Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by Amalgamated Bank

Amalgamated Bank raised its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 50.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 9,872 shares of the construction company’s stock after purchasing an additional 3,299 shares during the period. Amalgamated Bank’s holdings in Patrick Industries were worth $820,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. First Horizon Advisors Inc. grew 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 worth $112,000 after purchasing an additional 139 shares in the last quarter. UMB Bank n.a. lifted its holdings in Patrick Industries by 35.1% during the 4th quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock worth $64,000 after buying an additional 199 shares during the last quarter. Global Retirement Partners LLC grew its position in shares of Patrick Industries by 44.8% in the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock worth $53,000 after acquiring an additional 199 shares in the last quarter. IFP Advisors Inc increased its holdings in shares of Patrick Industries by 35.8% in the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock valued at $87,000 after acquiring an additional 275 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Patrick Industries by 61.2% during 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.

Analysts Set New Price Targets

A number of research firms have commented on PATK. KeyCorp lifted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Benchmark lifted their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a report on Friday, February 7th. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Raymond James lifted 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. Finally, Truist Financial increased their price target on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Patrick Industries has an average rating of “Moderate Buy” and a consensus price target of $97.96.

Patrick Industries Stock Performance

Shares of NASDAQ PATK opened at $90.06 on Tuesday. 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 0.77 and a debt-to-equity ratio of 1.16. The company has a market cap of $3.03 billion, a PE ratio of 21.86, a P/E/G ratio of 1.41 and a beta of 2.26. The stock has a 50 day simple moving average of $90.46 and a 200-day simple moving average of $89.78.

Patrick Industries (NASDAQ:PATK) last released 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 return on equity of 13.25% and a net margin of 3.72%. On average, equities research analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 annualized dividend and a yield of 1.78%. 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.