1ST Source Bank Has $10.94 Million Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

1ST Source Bank grew its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 48.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 131,650 shares of the construction company’s stock after acquiring an additional 42,883 shares during the quarter. Patrick Industries accounts for 0.6% of 1ST Source Bank’s holdings, making the stock its 21st biggest position. 1ST Source Bank owned approximately 0.39% of Patrick Industries worth $10,938,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of PATK. Copeland Capital Management LLC boosted its position in Patrick Industries by 536.5% during the 4th quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company’s stock worth $29,976,000 after acquiring an additional 304,119 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Patrick Industries during the 4th quarter worth approximately $16,983,000. Charles Schwab Investment Management Inc. raised its stake in shares of Patrick Industries by 55.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock worth $45,592,000 after purchasing an additional 195,138 shares in the last quarter. Brightline Capital Management LLC bought a new stake in shares of Patrick Industries during the 3rd quarter worth approximately $14,806,000. Finally, Tributary Capital Management LLC raised its stake in shares of Patrick Industries by 49.8% during the 4th quarter. Tributary Capital Management LLC now owns 306,796 shares of the construction company’s stock worth $25,489,000 after purchasing an additional 101,949 shares in 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 recently issued reports on PATK. Benchmark upped their price objective 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 note on Thursday, January 16th. Truist Financial upped their price objective on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. KeyCorp increased their price target on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Finally, Raymond James increased their price target on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and an average price target of $97.96.

Patrick Industries Stock Up 2.9 %

PATK stock opened at $85.70 on Monday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The stock has a market capitalization of $2.88 billion, a price-to-earnings ratio of 20.80, a PEG ratio of 1.41 and a beta of 2.37. The business’s fifty day moving average price is $91.16 and its two-hundred day moving average price is $89.85. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping 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%. On average, equities analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.87%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s dividend payout ratio (DPR) is currently 38.83%.

Insider Transactions at Patrick Industries

In related news, Director M Scott Welch bought 10,000 shares of Patrick Industries stock in a transaction dated Tuesday, March 11th. The shares were bought at an average cost of $86.22 per share, with a total value of $862,200.00. Following the acquisition, the director now owns 136,000 shares in the company, valued at $11,725,920. This trade represents a 7.94 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction on Tuesday, March 11th. The stock was 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 approximately $1,543,303.32. This trade represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.70% of the stock is currently owned by insiders.

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.