Patrick Industries, Inc. (NASDAQ:PATK) Position Increased by Congress Asset Management Co. MA

Congress Asset Management Co. MA lifted its stake in Patrick Industries, Inc. (NASDAQ:PATKFree Report) by 1.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 93,959 shares of the construction company’s stock after purchasing an additional 925 shares during the quarter. Congress Asset Management Co. MA’s holdings in Patrick Industries were worth $11,225,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC acquired a new position in Patrick Industries in the fourth quarter worth approximately $35,000. Xponance Inc. acquired a new position in Patrick Industries in the fourth quarter worth approximately $203,000. Heritage Wealth Management LLC acquired a new position in Patrick Industries in the fourth quarter worth approximately $238,000. Envestnet Portfolio Solutions Inc. acquired a new position in Patrick Industries in the third quarter worth approximately $243,000. Finally, Everence Capital Management Inc. acquired a new position in Patrick Industries in the fourth quarter worth approximately $243,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Price Performance

Shares of NASDAQ PATK traded up $1.06 during midday trading on Friday, reaching $107.97. 660,537 shares of the company traded hands, compared to its average volume of 157,781. The firm has a market cap of $2.42 billion, a PE ratio of 16.00, a PEG ratio of 0.77 and a beta of 1.70. The stock’s 50-day simple moving average is $109.25 and its 200-day simple moving average is $106.97. Patrick Industries, Inc. has a 12 month low of $70.15 and a 12 month high of $123.58. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.96 and a current ratio of 2.38.

Patrick Industries (NASDAQ:PATKGet Free Report) last issued its quarterly earnings data on Thursday, May 2nd. The construction company reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.47. The company had revenue of $933.50 million during the quarter, compared to analysts’ expectations of $829.22 million. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. The business’s revenue was up 3.7% on a year-over-year basis. During the same period last year, the business earned $1.35 earnings per share. As a group, equities analysts anticipate that Patrick Industries, Inc. will post 8.12 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were paid a $0.55 dividend. The ex-dividend date was Monday, June 3rd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.04%. Patrick Industries’s dividend payout ratio (DPR) is presently 32.59%.

Wall Street Analysts Forecast Growth

PATK has been the topic of a number of research reports. Roth Mkm restated a “buy” rating and issued a $126.00 price objective (up previously from $120.00) on shares of Patrick Industries in a report on Monday, May 6th. Truist Financial reiterated a “buy” rating and set a $130.00 price target on shares of Patrick Industries in a report on Friday, April 12th. StockNews.com downgraded Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. Finally, BMO Capital Markets increased their price target on Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $106.71.

Get Our Latest Research Report on PATK

Patrick Industries Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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