Congress Asset Management Co. Purchases 54,835 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Congress Asset Management Co. lifted its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 60.8% during the fourth quarter, HoldingsChannel reports. The firm owned 144,999 shares of the construction company’s stock after buying an additional 54,835 shares during the quarter. Congress Asset Management Co.’s holdings in Patrick Industries were worth $12,046,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PATK. Amalgamated Bank lifted its holdings in shares of Patrick Industries by 2.1% during the 3rd quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock valued at $936,000 after purchasing an additional 136 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in Patrick Industries by 21.4% in the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after buying an additional 139 shares in the last quarter. UMB Bank n.a. boosted its holdings in shares of Patrick Industries by 35.1% in the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock valued at $64,000 after buying an additional 199 shares during the period. Louisiana State Employees Retirement System increased its position in shares of Patrick Industries by 1.9% during the third quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the construction company’s stock worth $1,538,000 after acquiring an additional 200 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in Patrick Industries by 61.2% in the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock valued at $63,000 after acquiring an additional 290 shares in the last quarter. Institutional investors own 93.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PATK shares. Benchmark increased their target price on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, February 7th. KeyCorp increased their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Raymond James boosted their target price on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. BMO Capital Markets raised their price target on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $97.96.

Patrick Industries Trading Down 0.7 %

NASDAQ PATK opened at $95.08 on Wednesday. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90. The company has a current ratio of 2.33, a quick ratio of 0.97 and a debt-to-equity ratio of 1.16. The stock has a 50 day moving average of $89.74 and a 200-day moving average of $89.15. The company has a market cap of $3.19 billion, a PE ratio of 23.08, a PEG ratio of 1.42 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. On average, equities research analysts anticipate that Patrick Industries, Inc. will post 5.38 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date is Tuesday, February 18th. Patrick Industries’s dividend payout ratio (DPR) is presently 38.83%.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 30,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $90.00, for a total value of $2,700,000.00. Following the transaction, the chief executive officer now directly owns 379,678 shares in the company, valued at $34,171,020. The trade was a 7.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.70% of the company’s stock.

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.