Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by WealthTrust Axiom LLC

WealthTrust Axiom LLC raised its position in Patrick Industries, Inc. (NASDAQ:PATK) by 50.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,767 shares of the construction company’s stock after purchasing an additional 3,255 shares during the quarter. WealthTrust Axiom LLC’s holdings in Patrick Industries were worth $811,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Patrick Industries by 49.3% in the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock valued at $193,266,000 after acquiring an additional 768,102 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Patrick Industries by 391.8% in the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock valued at $168,462,000 after purchasing an additional 1,615,412 shares during the last quarter. State Street Corp lifted its stake in shares of Patrick Industries by 3.5% in the 3rd quarter. State Street Corp now owns 816,031 shares of the construction company’s stock valued at $116,178,000 after purchasing an additional 27,669 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Patrick Industries by 50.0% during the 4th quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company’s stock worth $64,752,000 after purchasing an additional 259,783 shares during the period. Finally, Invesco Ltd. increased its position in shares of Patrick Industries by 61.6% during the 4th quarter. Invesco Ltd. now owns 709,140 shares of the construction company’s stock worth $58,915,000 after purchasing an additional 270,266 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Analyst Ratings Changes

PATK has been the subject of several research analyst reports. Raymond James increased their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Truist Financial boosted their target price on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, February 10th. Benchmark upped 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. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $96.00 price objective (down from $100.00) on shares of Patrick Industries in a research note on Friday, April 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued 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 a consensus target price of $99.29.

Insider Activity

In other Patrick Industries news, Director M Scott Welch bought 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average price of $84.62 per share, with a total value of $211,550.00. Following the completion of the acquisition, the director now directly owns 2,961 shares of the company’s stock, valued at $250,559.82. This represents a 542.30 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the sale, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at $1,543,303.32. This trade represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.70% of the company’s stock.

Patrick Industries Trading Up 0.3 %

NASDAQ:PATK opened at $80.43 on Friday. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. The firm has a market cap of $2.70 billion, a PE ratio of 19.52, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. 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 fifty day moving average price of $87.43 and a 200 day moving average price of $88.88.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is presently 38.83%.

Patrick Industries 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.