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

Price T Rowe Associates Inc. MD grew its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 41.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 470,718 shares of the construction company’s stock after acquiring an additional 136,836 shares during the quarter. Price T Rowe Associates Inc. MD owned about 1.40% of Patrick Industries worth $39,108,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Twin Lions Management LLC purchased a new position in Patrick Industries during the 4th quarter worth approximately $9,901,000. Hsbc Holdings PLC grew its stake in Patrick Industries by 32.8% during the 4th quarter. Hsbc Holdings PLC now owns 4,385 shares of the construction company’s stock worth $367,000 after buying an additional 1,084 shares during the last quarter. Stifel Financial Corp grew its stake in Patrick Industries by 271.7% during the 4th quarter. Stifel Financial Corp now owns 33,508 shares of the construction company’s stock worth $2,784,000 after buying an additional 24,493 shares during the last quarter. State of Tennessee Department of Treasury grew its stake in Patrick Industries by 25.4% during the 4th quarter. State of Tennessee Department of Treasury now owns 12,580 shares of the construction company’s stock worth $1,045,000 after buying an additional 2,551 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its stake in Patrick Industries by 50.0% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 24,768 shares of the construction company’s stock worth $2,057,000 after buying an additional 8,255 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Insider Activity at Patrick Industries

In other Patrick Industries news, EVP Stacey L. Neu sold 2,885 shares of the firm’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 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director M Scott Welch purchased 2,500 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were purchased at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the purchase, the director now directly owns 2,961 shares in the company, valued at $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.70% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PATK has been the topic of a number of research reports. Benchmark raised 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. Baird R W downgraded Patrick Industries from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 4th. Robert W. Baird reiterated a “neutral” rating and issued a $96.00 target price (down from $100.00) on shares of Patrick Industries in a research note on Friday, April 4th. Truist Financial lowered their target price on Patrick Industries from $120.00 to $110.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $96.79.

Patrick Industries Stock Performance

Shares of PATK opened at $78.52 on Wednesday. The company has a 50-day simple moving average of $83.72 and a 200-day simple moving average of $87.53. 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 has a market capitalization of $2.63 billion, a PE ratio of 19.06, a P/E/G 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.

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 net margin of 3.72% and a return on equity of 13.25%. Equities research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were paid a $0.40 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 2.04%. Patrick Industries’s payout ratio is 38.83%.

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.