Prescott Group Capital Management L.L.C. Purchases 11,515 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Prescott Group Capital Management L.L.C. raised its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 82.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,545 shares of the construction company's stock after acquiring an additional 11,515 shares during the quarter. Prescott Group Capital Management L.L.C. owned approximately 0.08% of Patrick Industries worth $2,122,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Inceptionr LLC purchased a new position in shares of Patrick Industries during the 4th quarter worth $266,000. Raymond James Financial Inc. purchased a new position in shares of Patrick Industries during the 4th quarter worth $16,983,000. Arizona State Retirement System raised its position in shares of Patrick Industries by 51.3% during the 4th quarter. Arizona State Retirement System now owns 9,271 shares of the construction company's stock valued at $770,000 after purchasing an additional 3,143 shares during the period. Assetmark Inc. raised its position in shares of Patrick Industries by 49.2% during the 4th quarter. Assetmark Inc. now owns 9,826 shares of the construction company's stock valued at $816,000 after purchasing an additional 3,239 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Patrick Industries by 55.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company's stock valued at $45,592,000 after purchasing an additional 195,138 shares during the period. Hedge funds and other institutional investors own 93.29% of the company's stock.

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Patrick Industries Price Performance

PATK stock traded up $0.82 during mid-day trading on Friday, hitting $88.33. The company had a trading volume of 287,472 shares, compared to its average volume of 424,978. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of 21.44, a P/E/G ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a 12-month low of $45.15 and a 12-month high of $98.60. 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 $90.90 and a 200 day moving average price of $89.88.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced 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 net margin of 3.72% and a return on equity of 13.25%. On average, research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm 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. This represents a $1.60 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries's dividend payout ratio is 38.83%.

Analyst Ratings Changes

PATK has been the topic of several recent analyst reports. Truist Financial raised their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a research report on Monday, February 10th. StockNews.com downgraded shares of Patrick Industries from a "hold" rating to a "sell" rating in a research report on Thursday, January 16th. Raymond James raised their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. Benchmark raised their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Finally, KeyCorp raised their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research 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 given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $97.96.

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.