Inceptionr LLC Takes Position in Patrick Industries, Inc. (NASDAQ:PATK)

Inceptionr LLC purchased a new position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 3,203 shares of the construction company's stock, valued at approximately $266,000.

Several other institutional investors have also recently added to or reduced their stakes in PATK. Amalgamated Bank raised its stake in shares of Patrick Industries by 2.1% in the 3rd quarter. Amalgamated Bank now owns 6,573 shares of the construction company's stock valued at $936,000 after purchasing an additional 136 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in Patrick Industries by 21.4% in the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company's stock valued at $112,000 after buying an additional 139 shares during the last quarter. UMB Bank n.a. raised its stake in Patrick Industries by 35.1% during the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company's stock valued at $64,000 after buying an additional 199 shares in the last quarter. Global Retirement Partners LLC lifted its holdings in Patrick Industries by 44.8% during the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company's stock worth $53,000 after buying an additional 199 shares during the last quarter. Finally, IFP Advisors Inc grew its position in shares of Patrick Industries by 35.8% in the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company's stock worth $87,000 after acquiring an additional 275 shares in the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Several brokerages recently issued reports on PATK. KeyCorp raised their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research note 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. Benchmark raised their target price on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Truist Financial boosted their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a report on Monday, February 10th. Finally, Raymond James increased their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. One equities research 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. Based on data from MarketBeat.com, Patrick Industries has a consensus rating of "Moderate Buy" and a consensus target price of $97.96.

Patrick Industries Price Performance

Patrick Industries stock traded down $2.08 during trading hours on Thursday, hitting $83.26. 314,249 shares of the company traded hands, compared to its average volume of 319,246. The firm's 50-day simple moving average is $91.09 and its two-hundred day simple moving average is $89.87. The firm has a market cap of $2.80 billion, a P/E ratio of 20.21, 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 company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16.

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 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%. As a group, analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.92%. Patrick Industries's dividend payout ratio (DPR) 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.