 4,470 shares of the construction company's stock valued at $371,000 after acquiring an additional 1,603 shares during the period. Essex Investment Management Co. LLC raised its stake in shares of Patrick Industries by 34.4% in the fourth quarter. Essex Investment Management Co. LLC now owns 48,432 shares of the construction company's stock worth $4,024,000 after purchasing an additional 12,389 shares during the last quarter. Kendall Capital Management grew its holdings in shares of Patrick Industries by 26.1% in the fourth quarter. Kendall Capital Management now owns 2,977 shares of the construction company's stock worth $247,000 after acquiring an additional 617 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Patrick Industries by 36.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,450 shares of the construction company's stock worth $536,000 after acquiring an additional 1,726 shares during the period. Finally, Prescott Group Capital Management L.L.C. grew its holdings in Patrick Industries by 82.1% during the fourth quarter. Prescott Group Capital Management L.L.C. now owns 25,545 shares of the construction company's stock valued at $2,122,000 after purchasing an additional 11,515 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PATK shares. KeyCorp boosted 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. StockNews.com downgraded Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. Truist Financial increased their price objective on Patrick Industries from $115.00 to $120.00 and gave the stock a "buy" rating in a research note on Monday, February 10th. Benchmark increased 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. Finally, Raymond James increased their target price on Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Patrick Industries presently has an average rating of "Moderate Buy" and a consensus price target of $97.96.

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Patrick Industries Stock Down 2.9 %

Shares of NASDAQ PATK opened at $85.19 on Wednesday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The firm has a market cap of $2.87 billion, a P/E ratio of 20.68, a price-to-earnings-growth 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 firm's 50 day moving average price is $91.00 and its 200 day moving average price is $89.92.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, beating 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%. As a group, sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.88%. 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.

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