Envestnet Portfolio Solutions Inc. Increases Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Envestnet Portfolio Solutions Inc. raised its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 54.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,547 shares of the construction company’s stock after purchasing an additional 1,958 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Patrick Industries were worth $461,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of PATK. UMB Bank n.a. lifted its holdings in shares of Patrick Industries by 35.1% during the fourth 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. Global Retirement Partners LLC raised its position in 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 buying an additional 199 shares during the last quarter. IFP Advisors Inc lifted its stake in Patrick Industries by 35.8% during 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 period. GAMMA Investing LLC boosted 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 acquiring an additional 290 shares during the last quarter. Finally, Kestra Investment Management LLC bought a new stake in shares of Patrick Industries in the fourth quarter worth approximately $25,000. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Down 0.4 %

NASDAQ PATK opened at $87.14 on Wednesday. The stock’s 50-day moving average price is $91.38 and its 200-day moving average price is $89.88. The company has a market capitalization of $2.93 billion, a P/E ratio of 21.15, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90.

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

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.84%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is currently 38.83%.

Insiders Place Their Bets

In other Patrick Industries news, Director M Scott Welch acquired 10,000 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was purchased at an average price of $86.22 per share, with a total value of $862,200.00. Following the completion of the purchase, the director now directly owns 136,000 shares in the company, valued at approximately $11,725,920. The trade was a 7.94 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the sale, the executive vice president now directly owns 18,044 shares in the company, 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. 4.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PATK has been the topic of several research reports. Raymond James raised their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Benchmark raised their price target on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. 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. Finally, KeyCorp increased their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. One 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. Based on data from MarketBeat, Patrick Industries has a consensus 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.