Emerald Investment Advisers LLC Makes New Investment in Patrick Industries, Inc. $PATK

Emerald Investment Advisers LLC acquired a new stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 46,378 shares of the construction company's stock, valued at approximately $4,164,000. Emerald Investment Advisers LLC owned 0.14% of Patrick Industries at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Patrick Industries by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company's stock worth $1,632,000 after purchasing an additional 851 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Patrick Industries by 5.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company's stock valued at $5,957,000 after purchasing an additional 3,748 shares during the last quarter. Strs Ohio purchased a new stake in Patrick Industries in the 1st quarter worth approximately $42,000. Cetera Investment Advisers grew its position in shares of Patrick Industries by 64.8% in the 2nd quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company's stock worth $559,000 after buying an additional 2,381 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new stake in shares of Patrick Industries in the 2nd quarter worth approximately $340,000. 93.29% of the stock is owned by institutional investors.

Patrick Industries Stock Down 2.4%

NASDAQ:PATK opened at $83.41 on Friday. The firm's 50-day moving average price is $86.42 and its 200-day moving average price is $101.52. The company has a market capitalization of $2.68 billion, a PE ratio of 19.77 and a beta of 1.11. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.67 and a quick ratio of 0.96. Patrick Industries, Inc. has a 1-year low of $81.29 and a 1-year high of $148.50.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.24 by $0.05. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The company had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $994.95 million. During the same period last year, the company posted $1.50 EPS. Patrick Industries's revenue was down .6% on a year-over-year basis. On average, equities analysts predict that Patrick Industries, Inc. will post 4.26 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, August 24th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.3%. Patrick Industries's dividend payout ratio (DPR) is currently 44.55%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PATK. Truist Financial set a $108.00 price target on Patrick Industries and gave the stock a "buy" rating in a research note on Monday, August 10th. Weiss Ratings cut shares of Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, June 29th. KeyCorp cut their target price 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. Raymond James Financial reissued an "outperform" rating and issued a $94.00 price target on shares of Patrick Industries in a research note on Friday, July 31st. Finally, Robert W. Baird set a $110.00 price objective on shares of Patrick Industries in a report on Friday, May 1st. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $113.12.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.

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