Covestor Ltd Increases Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Covestor Ltd lifted its position in Patrick Industries, Inc. (NASDAQ:PATK) by 10,400.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 315 shares of the construction company’s stock after acquiring an additional 312 shares during the quarter. Covestor Ltd’s holdings in Patrick Industries were worth $26,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Kestra Investment Management LLC purchased a new position in shares of Patrick Industries during the fourth quarter valued at approximately $25,000. Quadrant Capital Group LLC raised its holdings in shares of Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after buying an additional 109 shares during the period. Nomura Asset Management Co. Ltd. lifted its stake in shares of Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock worth $29,000 after acquiring an additional 114 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in Patrick Industries by 812.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after acquiring an additional 528 shares during the period. Finally, Quent Capital LLC bought a new position in Patrick Industries in the 4th quarter valued at $53,000. 93.29% of the stock is currently owned by institutional investors.

Insider Activity

In other Patrick Industries news, EVP Stacey L. Neu sold 2,885 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 18,044 shares in the company, valued at $1,543,303.32. This trade represents a 13.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director M Scott Welch purchased 10,000 shares of Patrick Industries stock in a transaction dated Tuesday, March 11th. The shares were acquired at an average cost of $86.22 per share, for a total transaction of $862,200.00. Following the completion of the transaction, the director now owns 136,000 shares of the company’s stock, valued at approximately $11,725,920. This represents a 7.94 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 4.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on PATK shares. KeyCorp lifted their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Raymond James boosted their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Benchmark upped their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Baird R W downgraded shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 4th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $96.00 price objective (down previously 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 given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus price target of $98.04.

Patrick Industries Stock Performance

Shares of PATK stock opened at $79.68 on Wednesday. The firm has a market cap of $2.67 billion, a price-to-earnings ratio of 19.34, a PEG ratio of 1.41 and a beta of 2.17. 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 company’s 50 day moving average is $86.79 and its 200 day moving average is $88.68.

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

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.01%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s payout ratio is 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.