Forge First Asset Management Inc. Invests $632,000 in Patrick Industries, Inc. (NASDAQ:PATK)

Forge First Asset Management Inc. bought a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 7,600 shares of the construction company’s stock, valued at approximately $632,000.

A number of other hedge funds have also made changes to their positions in PATK. Janney Montgomery Scott LLC boosted its stake in shares of Patrick Industries by 2.3% in the 3rd quarter. Janney Montgomery Scott LLC now owns 20,137 shares of the construction company’s stock valued at $2,867,000 after purchasing an additional 451 shares during the last quarter. Amalgamated Bank lifted its stake in Patrick Industries by 2.1% in the third quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock valued at $936,000 after buying an additional 136 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Patrick Industries by 2.1% in the third quarter. Principal Financial Group Inc. now owns 111,952 shares of the construction company’s stock valued at $15,939,000 after buying an additional 2,275 shares in the last quarter. Assetmark Inc. raised its holdings in shares of Patrick Industries by 1,589.0% in the third quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock valued at $938,000 after purchasing an additional 6,197 shares during the last quarter. Finally, Crossmark Global Holdings Inc. acquired a new position in Patrick Industries during the third quarter worth $236,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Wall Street Analyst Weigh In

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

Patrick Industries Trading Down 2.9 %

Shares of NASDAQ:PATK opened at $85.19 on Wednesday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The business’s 50-day moving average is $91.00 and its 200 day moving average is $89.92. The firm has a market capitalization of $2.87 billion, a P/E ratio of 20.68, a P/E/G ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90.

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

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s dividend payout ratio (DPR) is currently 38.83%.

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.