Royce & Associates LP Grows Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Royce & Associates LP boosted its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 12.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,536 shares of the construction company's stock after purchasing an additional 9,341 shares during the quarter. Royce & Associates LP owned about 0.25% of Patrick Industries worth $7,106,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of PATK. Crossmark Global Holdings Inc. purchased a new stake in shares of Patrick Industries during the 3rd quarter valued at $236,000. Victory Capital Management Inc. raised its position in Patrick Industries by 16.1% during the third quarter. Victory Capital Management Inc. now owns 43,077 shares of the construction company's stock valued at $6,133,000 after purchasing an additional 5,960 shares in the last quarter. Natixis Advisors LLC lifted its stake in Patrick Industries by 16.6% during the third quarter. Natixis Advisors LLC now owns 17,827 shares of the construction company's stock worth $2,538,000 after purchasing an additional 2,544 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Patrick Industries by 21.4% in the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company's stock worth $112,000 after purchasing an additional 139 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of Patrick Industries during the 3rd quarter valued at about $2,887,000. 93.29% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PATK. Raymond James boosted their target price on Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. Benchmark upped their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research note on Friday, February 7th. StockNews.com cut shares of Patrick Industries from a "hold" rating to a "sell" rating in a research report on Thursday, January 16th. Truist Financial boosted their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a "buy" rating in a research note on Monday, February 10th. Finally, KeyCorp lifted their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $97.96.

Patrick Industries Trading Up 0.7 %

PATK traded up $0.57 during midday trading on Friday, reaching $85.08. 774,541 shares of the company's stock traded hands, compared to its average volume of 315,973. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The firm has a fifty day moving average of $91.27 and a two-hundred day moving average of $89.75. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of 20.65, a P/E/G ratio of 1.41 and a beta of 2.37.

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

Patrick Industries Announces Dividend

The business also recently declared 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 dividend yield of 1.88%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's dividend payout ratio is currently 38.83%.

Insider Buying and Selling

In other Patrick Industries news, EVP Stacey L. Neu sold 2,885 shares of the 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 completion of the transaction, the executive vice president now owns 18,044 shares in the company, valued at approximately $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director M Scott Welch bought 2,500 shares of Patrick Industries stock in a transaction dated Thursday, March 13th. The stock was acquired at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the transaction, the director now directly owns 2,961 shares in the company, valued at approximately $250,559.82. This trade represents a 542.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.70% of the stock is owned by insiders.

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.