Foster & Motley Inc. Increases Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Foster & Motley Inc. lifted its position in Patrick Industries, Inc. (NASDAQ:PATK) by 61.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 14,241 shares of the construction company’s stock after purchasing an additional 5,408 shares during the period. Foster & Motley Inc.’s holdings in Patrick Industries were worth $1,429,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of PATK. Carmel Capital Partners LLC purchased a new position in shares of Patrick Industries during the 3rd quarter worth $44,000. Harel Insurance Investments & Financial Services Ltd. lifted its position in Patrick Industries by 21.6% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock valued at $102,000 after purchasing an additional 238 shares in the last quarter. Xponance Inc. bought a new stake in Patrick Industries during the fourth quarter valued at about $203,000. Envestnet Portfolio Solutions Inc. purchased a new stake in Patrick Industries in the third quarter worth about $243,000. Finally, Everence Capital Management Inc. bought a new position in shares of Patrick Industries in the fourth quarter worth about $243,000. Institutional investors own 93.29% of the company’s stock.

Wall Street Analyst Weigh In

PATK has been the topic of a number of recent analyst reports. Roth Mkm raised their target price on shares of Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. KeyCorp lifted their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, February 9th. StockNews.com cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. Finally, Truist Financial reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Patrick Industries in a research note on Friday, April 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $103.00.

Patrick Industries Price Performance

NASDAQ:PATK opened at $108.46 on Wednesday. The company has a market capitalization of $2.43 billion, a P/E ratio of 16.66, a P/E/G ratio of 0.66 and a beta of 1.72. The business’s 50-day moving average is $112.95 and its 200 day moving average is $97.40. The company has a current ratio of 2.38, a quick ratio of 0.73 and a debt-to-equity ratio of 0.97. Patrick Industries, Inc. has a 12 month low of $63.57 and a 12 month high of $123.58.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.10. The company had revenue of $781.20 million for the quarter, compared to analysts’ expectations of $780.97 million. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. Patrick Industries’s quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.82 earnings per share. On average, equities research analysts forecast that Patrick Industries, Inc. will post 8 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Tuesday, February 20th were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Friday, February 16th. Patrick Industries’s payout ratio is 33.79%.

Insider Buying and Selling

In other news, insider Kip B. Ellis sold 7,462 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $121.99, for a total value of $910,289.38. Following the completion of the sale, the insider now directly owns 101,316 shares of the company’s stock, valued at approximately $12,359,538.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Kip B. Ellis sold 7,462 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $121.99, for a total value of $910,289.38. Following the sale, the insider now owns 101,316 shares in the company, valued at $12,359,538.84. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael A. Kitson sold 3,290 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the transaction, the director now directly owns 8,553 shares of the company’s stock, valued at $948,271.11. The disclosure for this sale can be found here. Over the last quarter, insiders sold 48,873 shares of company stock worth $5,681,957. Corporate insiders own 4.70% of the company’s stock.

About Patrick Industries

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.