Patrick Industries, Inc. (NASDAQ:PATK) Stock Holdings Raised by Turtle Creek Asset Management Inc.

Turtle Creek Asset Management Inc. raised its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 64.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 68,100 shares of the construction company's stock after buying an additional 26,600 shares during the quarter. Patrick Industries comprises about 0.1% of Turtle Creek Asset Management Inc.'s investment portfolio, making the stock its 29th biggest position. Turtle Creek Asset Management Inc. owned about 0.20% of Patrick Industries worth $5,658,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. increased its position in Patrick Industries by 2.1% during the 3rd quarter. Principal Financial Group Inc. now owns 111,952 shares of the construction company's stock worth $15,939,000 after purchasing an additional 2,275 shares in the last quarter. Park Avenue Securities LLC acquired a new stake in shares of Patrick Industries during the 4th quarter worth about $217,000. Ritholtz Wealth Management grew its holdings in shares of Patrick Industries by 53.9% during the fourth quarter. Ritholtz Wealth Management now owns 21,320 shares of the construction company's stock worth $1,771,000 after buying an additional 7,468 shares in the last quarter. Wedge Capital Management L L P NC grew its holdings in shares of Patrick Industries by 72.8% during the fourth quarter. Wedge Capital Management L L P NC now owns 19,178 shares of the construction company's stock worth $1,593,000 after buying an additional 8,082 shares in the last quarter. Finally, UMB Bank n.a. raised its position in shares of Patrick Industries by 35.1% in the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company's stock valued at $64,000 after buying an additional 199 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Patrick Industries Stock Up 2.0%

Patrick Industries stock traded up $1.76 during trading on Tuesday, reaching $89.51. 311,192 shares of the company's stock were exchanged, compared to its average volume of 355,132. Patrick Industries, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of 21.72, a PEG ratio of 1.41 and a beta of 2.05. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The company's 50-day moving average is $82.58 and its two-hundred day moving average is $86.86.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.13. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The company had revenue of $1 billion for the quarter, compared to analysts' expectations of $959.46 million. During the same quarter in the previous year, the firm posted $1.79 earnings per share. The firm's quarterly revenue was up 7.5% on a year-over-year basis. On average, analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date of this dividend is Tuesday, May 27th. Patrick Industries's dividend payout ratio is presently 38.37%.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction dated 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 directly owns 18,044 shares of the company's stock, valued at $1,543,303.32. This represents a 13.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director M Scott Welch bought 2,500 shares of the company's stock in a transaction dated Thursday, March 13th. The shares were acquired 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 of the company's stock, valued at approximately $250,559.82. The trade was a 542.30% increase in their position. The disclosure for this purchase can be found here. Insiders bought 23,500 shares of company stock valued at $2,026,000 over the last 90 days. 4.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PATK. Benchmark increased their price target on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. StockNews.com raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Truist Financial lowered their price objective on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Robert W. Baird cut their target price on Patrick Industries from $96.00 to $84.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Finally, Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, Patrick Industries presently has an average rating of "Moderate Buy" and an average price target of $96.29.

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.