Essex Investment Management Co. LLC Purchases 12,389 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Essex Investment Management Co. LLC increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 34.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 48,432 shares of the construction company's stock after purchasing an additional 12,389 shares during the quarter. Essex Investment Management Co. LLC owned 0.14% of Patrick Industries worth $4,024,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PATK. Kestra Investment Management LLC acquired a new position in shares of Patrick Industries in the 4th quarter valued at approximately $25,000. Smartleaf Asset Management LLC increased its stake in 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 acquiring an additional 528 shares during the last quarter. Quent Capital LLC acquired a new position in Patrick Industries during the fourth quarter valued at approximately $53,000. Global Retirement Partners LLC lifted its stake in Patrick Industries by 44.8% during the fourth 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 boosted its holdings in shares of 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 purchasing an additional 290 shares in the last quarter. Institutional investors own 93.29% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Truist Financial boosted their price target on Patrick Industries from $115.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, February 10th. Benchmark boosted 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. Raymond James raised their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. 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 report on Friday, February 7th. Finally, StockNews.com downgraded shares of Patrick Industries from a "hold" rating to a "sell" rating in a research note on Thursday, January 16th. One research 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's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $97.96.

Patrick Industries Trading Down 2.4 %

NASDAQ PATK traded down $2.08 during trading hours on Thursday, reaching $83.26. The company's stock had a trading volume of 314,249 shares, compared to its average volume of 319,246. The firm has a fifty day simple moving average of $91.09 and a 200-day simple moving average of $89.87. 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, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90. The stock has a market cap of $2.80 billion, a P/E ratio of 20.21, a P/E/G 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 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 forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently announced 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. This represents a $1.60 annualized dividend and a yield of 1.92%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's dividend payout ratio is currently 38.83%.

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.