Foster & Motley Inc. Has $1.43 Million Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Foster & Motley Inc. raised its position in Patrick Industries, Inc. (NASDAQ:PATK) by 61.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,241 shares of the construction company’s stock after purchasing an additional 5,408 shares during the quarter. Foster & Motley Inc. owned 0.06% of Patrick Industries worth $1,429,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Carmel Capital Partners LLC acquired a new stake in Patrick Industries in the 3rd quarter valued at $44,000. Harel Insurance Investments & Financial Services Ltd. grew its stake in Patrick Industries by 21.6% in the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock valued at $102,000 after purchasing an additional 238 shares in the last quarter. Xponance Inc. acquired a new position in shares of Patrick Industries during the 4th quarter worth approximately $203,000. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Patrick Industries in the 3rd quarter valued at approximately $243,000. Finally, Everence Capital Management Inc. bought a new position in shares of Patrick Industries in the fourth quarter valued at $243,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Roth Mkm lifted their price objective on shares of Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, February 9th. StockNews.com lowered Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. Truist Financial reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Patrick Industries in a report on Friday, April 12th. Finally, KeyCorp boosted their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, February 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $103.00.

Insider Activity

In related news, insider Kip B. Ellis sold 7,462 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $121.99, for a total value of $910,289.38. Following the sale, the insider now owns 101,316 shares of the company’s stock, valued at $12,359,538.84. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Andy L. Nemeth sold 10,000 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $115.00, for a total value of $1,150,000.00. Following the transaction, the chief executive officer now owns 289,619 shares in the company, valued at $33,306,185. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Kip B. Ellis sold 7,462 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $121.99, for a total value of $910,289.38. Following the completion of the transaction, the insider now directly owns 101,316 shares in the company, valued at $12,359,538.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,873 shares of company stock valued at $5,681,957. Insiders own 4.70% of the company’s stock.

Patrick Industries Stock Performance

Shares of Patrick Industries stock opened at $108.46 on Wednesday. Patrick Industries, Inc. has a fifty-two week low of $63.57 and a fifty-two week high of $123.58. The firm has a market capitalization of $2.43 billion, a P/E ratio of 16.66, a P/E/G ratio of 0.66 and a beta of 1.72. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.38 and a quick ratio of 0.73. The company’s 50 day moving average price is $112.95 and its two-hundred day moving average price is $97.40.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, February 8th. The construction company reported $1.49 EPS for the quarter, beating the consensus estimate of $1.39 by $0.10. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The firm had revenue of $781.20 million during the quarter, compared to the consensus estimate of $780.97 million. During the same period last year, the company earned $1.82 earnings per share. The business’s quarterly revenue was down 17.9% on a year-over-year basis. On average, equities analysts forecast that Patrick Industries, Inc. will post 8 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.03%. The ex-dividend date was Friday, February 16th. Patrick Industries’s dividend payout ratio (DPR) is currently 33.79%.

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.