Handelsbanken Fonder AB Acquires 1,453 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Handelsbanken Fonder AB boosted its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 50.0% in the 4th quarter, HoldingsChannel reports. The firm owned 4,361 shares of the construction company’s stock after buying an additional 1,453 shares during the period. Handelsbanken Fonder AB’s holdings in Patrick Industries were worth $362,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Kestra Investment Management LLC acquired a new stake in Patrick Industries in the fourth quarter worth about $25,000. Quent Capital LLC acquired a new position in shares of Patrick Industries in the fourth quarter valued at approximately $53,000. Global Retirement Partners LLC increased its position in shares of Patrick Industries by 44.8% during the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock worth $53,000 after acquiring an additional 199 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Patrick Industries by 61.2% in the fourth 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. raised its holdings in shares of Patrick Industries by 35.1% in 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 during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on PATK. Truist Financial increased their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. Raymond James increased their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Benchmark lifted their price target 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. StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Finally, KeyCorp upped their price target on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and an average target price of $97.96.

Patrick Industries Trading Down 0.6 %

PATK opened at $90.06 on Tuesday. The company has a fifty day moving average price of $90.46 and a two-hundred day moving average price of $89.78. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The company has a market cap of $3.03 billion, a P/E ratio of 21.86, a price-to-earnings-growth ratio of 1.41 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share 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%. Analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business 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 1.78%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is currently 38.83%.

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.