71,837 Shares in Patrick Industries, Inc. $PATK Purchased by T. Rowe Price Investment Management Inc.

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. bought a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 71,837 shares of the construction company's stock, valued at approximately $6,075,000. T. Rowe Price Investment Management Inc. owned about 0.21% of Patrick Industries as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the stock. James Investment Research Inc. lifted its position in shares of Patrick Industries by 0.8% in the first quarter. James Investment Research Inc. now owns 15,654 shares of the construction company's stock valued at $1,324,000 after acquiring an additional 125 shares in the last quarter. Handelsbanken Fonder AB lifted its holdings in Patrick Industries by 4.6% in the 1st quarter. Handelsbanken Fonder AB now owns 4,561 shares of the construction company's stock valued at $386,000 after purchasing an additional 200 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in Patrick Industries by 17.5% in the 1st quarter. First Horizon Advisors Inc. now owns 1,356 shares of the construction company's stock valued at $115,000 after purchasing an additional 202 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Patrick Industries by 50.0% during the 4th quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock worth $68,000 after purchasing an additional 273 shares during the last quarter. Finally, Private Trust Co. NA grew its holdings in shares of Patrick Industries by 432.4% during the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after buying an additional 480 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Benchmark upped their price objective on shares of Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Roth Mkm reiterated a "buy" rating and issued a $100.00 price target (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. BMO Capital Markets lifted their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Robert W. Baird increased their target price on Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, June 20th. Finally, Raymond James Financial lifted their price target on Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $104.86.

Insiders Place Their Bets

In related news, insider Kip B. Ellis sold 21,452 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $110.01, for a total transaction of $2,359,934.52. Following the sale, the insider directly owned 125,379 shares in the company, valued at approximately $13,792,943.79. This trade represents a 14.61% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Michael A. Kitson sold 4,572 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $112.67, for a total value of $515,127.24. Following the completion of the transaction, the director owned 11,850 shares of the company's stock, valued at approximately $1,335,139.50. This represents a 27.84% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 3,071 shares of company stock valued at $253,714 and have sold 76,288 shares valued at $8,375,424. 4.40% of the stock is owned by corporate insiders.

Patrick Industries Trading Down 0.6%

PATK traded down $0.62 during trading on Friday, hitting $111.85. 196,604 shares of the company's stock were exchanged, compared to its average volume of 341,645. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $116.78. The stock has a 50 day moving average price of $101.95 and a 200 day moving average price of $91.34. The firm has a market cap of $3.72 billion, a P/E ratio of 30.31, a price-to-earnings-growth ratio of 1.59 and a beta of 1.23. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11.

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

Patrick Industries Dividend Announcement

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

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.