KFG Wealth Management LLC Has $1.38 Million Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

KFG Wealth Management LLC grew its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 62.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,549 shares of the construction company’s stock after acquiring an additional 4,453 shares during the period. KFG Wealth Management LLC owned 0.05% of Patrick Industries worth $1,380,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. US Bancorp DE increased its holdings in shares of Patrick Industries by 1.3% during the fourth quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock worth $770,000 after purchasing an additional 95 shares during the period. SummerHaven Investment Management LLC increased its stake in Patrick Industries by 1.4% in the fourth quarter. SummerHaven Investment Management LLC now owns 8,768 shares of the construction company’s stock valued at $880,000 after acquiring an additional 117 shares during the last quarter. Meritage Portfolio Management increased its stake in Patrick Industries by 3.8% in the fourth quarter. Meritage Portfolio Management now owns 8,108 shares of the construction company’s stock valued at $814,000 after acquiring an additional 295 shares during the last quarter. GAMMA Investing LLC bought a new position in Patrick Industries in the fourth quarter valued at approximately $35,000. Finally, WealthTrust Axiom LLC increased its stake in Patrick Industries by 6.0% in the fourth quarter. WealthTrust Axiom LLC now owns 6,582 shares of the construction company’s stock valued at $661,000 after acquiring an additional 375 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Trading Up 1.8 %

PATK stock traded up $1.97 during midday trading on Wednesday, hitting $109.10. The stock had a trading volume of 145,301 shares, compared to its average volume of 179,402. The firm has a market cap of $2.44 billion, a P/E ratio of 16.31, a price-to-earnings-growth ratio of 0.78 and a beta of 1.66. The company has a current ratio of 2.38, a quick ratio of 0.96 and a debt-to-equity ratio of 1.32. Patrick Industries, Inc. has a 1-year low of $70.15 and a 1-year high of $123.58. The business has a fifty day moving average price of $109.68 and a two-hundred day moving average price of $108.03.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, May 2nd. The construction company reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.47. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The business had revenue of $933.50 million for the quarter, compared to analyst estimates of $829.22 million. During the same quarter in the previous year, the business earned $1.35 earnings per share. Patrick Industries’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, sell-side analysts predict that Patrick Industries, Inc. will post 8.12 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend was Monday, June 3rd. Patrick Industries’s dividend payout ratio (DPR) is currently 32.59%.

Analyst Ratings Changes

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

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.