Peregrine Capital Management LLC Has $11.81 Million Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Peregrine Capital Management LLC increased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 52.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 142,159 shares of the construction company’s stock after buying an additional 49,088 shares during the quarter. Peregrine Capital Management LLC owned 0.42% of Patrick Industries worth $11,811,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Copeland Capital Management LLC raised its position in shares of Patrick Industries by 536.5% during the fourth quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company’s stock worth $29,976,000 after purchasing an additional 304,119 shares during the period. Fiera Capital Corp bought a new stake in Patrick Industries during the 3rd quarter worth approximately $27,888,000. Argent Capital Management LLC raised its holdings in Patrick Industries by 758.4% during the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after buying an additional 133,413 shares during the period. Brightline Capital Management LLC bought a new position in Patrick Industries in the third quarter valued at approximately $14,806,000. Finally, Tributary Capital Management LLC boosted its holdings in shares of Patrick Industries by 49.8% in the fourth quarter. Tributary Capital Management LLC now owns 306,796 shares of the construction company’s stock valued at $25,489,000 after buying an additional 101,949 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Insider Transactions at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 30,000 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $90.00, for a total value of $2,700,000.00. Following the transaction, the chief executive officer now directly owns 379,678 shares of the company’s stock, valued at $34,171,020. This represents a 7.32 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 4.70% of the stock is owned by corporate insiders.

Patrick Industries Stock Performance

Shares of PATK opened at $95.76 on Tuesday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.97. The firm has a 50-day moving average of $89.65 and a 200-day moving average of $89.06. The company has a market cap of $3.22 billion, a PE ratio of 23.24, a price-to-earnings-growth ratio of 1.42 and a beta of 2.26. Patrick Industries, Inc. has a one year low of $67.72 and a one year high of $98.90.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data 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%. As a group, equities analysts forecast that Patrick Industries, Inc. will post 5.38 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend is Tuesday, February 18th. Patrick Industries’s payout ratio is 38.83%.

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.