Loomis Sayles & Co. L P Grows Position in Patrick Industries, Inc. (NASDAQ:PATK)

Loomis Sayles & Co. L P raised its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 45.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 505,506 shares of the construction company's stock after acquiring an additional 158,652 shares during the period. Loomis Sayles & Co. L P owned approximately 1.50% of Patrick Industries worth $41,997,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Kestra Investment Management LLC acquired a new stake in shares of Patrick Industries in the 4th quarter worth $25,000. Smartleaf Asset Management LLC grew its stake in shares of Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock worth $49,000 after acquiring an additional 528 shares during the last quarter. Quent Capital LLC acquired a new position in shares of Patrick Industries during the fourth quarter valued at about $53,000. Global Retirement Partners LLC grew its position 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 purchasing an additional 199 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Patrick Industries by 61.2% during the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company's stock valued at $63,000 after purchasing an additional 290 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

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Patrick Industries Stock Performance

PATK stock traded up $0.79 on Tuesday, hitting $85.35. The company's stock had a trading volume of 31,552 shares, compared to its average volume of 324,586. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90. 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 stock has a market cap of $2.87 billion, a price-to-earnings ratio of 20.65, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. The firm has a 50 day moving average of $90.89 and a two-hundred day moving average of $89.88.

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, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. Equities analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were paid 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 dividend yield of 1.87%. Patrick Industries's dividend payout ratio (DPR) is presently 38.83%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Truist Financial lifted their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a research note on Monday, February 10th. StockNews.com lowered Patrick Industries from a "hold" rating to a "sell" rating in a research report on Thursday, January 16th. Raymond James lifted their price objective on Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. Benchmark upped their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Finally, KeyCorp increased their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Patrick Industries currently has an average rating of "Moderate Buy" and an average target price of $97.96.

Insiders Place Their Bets

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

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.