Patrick Industries, Inc. (NASDAQ:PATK) Shares Acquired by WealthTrust Axiom LLC

WealthTrust Axiom LLC increased its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 50.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,767 shares of the construction company's stock after buying an additional 3,255 shares during the quarter. WealthTrust Axiom LLC's holdings in Patrick Industries were worth $811,000 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 Patrick Industries in the fourth quarter valued at approximately $25,000. Covestor Ltd grew its position in Patrick Industries by 10,400.0% during the fourth quarter. Covestor Ltd now owns 315 shares of the construction company's stock valued at $26,000 after buying an additional 312 shares during the period. Quadrant Capital Group LLC increased its holdings in Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after buying an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake 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 worth $29,000 after acquiring an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its stake in shares of Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after purchasing an additional 528 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Price Performance

Shares of Patrick Industries stock traded up $0.05 on Friday, hitting $79.28. 241,756 shares of the company were exchanged, compared to its average volume of 337,092. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 19.24, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. 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 50-day moving average price of $86.20 and a 200 day moving average price of $88.51.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted 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%. As a group, sell-side analysts predict 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. Stockholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries's payout ratio is presently 38.83%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Benchmark boosted their price objective on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Raymond James increased their price objective 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. Truist Financial cut their target price on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating for the company in a research note on Monday. Baird R W lowered shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Finally, StockNews.com lowered Patrick Industries from a "hold" rating to a "sell" rating in a research note on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.79.

Insider Activity at Patrick Industries

In related news, Director M Scott Welch acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was purchased at an average price of $86.22 per share, with a total value of $862,200.00. Following the transaction, the director now owns 136,000 shares of the company's stock, valued at approximately $11,725,920. This trade represents a 7.94 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the firm's stock in a transaction on 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 of the company's stock, 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 currently owned by insiders.

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.