Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by Meritage Portfolio Management

Meritage Portfolio Management grew its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 3.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,108 shares of the construction company’s stock after purchasing an additional 295 shares during the quarter. Meritage Portfolio Management’s holdings in Patrick Industries were worth $814,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. grew its stake in Patrick Industries by 4.3% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 4,850 shares of the construction company’s stock worth $364,000 after buying an additional 199 shares during the last quarter. Foster & Motley Inc. grew its stake in Patrick Industries by 43.0% during the 3rd quarter. Foster & Motley Inc. now owns 8,833 shares of the construction company’s stock worth $663,000 after buying an additional 2,655 shares during the last quarter. Redmont Wealth Advisors LLC grew its stake in Patrick Industries by 10.7% during the 3rd quarter. Redmont Wealth Advisors LLC now owns 5,504 shares of the construction company’s stock worth $413,000 after buying an additional 530 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Patrick Industries by 32.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,393 shares of the construction company’s stock worth $255,000 after acquiring an additional 829 shares during the period. Finally, Strs Ohio acquired a new stake in Patrick Industries during the 3rd quarter worth approximately $502,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on PATK. Roth Mkm increased their price objective on Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. KeyCorp lifted their price objective on Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, February 9th. Truist Financial reaffirmed a “buy” rating and set a $130.00 price objective on shares of Patrick Industries in a report on Friday, April 12th. Finally, StockNews.com downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $103.00.

Patrick Industries Trading Up 0.7 %

PATK stock traded up $0.78 during trading on Friday, reaching $105.20. 30,150 shares of the stock traded hands, compared to its average volume of 166,949. The firm has a market capitalization of $2.36 billion, a PE ratio of 16.04, a P/E/G ratio of 0.67 and a beta of 1.72. The business’s 50 day moving average price is $112.93 and its 200-day moving average price is $97.72. Patrick Industries, Inc. has a 52-week low of $63.57 and a 52-week high of $123.58. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.38 and a quick ratio of 0.73.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, February 8th. The construction company reported $1.49 EPS for the quarter, beating the consensus estimate of $1.39 by $0.10. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The company had revenue of $781.20 million during the quarter, compared to analyst estimates of $780.97 million. During the same period in the prior year, the company earned $1.82 earnings per share. The business’s revenue was down 17.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Patrick Industries, Inc. will post 8 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were given a $0.55 dividend. The ex-dividend date of this dividend was Friday, February 16th. This represents a $2.20 dividend on an annualized basis and a yield of 2.09%. Patrick Industries’s dividend payout ratio (DPR) is 33.79%.

Insider Activity

In other news, Director Michael A. Kitson sold 3,290 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the completion of the sale, the director now owns 8,553 shares in the company, valued at approximately $948,271.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Kip B. Ellis sold 7,462 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $121.99, for a total transaction of $910,289.38. Following the completion of the sale, the insider now owns 101,316 shares of the company’s stock, valued at $12,359,538.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael A. Kitson sold 3,290 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the sale, the director now directly owns 8,553 shares of the company’s stock, valued at approximately $948,271.11. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,873 shares of company stock worth $5,681,957. Insiders own 4.70% of the company’s stock.

Patrick Industries 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.