Price T Rowe Associates Inc. MD Boosts Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Price T Rowe Associates Inc. MD grew its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 41.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 470,718 shares of the construction company's stock after purchasing an additional 136,836 shares during the period. Price T Rowe Associates Inc. MD owned approximately 1.40% of Patrick Industries worth $39,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Kestra Investment Management LLC acquired a new stake in shares of Patrick Industries in the 4th quarter worth $25,000. Covestor Ltd grew its holdings in shares of Patrick Industries by 10,400.0% in the fourth quarter. Covestor Ltd now owns 315 shares of the construction company's stock valued at $26,000 after purchasing an additional 312 shares during the period. Quadrant Capital Group LLC increased its position in Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock worth $27,000 after purchasing an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its stake in Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after purchasing an additional 114 shares during the period. Finally, Smartleaf Asset Management LLC boosted its holdings in Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after purchasing an additional 528 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Trading Up 1.5 %

NASDAQ:PATK traded up $1.25 on Friday, reaching $82.83. 536,619 shares of the company's stock were exchanged, compared to its average volume of 352,196. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 20.10, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05. Patrick Industries, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The business has a fifty day moving average of $83.07 and a 200-day moving average of $87.29.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results 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 period in the prior year, the firm earned $1.79 EPS. The firm's revenue for the quarter was up 7.5% on a year-over-year basis. As a group, analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 annualized dividend and a yield of 1.93%. Patrick Industries's payout ratio is 38.83%.

Insiders Place Their Bets

In related news, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the transaction, the executive vice president now owns 18,044 shares of the company's stock, valued at $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director M Scott Welch purchased 10,000 shares of the business's stock in a transaction on Tuesday, March 11th. The stock was acquired at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the completion of the purchase, the director now owns 136,000 shares of the company's stock, valued at $11,725,920. This represents a 7.94 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.40% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently commented on PATK. Benchmark lifted their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Robert W. Baird decreased their price target on Patrick Industries from $96.00 to $84.00 and set a "neutral" rating on the stock in a research note on Friday. Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Truist Financial reduced their price objective on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, StockNews.com raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday. 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 data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.