F M Investments LLC Makes New $323,000 Investment in Patrick Industries, Inc. (NASDAQ:PATK)

F M Investments LLC bought a new stake in Patrick Industries, Inc. (NASDAQ:PATK) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,267 shares of the construction company’s stock, valued at approximately $323,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. acquired a new position in Patrick Industries during the second quarter valued at approximately $41,000. Sound Income Strategies LLC bought a new position in shares of Patrick Industries in the 3rd quarter valued at $46,000. GAMMA Investing LLC raised its holdings in shares of Patrick Industries by 76.2% during the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after buying an additional 205 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Patrick Industries by 176.6% during the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after buying an additional 362 shares during the last quarter. Finally, nVerses Capital LLC acquired a new stake in Patrick Industries in the third quarter valued at about $157,000. Institutional investors own 93.29% of the company’s stock.

Analysts Set New Price Targets

PATK has been the subject of several research analyst reports. KeyCorp boosted their target price on Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Robert W. Baird increased their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Benchmark reaffirmed a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a research note on Tuesday, September 17th. Truist Financial increased their price target on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, DA Davidson boosted their price objective on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Patrick Industries has an average rating of “Moderate Buy” and an average price target of $139.88.

Insider Transactions at Patrick Industries

In other news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the sale, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the transaction, the director now directly owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the sale, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,411 shares of company stock worth $3,858,915. Company insiders own 4.70% of the company’s stock.

Patrick Industries Stock Performance

Shares of Patrick Industries stock opened at $115.77 on Monday. The stock has a market cap of $2.59 billion, a price-to-earnings ratio of 16.63, a P/E/G ratio of 1.19 and a beta of 1.62. The company has a quick ratio of 0.94, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. Patrick Industries, Inc. has a twelve month low of $75.01 and a twelve month high of $148.35. The company’s fifty day moving average is $136.64 and its 200 day moving average is $121.84.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.03). The company had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The company’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.81 EPS. Sell-side analysts forecast that Patrick Industries, Inc. will post 7.21 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were issued a dividend of $0.55 per share. The ex-dividend date was Monday, August 26th. This represents a $2.20 annualized dividend and a yield of 1.90%. Patrick Industries’s payout ratio is 31.61%.

About Patrick Industries

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.