T. Rowe Price Investment Management Inc. Invests $6.08 Million in Patrick Industries, Inc. $PATK

Key Points

• T. Rowe Price Investment Management Inc. has acquired 71,837 shares of Patrick Industries, Inc. valued at approximately $6,075,000, representing 0.21% of the company's stock.
• Analysts have a consensus rating of “Moderate Buy” on Patrick Industries with a target price of $104.86, as several firms have increased their target prices recently.
• The company has announced a quarterly dividend of $0.40, reflecting an annualized yield of 1.4%, with a dividend payout ratio of 43.36%.

T. Rowe Price Investment Management Inc. acquired a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 71,837 shares of the construction company's stock, valued at approximately $6,075,000. T. Rowe Price Investment Management Inc. owned 0.21% of Patrick Industries at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Northern Trust Corp lifted its holdings in shares of Patrick Industries by 0.4% during the first quarter. Northern Trust Corp now owns 415,657 shares of the construction company's stock worth $35,148,000 after buying an additional 1,602 shares in the last quarter. Versor Investments LP lifted its holdings in shares of Patrick Industries by 41.7% during the first quarter. Versor Investments LP now owns 10,843 shares of the construction company's stock worth $917,000 after buying an additional 3,189 shares in the last quarter. Roubaix Capital LLC acquired a new stake in shares of Patrick Industries during the first quarter worth $2,035,000. American Century Companies Inc. lifted its holdings in shares of Patrick Industries by 3.0% during the first quarter. American Century Companies Inc. now owns 532,291 shares of the construction company's stock worth $45,011,000 after buying an additional 15,524 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Patrick Industries by 17.3% during the first quarter. Russell Investments Group Ltd. now owns 22,271 shares of the construction company's stock worth $1,883,000 after buying an additional 3,279 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Price Performance

PATK stock traded down $1.55 during midday trading on Thursday, reaching $112.47. The company had a trading volume of 220,966 shares, compared to its average volume of 357,322. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of 30.48, a price-to-earnings-growth ratio of 1.61 and a beta of 1.23. The stock has a 50 day moving average price of $101.04 and a 200-day moving average price of $91.10. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $116.78. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.41 by $0.09. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The business's quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.16 earnings per share. Equities research analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Shareholders of record on Monday, August 25th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, August 25th. This represents a $1.60 annualized dividend and a yield of 1.4%. Patrick Industries's payout ratio is presently 43.36%.

Analysts Set New Price Targets

PATK has been the subject of a number of research reports. BMO Capital Markets lifted their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Raymond James Financial lifted their target price on Patrick Industries from $95.00 to $109.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Robert W. Baird lifted their target price on Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, June 20th. Wall Street Zen raised Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Finally, Truist Financial boosted their price target on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Patrick Industries presently has an average rating of "Moderate Buy" and an average target price of $104.86.

Insider Activity

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of the business's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the transaction, the director owned 52,591 shares of the company's stock, valued at approximately $4,818,387.42. The trade was a 5.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeff Rodino sold 22,389 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total value of $2,469,954.48. Following the transaction, the insider directly owned 206,492 shares of the company's stock, valued at approximately $22,780,197.44. The trade was a 9.78% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 3,071 shares of company stock valued at $253,714 and have sold 76,288 shares valued at $8,375,424. Insiders own 4.40% of the company's stock.

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.