First Horizon Advisors Inc. Boosts Position in Patrick Industries, Inc. (NASDAQ:PATK)

First Horizon Advisors Inc. boosted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 46.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,154 shares of the construction company’s stock after buying an additional 366 shares during the quarter. First Horizon Advisors Inc.’s holdings in Patrick Industries were worth $96,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Kestra Investment Management LLC purchased a new position in Patrick Industries during the 4th quarter worth approximately $25,000. Quent Capital LLC purchased a new position in shares of Patrick Industries during the 4th quarter valued at approximately $53,000. Global Retirement Partners LLC increased its holdings in shares of Patrick Industries by 44.8% during the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock valued at $53,000 after purchasing an additional 199 shares in the last quarter. GAMMA Investing LLC increased its holdings 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 purchasing an additional 290 shares in the last quarter. Finally, UMB Bank n.a. increased its holdings in shares of Patrick Industries by 35.1% during the 4th quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock valued at $64,000 after purchasing an additional 199 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Trading Down 2.0 %

Shares of PATK opened at $90.89 on Thursday. Patrick Industries, Inc. has a 52-week low of $67.72 and a 52-week 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 firm’s fifty day moving average is $90.19 and its two-hundred day moving average is $89.61. The stock has a market cap of $3.06 billion, a PE ratio of 22.06, a price-to-earnings-growth ratio of 1.41 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last announced its 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 net margin of 3.72% and a return on equity of 13.25%. Research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be paid a dividend of $0.40 per share. The ex-dividend date is Tuesday, February 18th. This represents a $1.60 annualized dividend and a yield of 1.76%. Patrick Industries’s dividend payout ratio (DPR) is presently 38.83%.

Wall Street Analysts Forecast Growth

PATK has been the subject of several recent research reports. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. KeyCorp lifted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Benchmark lifted their target price 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. Raymond James lifted their target price 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. Finally, Truist Financial boosted their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, February 10th. One investment 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 data from MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus target price 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.