Ballast Asset Management LP Acquires 15,074 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Ballast Asset Management LP boosted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 44.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 48,613 shares of the construction company's stock after purchasing an additional 15,074 shares during the period. Patrick Industries comprises 2.1% of Ballast Asset Management LP's portfolio, making the stock its 20th largest holding. Ballast Asset Management LP owned about 0.14% of Patrick Industries worth $4,039,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. increased its position in shares of Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after purchasing an additional 114 shares during the last quarter. UMB Bank n.a. increased its holdings 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 during the last quarter. Global Retirement Partners LLC raised its position in Patrick Industries by 44.8% in the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company's stock worth $53,000 after acquiring an additional 199 shares during the period. IFP Advisors Inc boosted its stake in shares of Patrick Industries by 35.8% during 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 during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of 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 acquiring an additional 290 shares during the period. Hedge funds and other institutional investors own 93.29% of the company's stock.

Patrick Industries Price Performance

Shares of Patrick Industries stock traded down $1.51 on Friday, hitting $78.60. 573,913 shares of the company traded hands, compared to its average volume of 328,734. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The business has a 50-day simple moving average of $89.94 and a 200 day simple moving average of $89.66. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90. The stock has a market capitalization of $2.64 billion, a P/E ratio of 19.08, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37.

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, 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%. Research analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries's payout ratio is presently 38.83%.

Insider Buying and Selling at Patrick Industries

In other news, Director M Scott Welch bought 2,500 shares of the stock in a transaction dated Thursday, March 13th. The stock was purchased at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the transaction, the director now owns 2,961 shares of the company's stock, valued at $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the business's stock in a transaction on Tuesday, March 11th. The stock was 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 owns 18,044 shares in the company, valued at $1,543,303.32. This 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.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Truist Financial raised their target price on Patrick Industries from $115.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, February 10th. KeyCorp lifted their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, February 7th. Benchmark increased 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. Raymond James lifted their price target 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. Finally, Robert W. Baird reissued a "neutral" rating and issued a $96.00 price objective (down from $100.00) on shares of Patrick Industries in a research note on Friday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $99.29.

Patrick Industries Company 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.