Patrick Industries, Inc. (NASDAQ:PATK) Shares Bought by Rhumbline Advisers

Rhumbline Advisers increased its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 53.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,291 shares of the construction company's stock after purchasing an additional 32,740 shares during the quarter. Rhumbline Advisers owned approximately 0.28% of Patrick Industries worth $7,835,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PATK. Creative Planning purchased a new stake in Patrick Industries during the 3rd quarter worth about $337,000. Louisiana State Employees Retirement System increased its position in Patrick Industries by 1.9% during the 3rd quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the construction company's stock worth $1,538,000 after purchasing an additional 200 shares in the last quarter. State of Alaska Department of Revenue increased its position in Patrick Industries by 3.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 12,783 shares of the construction company's stock worth $1,819,000 after purchasing an additional 419 shares in the last quarter. Smith Group Asset Management LLC grew its holdings in Patrick Industries by 25.7% in the 3rd quarter. Smith Group Asset Management LLC now owns 5,610 shares of the construction company's stock valued at $799,000 after buying an additional 1,147 shares during the period. Finally, F M Investments LLC purchased a new stake in Patrick Industries in the 3rd quarter valued at about $323,000. Hedge funds and other institutional investors own 93.29% of the company's stock.

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Wall Street Analysts Forecast Growth

Several analysts have commented on the company. BMO Capital Markets lifted their price target on Patrick Industries from $100.00 to $103.33 and gave the company an "outperform" rating in a report on Friday, November 1st. Benchmark lifted their price target on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a report on Friday, February 7th. Raymond James lifted their price target on Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a report on Friday, February 7th. StockNews.com cut Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. Finally, Truist Financial lifted their price target on Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a report on Monday, February 10th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Patrick Industries presently has an average rating of "Moderate Buy" and an average target price of $97.96.

Patrick Industries Trading Up 1.1 %

Shares of NASDAQ PATK traded up $0.98 during midday trading on Friday, hitting $90.60. The stock had a trading volume of 413,058 shares, compared to its average volume of 362,458. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of 21.99, a PEG ratio of 1.41 and a beta of 2.26. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The company has a fifty day moving average price of $90.31 and a 200 day moving average price of $89.61.

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

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Tuesday, February 18th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Tuesday, February 18th. Patrick Industries's dividend payout ratio (DPR) is presently 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.