Kennedy Capital Management LLC grew its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 163.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,217 shares of the construction company's stock after purchasing an additional 44,160 shares during the quarter. Kennedy Capital Management LLC owned approximately 0.21% of Patrick Industries worth $5,917,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in the company. Verition Fund Management LLC acquired a new stake in shares of Patrick Industries during the third quarter valued at about $418,000. HighTower Advisors LLC purchased a new position in shares of Patrick Industries during the third quarter valued at approximately $408,000. Stifel Financial Corp boosted its stake in shares of Patrick Industries by 124.1% in the 3rd quarter. Stifel Financial Corp now owns 9,015 shares of the construction company's stock worth $1,283,000 after buying an additional 4,993 shares during the last quarter. State Street Corp increased its position in shares of Patrick Industries by 3.5% during the 3rd quarter. State Street Corp now owns 816,031 shares of the construction company's stock valued at $116,178,000 after purchasing an additional 27,669 shares during the last quarter. Finally, Orion Portfolio Solutions LLC purchased a new position in Patrick Industries in the third quarter valued at about $700,000. Institutional investors own 93.29% of the company's stock.
Insider Activity at Patrick Industries
In related news, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the transaction, the executive vice president now owns 18,044 shares of the company's stock, valued at $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director M Scott Welch acquired 2,500 shares of the business's stock in a transaction on Thursday, March 13th. The shares were bought at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the acquisition, the director now owns 2,961 shares of the company's stock, valued at $250,559.82. This represents a 542.30 % increase in their position. The disclosure for this purchase can be found here. 4.70% of the stock is currently owned by insiders.
Patrick Industries Stock Performance
Shares of NASDAQ PATK traded up $0.59 during midday trading on Thursday, reaching $79.82. The company had a trading volume of 73,026 shares, compared to its average volume of 335,905. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The business's 50-day simple moving average is $86.48 and its 200 day simple moving average is $88.62. The stock has a market cap of $2.68 billion, a P/E ratio of 19.32, a P/E/G ratio of 1.41 and a beta of 2.17. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90.
Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly 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 net margin of 3.72% and a return on equity of 13.25%. On average, 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. Investors of record on Tuesday, February 18th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 2.00%. Patrick Industries's payout ratio is 38.83%.
Analyst Ratings Changes
Several brokerages have commented on PATK. Benchmark raised their target price on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Truist Financial lowered their price target on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating for the company in a research note on Monday. StockNews.com lowered shares of Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. Robert W. Baird restated a "neutral" rating and issued a $96.00 price objective (down from $100.00) on shares of Patrick Industries in a report on Friday, April 4th. Finally, Raymond James raised their price objective 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, three have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Patrick Industries presently has a consensus rating of "Moderate Buy" and an average price target of $96.79.
Get Our Latest Research Report on PATK
About Patrick Industries
(
Free Report)
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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