Maryland State Retirement & Pension System boosted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 48.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,261 shares of the construction company's stock after purchasing an additional 3,696 shares during the quarter. Maryland State Retirement & Pension System's holdings in Patrick Industries were worth $936,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Kestra Investment Management LLC bought a new stake in Patrick Industries during the fourth quarter worth approximately $25,000. Smartleaf Asset Management LLC raised its position 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 purchasing an additional 528 shares during the period. Quent Capital LLC acquired a new position in shares of Patrick Industries in the 4th quarter valued at $53,000. Global Retirement Partners LLC raised 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 period. Finally, GAMMA Investing LLC boosted its holdings in shares of Patrick Industries by 61.2% in the fourth quarter. GAMMA Investing LLC now owns 764 shares of the construction company's stock worth $63,000 after buying an additional 290 shares during the period. 93.29% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of equities analysts recently commented on the stock. KeyCorp raised their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, February 7th. Truist Financial upped their price target on Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a research report on Monday, February 10th. Raymond James raised their price objective on Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" 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. Finally, Benchmark raised their price target 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. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $97.96.
Get Our Latest Analysis on PATK
Insider Activity
In other news, Director M Scott Welch purchased 10,000 shares of Patrick Industries stock in a transaction dated Tuesday, March 11th. The shares were bought at an average cost of $86.22 per share, with a total value of $862,200.00. Following the completion of the transaction, the director now directly owns 136,000 shares in the company, valued at $11,725,920. This trade represents a 7.94 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction dated 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 in the company, valued at approximately $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.70% of the stock is owned by insiders.
Patrick Industries Stock Performance
Shares of NASDAQ PATK traded down $0.53 during trading hours on Thursday, reaching $86.90. The stock had a trading volume of 219,468 shares, compared to its average volume of 315,553. The company has a market cap of $2.92 billion, a price-to-earnings ratio of 21.09, a PEG ratio of 1.41 and a beta of 2.37. The business's fifty day moving average is $91.33 and its two-hundred day moving average is $89.86. Patrick Industries, Inc. has a twelve month low of $67.72 and a twelve month high of $98.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77.
Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly 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, research analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.
Patrick Industries Announces Dividend
The business also recently announced 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 1.84%. Patrick Industries's payout ratio is 38.83%.
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.
Featured Articles
Before you consider Patrick Industries, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Patrick Industries wasn't on the list.
While Patrick Industries currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
