Patrick Industries, Inc. (NASDAQ:PATK) Shares Acquired by Ballast Asset Management LP

Ballast Asset Management LP boosted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 44.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,613 shares of the construction company’s stock after purchasing an additional 15,074 shares during the quarter. Patrick Industries makes up approximately 2.1% of Ballast Asset Management LP’s holdings, making the stock its 20th largest position. Ballast Asset Management LP owned approximately 0.14% of Patrick Industries worth $4,039,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PATK. Kestra Investment Management LLC bought a new position in shares of Patrick Industries during the fourth quarter worth about $25,000. Nomura Asset Management Co. Ltd. boosted its stake in Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after purchasing an additional 114 shares during the period. Smartleaf Asset Management LLC grew its position in Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock worth $49,000 after purchasing an additional 528 shares during the last quarter. Quent Capital LLC acquired a new stake in shares of Patrick Industries in the fourth quarter valued at approximately $53,000. Finally, Global Retirement Partners LLC raised its holdings in shares of Patrick Industries by 44.8% during the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock valued at $53,000 after buying an additional 199 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $84.56 on Tuesday. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The stock has a market cap of $2.85 billion, a PE ratio of 20.52, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. The company’s 50-day moving average price is $90.89 and its two-hundred day moving average price is $89.88.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.89%. Patrick Industries’s dividend payout ratio (DPR) is presently 38.83%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on PATK shares. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. KeyCorp raised their price target on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Benchmark lifted their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Truist Financial increased their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, February 10th. Finally, Raymond James boosted their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average price target of $97.96.

Insider Transactions 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 transaction of $246,754.05. Following the completion of the sale, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which is available through this hyperlink. Also, Director M Scott Welch bought 10,000 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was purchased at an average price of $86.22 per share, with a total value of $862,200.00. Following the completion of the acquisition, the director now owns 136,000 shares of the company’s stock, valued at approximately $11,725,920. This trade represents a 7.94 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 4.70% 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.