Congress Asset Management Co. Buys 35,679 Shares of Patrick Industries, Inc. $PATK

Key Points

• Congress Asset Management increased its Patrick Industries position by 21.4%, buying 35,679 additional shares to reach 202,196 shares valued at approximately $13.7 million. Institutional investors collectively own 93.29% of the company.
• Patrick Industries reported quarterly EPS of $1.29, exceeding estimates of $1.24, while revenue reached $1.04 billion, slightly below the prior-year period. The company also maintains a quarterly dividend of $0.47, representing a 2.8% annualized yield.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $114, substantially above the stock’s reported price of $66.64.

Congress Asset Management Co. raised its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 21.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 202,196 shares of the construction company's stock after acquiring an additional 35,679 shares during the period. Congress Asset Management Co. owned approximately 0.63% of Patrick Industries worth $13,705,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in PATK. Bank of New York Mellon Corp purchased a new stake in Patrick Industries during the second quarter worth $65,138,000. Bank of America Corp DE acquired a new position in shares of Patrick Industries during the 2nd quarter valued at about $30,646,000. The Manufacturers Life Insurance Company purchased a new position in Patrick Industries during the second quarter worth approximately $27,166,000. Capital Research Global Investors raised its position in shares of Patrick Industries by 24.4% in the 4th quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company's stock worth $123,342,000 after buying an additional 223,014 shares during the period. Finally, 1ST Source Bank acquired a new position in shares of Patrick Industries in the 2nd quarter valued at about $9,485,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Stock Up 0.1%

PATK stock opened at $66.64 on Wednesday. Patrick Industries, Inc. has a 52 week low of $65.67 and a 52 week high of $148.50. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of 15.79 and a beta of 1.16. The firm's 50-day moving average is $78.68 and its two-hundred day moving average is $89.21. The company has a current ratio of 2.67, a quick ratio of 0.96 and a debt-to-equity ratio of 1.25.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.05. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.The company had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $994.95 million. During the same quarter in the prior year, the company earned $1.50 earnings per share. The firm's revenue was down .6% on a year-over-year basis. On average, analysts forecast that Patrick Industries, Inc. will post 4.24 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Monday, August 24th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, August 24th. This represents a $1.88 annualized dividend and a dividend yield of 2.8%. Patrick Industries's payout ratio is presently 44.55%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Weiss Ratings downgraded shares of Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, September 29th. Benchmark restated a "buy" rating and issued a $115.00 target price (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th. Northcoast Research set a $121.00 price target on shares of Patrick Industries and gave the company a "buy" rating in a report on Tuesday, September 1st. KeyCorp dropped their price target on shares of Patrick Industries from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 22nd. Finally, Truist Financial set a $108.00 price objective on shares of Patrick Industries and gave the stock a "buy" rating in a report on Monday, August 10th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Patrick Industries currently has a consensus rating of "Moderate Buy" and an average price target of $114.00.

Patrick Industries Profile

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials used in recreational vehicles, marine vessels, manufactured housing, industrial applications and other markets. The company supplies original equipment manufacturers and other customers with products designed for use in interior, exterior and structural applications.

Its product portfolio includes cabinetry, furniture, countertops, flooring, wall panels, hardware, plumbing and electrical components, windows, doors, electronics, composite panels and other specialty products.

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