Patrick Industries, Inc. (NASDAQ:PATK) Shares Acquired by Essex Investment Management Co. LLC

Essex Investment Management Co. LLC lifted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 34.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 48,432 shares of the construction company’s stock after acquiring an additional 12,389 shares during the period. Essex Investment Management Co. LLC’s holdings in Patrick Industries were worth $4,024,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PATK. Copeland Capital Management LLC raised its position in shares of Patrick Industries by 536.5% during the 4th quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company’s stock worth $29,976,000 after acquiring an additional 304,119 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Patrick Industries in the 4th quarter valued at approximately $16,983,000. Fiera Capital Corp purchased a new position in shares of Patrick Industries in the 3rd quarter valued at approximately $27,888,000. Charles Schwab Investment Management Inc. grew its stake in shares of Patrick Industries by 55.2% in 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 last quarter. Finally, Brightline Capital Management LLC purchased a new position in shares of Patrick Industries in the 3rd quarter valued at approximately $14,806,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Analysts Set New Price Targets

PATK has been the topic of a number of analyst reports. StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Raymond James lifted their price target on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. KeyCorp lifted their price target on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Truist Financial lifted their price target on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. Finally, Benchmark lifted their price target on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $97.96.

Patrick Industries Stock Up 0.9 %

PATK opened at $88.33 on Friday. The business’s fifty day moving average is $90.90 and its two-hundred day moving average is $89.88. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The company has a market cap of $2.97 billion, a price-to-earnings ratio of 21.44, a PEG ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a one year low of $45.15 and a one year high of $98.60.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Analysts anticipate 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. Stockholders of record on Tuesday, February 18th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.81%. Patrick Industries’s dividend payout ratio (DPR) is 38.83%.

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.