Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by Essex Investment Management Co. LLC

Essex Investment Management Co. LLC increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 34.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 48,432 shares of the construction company’s stock after purchasing an additional 12,389 shares during the quarter. Essex Investment Management Co. LLC owned 0.14% of Patrick Industries worth $4,024,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of PATK. Creative Planning acquired a new stake in shares of Patrick Industries during the third quarter worth about $337,000. Janney Montgomery Scott LLC raised its position in Patrick Industries by 2.3% during the third quarter. Janney Montgomery Scott LLC now owns 20,137 shares of the construction company’s stock valued at $2,867,000 after acquiring an additional 451 shares in the last quarter. Amalgamated Bank raised its position in Patrick Industries by 2.1% during the third quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock valued at $936,000 after acquiring an additional 136 shares in the last quarter. Principal Financial Group Inc. raised its position in Patrick Industries by 2.1% during the third quarter. Principal Financial Group Inc. now owns 111,952 shares of the construction company’s stock valued at $15,939,000 after acquiring an additional 2,275 shares in the last quarter. Finally, Fiera Capital Corp purchased a new position in Patrick Industries during the third quarter valued at approximately $27,888,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Stock Up 0.9 %

Shares of PATK opened at $88.33 on Friday. The stock has a 50 day moving average price of $90.90 and a 200 day moving average price of $89.88. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of 21.44, a PEG ratio of 1.41 and a beta of 2.37. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. Patrick Industries, Inc. has a one year low of $45.15 and a one year high of $98.60.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping 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%. Equities research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is currently 38.83%.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Raymond James lifted their price target on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Benchmark lifted their price target on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, February 7th. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. KeyCorp boosted their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Finally, Truist Financial boosted their price objective on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $97.96.

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.