BTC Capital Management Inc. Takes $303,000 Position in Patrick Industries, Inc. (NASDAQ:PATK)

BTC Capital Management Inc. acquired a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 2,533 shares of the construction company’s stock, valued at approximately $303,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PATK. Deutsche Bank AG increased its position in shares of Patrick Industries by 13.8% during the third quarter. Deutsche Bank AG now owns 10,590 shares of the construction company’s stock worth $795,000 after purchasing an additional 1,281 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in Patrick Industries in the third quarter worth about $243,000. Envestnet Asset Management Inc. boosted its holdings in Patrick Industries by 49.9% in the third quarter. Envestnet Asset Management Inc. now owns 46,147 shares of the construction company’s stock worth $3,464,000 after acquiring an additional 15,357 shares in the last quarter. Invesco Ltd. grew its stake in shares of Patrick Industries by 7.0% during the third quarter. Invesco Ltd. now owns 277,265 shares of the construction company’s stock worth $20,812,000 after acquiring an additional 18,256 shares during the last quarter. Finally, Brandywine Global Investment Management LLC increased its holdings in shares of Patrick Industries by 10.2% during the third quarter. Brandywine Global Investment Management LLC now owns 66,477 shares of the construction company’s stock valued at $4,990,000 after acquiring an additional 6,171 shares in the last quarter. Hedge funds and other 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. StockNews.com lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. BMO Capital Markets raised their target price on Patrick Industries from $120.00 to $125.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. Roth Mkm reiterated a “buy” rating and set a $126.00 price target (up previously from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. Finally, Truist Financial reissued a “buy” rating and issued a $130.00 price objective on shares of Patrick Industries in a report on Friday, April 12th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $106.71.

Patrick Industries Price Performance

Shares of PATK opened at $107.97 on Friday. The business’s 50-day moving average is $109.25 and its two-hundred day moving average is $106.97. The company has a market capitalization of $2.42 billion, a P/E ratio of 16.00, a P/E/G ratio of 0.77 and a beta of 1.70. Patrick Industries, Inc. has a fifty-two week low of $70.15 and a fifty-two week high of $123.58. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.96 and a current ratio of 2.38.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, topping the consensus estimate of $1.32 by $0.47. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. The firm had revenue of $933.50 million for the quarter, compared to analyst estimates of $829.22 million. During the same period last year, the company earned $1.35 earnings per share. Patrick Industries’s revenue for the quarter was up 3.7% compared to the same quarter last year. Research analysts predict that Patrick Industries, Inc. will post 8.12 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 2.04%. The ex-dividend date was Monday, June 3rd. Patrick Industries’s dividend payout ratio (DPR) is 32.59%.

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.