Royce & Associates LP Has $7.11 Million Position in Patrick Industries, Inc. (NASDAQ:PATK)

Royce & Associates LP grew its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 12.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 85,536 shares of the construction company’s stock after purchasing an additional 9,341 shares during the period. Royce & Associates LP owned approximately 0.25% of Patrick Industries worth $7,106,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Kestra Investment Management LLC acquired a new position in shares of Patrick Industries during the fourth quarter worth approximately $25,000. Smartleaf Asset Management LLC grew its holdings in shares of Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after buying an additional 528 shares during the period. Quent Capital LLC bought a new stake in shares of Patrick Industries in the fourth quarter worth about $53,000. Global Retirement Partners LLC increased its stake in Patrick Industries by 44.8% during the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock worth $53,000 after purchasing an additional 199 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Patrick Industries by 61.2% during the fourth quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock worth $63,000 after acquiring an additional 290 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on PATK. Benchmark increased their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, February 7th. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Raymond James increased their price target 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 lifted their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Finally, Truist Financial boosted their price target on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. 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 stock. According to MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus price target of $97.96.

Patrick Industries Stock Down 1.4 %

Shares of NASDAQ:PATK opened at $83.40 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 quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 20.24, a PEG ratio of 1.41 and a beta of 2.37. The business’s 50 day moving average is $91.18 and its 200 day moving average is $89.82.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates 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, sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.92%. Patrick Industries’s payout ratio is 38.83%.

Insiders Place Their Bets

In other news, Director M Scott Welch acquired 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were bought at an average cost of $84.62 per share, with a total value of $211,550.00. Following the acquisition, the director now owns 2,961 shares in the company, valued at approximately $250,559.82. This represents a 542.30 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the sale, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at $1,543,303.32. This trade represents a 13.78 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.70% of the company’s stock.

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.