KLP Kapitalforvaltning AS Invests $548,000 in Patrick Industries, Inc. (NASDAQ:PATK)

KLP Kapitalforvaltning AS acquired a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,600 shares of the construction company's stock, valued at approximately $548,000.

Several other hedge funds also recently modified their holdings of PATK. Kestra Investment Management LLC bought a new position in shares of Patrick Industries in the fourth quarter worth about $25,000. Smartleaf Asset Management LLC increased its holdings in shares of Patrick Industries by 812.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after purchasing an additional 528 shares in the last quarter. Quent Capital LLC bought a new position in Patrick Industries in the 4th quarter worth approximately $53,000. 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 in the last quarter. Finally, GAMMA Investing LLC boosted its position in Patrick Industries by 61.2% in the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company's stock valued at $63,000 after buying an additional 290 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Insider Buying and Selling at Patrick Industries

In related news, Director M Scott Welch bought 10,000 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were purchased at an average cost of $86.22 per share, with a total value of $862,200.00. Following the acquisition, the director now owns 136,000 shares of the company's stock, valued at $11,725,920. This represents a 7.94 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the sale, the executive vice president now directly owns 18,044 shares of the company's stock, valued at approximately $1,543,303.32. The trade was a 13.78 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.70% of the company's stock.

Patrick Industries Price Performance

Shares of PATK traded down $1.04 during mid-day trading on Monday, reaching $77.56. The company had a trading volume of 482,422 shares, compared to its average volume of 329,346. The company's 50 day simple moving average is $89.54 and its 200 day simple moving average is $89.49. The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of 18.82, 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. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share 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%. Analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were issued a $0.40 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 2.06%. Patrick Industries's payout ratio is presently 38.83%.

Wall Street Analysts Forecast Growth

PATK has been the topic of several analyst reports. Raymond James increased their price objective 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. StockNews.com downgraded Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. Truist Financial boosted their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a "buy" rating in a research report on Monday, February 10th. Benchmark raised their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Finally, KeyCorp lifted their price target 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned 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 $99.29.

Patrick Industries Profile

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.