Patrick Industries, Inc. (NASDAQ:PATK) Shares Bought by Handelsbanken Fonder AB

Handelsbanken Fonder AB lifted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 50.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,361 shares of the construction company’s stock after buying an additional 1,453 shares during the quarter. Handelsbanken Fonder AB’s holdings in Patrick Industries were worth $362,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in PATK. Amalgamated Bank increased its position in shares of Patrick Industries by 2.1% in the 3rd quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock worth $936,000 after purchasing an additional 136 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in Patrick Industries by 21.4% in the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after purchasing an additional 139 shares during the period. UMB Bank n.a. raised its holdings in shares of Patrick Industries by 35.1% during the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock worth $64,000 after purchasing an additional 199 shares during the period. Global Retirement Partners LLC lifted its position in shares of Patrick Industries by 44.8% in the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock worth $53,000 after buying an additional 199 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Patrick Industries by 61.2% in the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock valued at $63,000 after buying an additional 290 shares during the period. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Down 0.6 %

NASDAQ:PATK opened at $90.06 on Tuesday. The business’s fifty day moving average price is $90.46 and its 200 day moving average price is $89.78. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 21.86, a PEG ratio of 1.41 and a beta of 2.26. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16.

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

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors 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 1.78%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is currently 38.83%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PATK shares. Benchmark lifted their target price on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Raymond James increased their target price on Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Truist Financial raised their target price on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. KeyCorp increased their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Finally, StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $97.96.

Patrick Industries 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.