Kendall Capital Management Increases Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Kendall Capital Management increased its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 26.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,977 shares of the construction company’s stock after purchasing an additional 617 shares during the quarter. Kendall Capital Management’s holdings in Patrick Industries were worth $247,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Copeland Capital Management LLC grew its position in 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 buying an additional 304,119 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Patrick Industries during the fourth quarter worth about $16,983,000. Charles Schwab Investment Management Inc. grew its position in Patrick Industries by 55.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock worth $45,592,000 after buying an additional 195,138 shares in the last quarter. Brightline Capital Management LLC purchased a new position in Patrick Industries during the third quarter worth about $14,806,000. Finally, Tributary Capital Management LLC grew its position in Patrick Industries by 49.8% during the fourth quarter. Tributary Capital Management LLC now owns 306,796 shares of the construction company’s stock worth $25,489,000 after buying an additional 101,949 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Benchmark boosted their target price on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. KeyCorp lifted their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Raymond James lifted their price target on Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Finally, Truist Financial lifted their price target on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $97.96.

Patrick Industries Trading Up 0.9 %

NASDAQ PATK opened at $88.33 on Monday. Patrick Industries, Inc. has a 1-year low of $45.15 and a 1-year high of $98.60. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The stock has a 50-day moving average of $90.90 and a 200-day moving average of $89.90. The firm has a market cap of $2.97 billion, a PE ratio of 21.44, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. As a group, sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s payout ratio is 38.83%.

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.