15,000 Shares in Patrick Industries, Inc. $PATK Bought by Foster & Motley Inc.

Foster & Motley Inc. bought a new position in Patrick Industries, Inc. (NASDAQ:PATK) during the second quarter, HoldingsChannel.com reports. The fund bought 15,000 shares of the construction company’s stock, valued at approximately $1,347,000.

Several other hedge funds have also recently made changes to their positions in PATK. Bank of New York Mellon Corp purchased a new position in Patrick Industries in the second quarter worth about $65,138,000. Wellington Management Group LLP boosted its holdings in shares of Patrick Industries by 19.9% in the 4th quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock worth $240,401,000 after purchasing an additional 367,802 shares during the period. Capital Research Global Investors boosted its holdings in shares of Patrick Industries by 24.4% in the 4th quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock worth $123,342,000 after purchasing an additional 223,014 shares during the period. Bessemer Group Inc. increased its position in shares of Patrick Industries by 3,602.4% during the 4th quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock valued at $16,255,000 after purchasing an additional 145,863 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Patrick Industries by 17.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company’s stock valued at $81,205,000 after purchasing an additional 112,766 shares during the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Raymond James Financial reiterated an “outperform” rating and set a $94.00 price objective on shares of Patrick Industries in a research report on Friday, July 31st. Roth Capital set a $114.00 price objective on shares of Patrick Industries in a research note on Friday, July 31st. KeyCorp cut their target price on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 22nd. Truist Financial set a $108.00 target price on Patrick Industries and gave the stock a “buy” rating in a research report on Monday, August 10th. Finally, Robert W. Baird set a $110.00 price target on shares of Patrick Industries in a report on Friday, May 1st. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $113.12.

Patrick Industries Stock Performance

Shares of PATK opened at $87.44 on Thursday. Patrick Industries, Inc. has a one year low of $81.29 and a one year high of $148.50. The stock has a market cap of $2.81 billion, a P/E ratio of 20.72 and a beta of 1.11. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.96 and a current ratio of 2.67. The stock has a 50-day moving average of $86.49 and a two-hundred day moving average of $101.93.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $994.95 million. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.Patrick Industries’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the previous year, the company posted $1.50 earnings per share. As a group, research analysts predict that Patrick Industries, Inc. will post 4.26 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Monday, August 24th. This represents a $1.88 annualized dividend and a dividend yield of 2.2%. Patrick Industries’s dividend payout ratio (DPR) is presently 44.55%.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.