Royce & Associates LP Raises Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Royce & Associates LP increased its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 12.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,536 shares of the construction company’s stock after acquiring an additional 9,341 shares during the quarter. Royce & Associates LP’s holdings in Patrick Industries were worth $7,106,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the stock. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Patrick Industries by 54.6% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the construction company’s stock valued at $461,000 after acquiring an additional 1,958 shares during the last quarter. Natixis Advisors LLC boosted its stake in Patrick Industries by 85.1% in the 4th quarter. Natixis Advisors LLC now owns 32,997 shares of the construction company’s stock worth $2,741,000 after purchasing an additional 15,170 shares during the period. Commonwealth Equity Services LLC grew its position in shares of Patrick Industries by 26.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 3,602 shares of the construction company’s stock valued at $299,000 after purchasing an additional 763 shares in the last quarter. Vestcor Inc grew its holdings in shares of Patrick Industries by 120.4% in the fourth quarter. Vestcor Inc now owns 11,733 shares of the construction company’s stock valued at $975,000 after purchasing an additional 6,409 shares in the last quarter. Finally, Swiss National Bank increased its stake in Patrick Industries by 51.1% during the fourth quarter. Swiss National Bank now owns 62,812 shares of the construction company’s stock worth $5,218,000 after acquiring an additional 21,237 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Insiders Place Their Bets

In other news, Director M Scott Welch bought 2,500 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were bought 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 owns 2,961 shares in the company, valued at $250,559.82. This trade represents a 542.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were 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 of the company’s stock, valued at approximately $1,543,303.32. This represents a 13.78 % decrease in their position. The disclosure for this sale can be found here. 4.70% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Benchmark raised their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Raymond James increased their target price 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. Truist Financial raised their price target on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, February 10th. KeyCorp lifted their price objective 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. Finally, StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $97.96.

Patrick Industries Stock Down 1.4 %

PATK stock opened at $83.40 on Wednesday. Patrick Industries, Inc. has a twelve month low of $67.72 and a twelve month high of $98.90. The stock has a market cap of $2.81 billion, a P/E ratio of 20.24, a PEG ratio of 1.41 and a beta of 2.37. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The company’s 50 day moving average is $91.18 and its two-hundred day moving average is $89.82.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (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%. Research analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is currently 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.