New England Research & Management Inc. Has $720,000 Stake in Patrick Industries, Inc. (NASDAQ:PATK)

New England Research & Management Inc. decreased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 2.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,025 shares of the construction company’s stock after selling 150 shares during the quarter. New England Research & Management Inc.’s holdings in Patrick Industries were worth $720,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PATK. Pacer Advisors Inc. grew its position in shares of Patrick Industries by 39.7% during the 4th quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock worth $104,972,000 after buying an additional 297,381 shares during the period. Norges Bank acquired a new position in Patrick Industries during the fourth quarter valued at approximately $14,782,000. Dimensional Fund Advisors LP grew its holdings in Patrick Industries by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock valued at $144,828,000 after purchasing an additional 21,735 shares during the period. O Shaughnessy Asset Management LLC grew its holdings in Patrick Industries by 103.4% during the third quarter. O Shaughnessy Asset Management LLC now owns 42,470 shares of the construction company’s stock valued at $3,188,000 after purchasing an additional 21,585 shares during the period. Finally, Invesco Ltd. grew its holdings in Patrick Industries by 7.0% during the third quarter. Invesco Ltd. now owns 277,265 shares of the construction company’s stock valued at $20,812,000 after purchasing an additional 18,256 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. BMO Capital Markets boosted their price objective on shares of Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. StockNews.com lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. Truist Financial reaffirmed a “buy” rating and issued a $130.00 price target on shares of Patrick Industries in a research note on Friday, April 12th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $126.00 price target (up previously from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $106.71.

Patrick Industries Price Performance

Shares of PATK opened at $108.55 on Friday. The company has a market cap of $2.43 billion, a price-to-earnings ratio of 16.08, a PEG ratio of 0.78 and a beta of 1.70. The company’s fifty day simple moving average is $109.61 and its 200 day simple moving average is $107.54. The company has a current ratio of 2.38, a quick ratio of 0.96 and a debt-to-equity ratio of 1.32. Patrick Industries, Inc. has a 1-year low of $70.15 and a 1-year high of $123.58.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, May 2nd. The construction company reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.47. The business had revenue of $933.50 million during the quarter, compared to the consensus estimate of $829.22 million. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.35 EPS. On average, research analysts forecast that Patrick Industries, Inc. will post 8.12 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date of this dividend was Monday, June 3rd. Patrick Industries’s dividend payout ratio is presently 32.59%.

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.