Wasatch Advisors LP Boosts Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Wasatch Advisors LP raised its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 34.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 168,191 shares of the construction company’s stock after acquiring an additional 42,989 shares during the quarter. Wasatch Advisors LP owned 0.50% of Patrick Industries worth $13,973,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in PATK. Kestra Investment Management LLC purchased a new position in shares of Patrick Industries in the fourth quarter valued at $25,000. Covestor Ltd increased its holdings in Patrick Industries by 10,400.0% during the 4th quarter. Covestor Ltd now owns 315 shares of the construction company’s stock valued at $26,000 after acquiring an additional 312 shares in the last quarter. Quadrant Capital Group LLC raised its position in Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after acquiring an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after purchasing an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its position in shares of 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 purchasing an additional 528 shares during the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Stock Performance

Patrick Industries stock opened at $79.23 on Thursday. 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’s fifty day moving average price is $86.48 and its 200 day moving average price is $88.62. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 19.23, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90.

Patrick Industries (NASDAQ:PATK) 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, research analysts forecast that Patrick Industries, Inc. will post 5.33 EPS 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 issued a $0.40 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 annualized dividend and a yield of 2.02%. Patrick Industries’s dividend payout ratio is presently 38.83%.

Insider Buying and Selling at Patrick Industries

In other news, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction that occurred 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 trade represents a 13.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director M Scott Welch purchased 10,000 shares of the stock in a transaction dated 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 completion of the acquisition, the director now directly owns 136,000 shares in the company, valued at approximately $11,725,920. The trade was a 7.94 % increase in their position. The disclosure for this purchase can be found here. 4.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on PATK. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Benchmark boosted their target price 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. KeyCorp raised their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Truist Financial cut their price objective on shares of Patrick Industries from $120.00 to $110.00 and set a “buy” rating for the company in a research report on Monday. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $96.00 target price (down from $100.00) on shares of Patrick Industries in a research note on Friday, April 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $98.04.

About Patrick Industries

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.