Turtle Creek Asset Management Inc. Purchases 26,600 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Turtle Creek Asset Management Inc. increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 64.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 68,100 shares of the construction company's stock after acquiring an additional 26,600 shares during the period. Patrick Industries comprises 0.1% of Turtle Creek Asset Management Inc.'s holdings, making the stock its 29th largest holding. Turtle Creek Asset Management Inc. owned approximately 0.20% of Patrick Industries worth $5,658,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PATK. Snowden Capital Advisors LLC boosted its position in Patrick Industries by 169.7% in the fourth quarter. Snowden Capital Advisors LLC now owns 5,956 shares of the construction company's stock valued at $495,000 after buying an additional 3,748 shares in the last quarter. SG Capital Management LLC increased its holdings in Patrick Industries by 285.3% in the 4th quarter. SG Capital Management LLC now owns 163,548 shares of the construction company's stock worth $13,588,000 after purchasing an additional 121,103 shares in the last quarter. Royal Bank of Canada raised its position in Patrick Industries by 50.1% in the fourth quarter. Royal Bank of Canada now owns 188,869 shares of the construction company's stock valued at $15,691,000 after purchasing an additional 63,051 shares during the last quarter. Rivermont Capital Management LP boosted its stake in shares of Patrick Industries by 136.4% during the fourth quarter. Rivermont Capital Management LP now owns 147,899 shares of the construction company's stock valued at $12,287,000 after purchasing an additional 85,348 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of Patrick Industries during the fourth quarter worth about $10,171,000. Institutional investors own 93.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PATK. Baird R W lowered shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. KeyCorp decreased their price objective on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Roth Mkm reaffirmed a "buy" rating and set a $100.00 target price (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Finally, Benchmark upped their price target on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.29.

Patrick Industries Stock Down 0.6%

NASDAQ:PATK traded down $0.53 on Friday, hitting $85.74. The stock had a trading volume of 49,538 shares, compared to its average volume of 355,335. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90. The business's fifty day moving average is $82.64 and its 200 day moving average is $86.93. The company has a market cap of $2.87 billion, a PE ratio of 20.81, a P/E/G ratio of 1.41 and a beta of 2.05.

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

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Investors of record on Tuesday, May 27th will be issued a dividend of $0.40 per share. The ex-dividend date is Tuesday, May 27th. This represents a $1.60 annualized dividend and a yield of 1.87%. Patrick Industries's dividend payout ratio (DPR) is currently 38.37%.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director M Scott Welch acquired 10,000 shares of Patrick Industries stock in a transaction on Tuesday, March 11th. The stock was purchased at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the purchase, the director now directly owns 136,000 shares of the company's stock, valued at $11,725,920. This trade represents a 7.94% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Todd M. Cleveland bought 6,000 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were acquired at an average cost of $85.80 per share, with a total value of $514,800.00. Following the completion of the transaction, the director now owns 125,286 shares in the company, valued at approximately $10,749,538.80. The trade was a 5.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders purchased 23,500 shares of company stock valued at $2,026,000. 4.40% of the stock is owned by insiders.

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.