Bank of New York Mellon Corp Acquires 71,493 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Bank of New York Mellon Corp grew its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 27.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 329,617 shares of the construction company’s stock after buying an additional 71,493 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.98% of Patrick Industries worth $27,385,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Copeland Capital Management LLC increased its stake in shares of Patrick Industries by 536.5% during the 4th quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company’s stock worth $29,976,000 after purchasing an additional 304,119 shares during the last quarter. Fiera Capital Corp acquired a new position in shares of Patrick Industries during the 3rd quarter worth about $27,888,000. Brightline Capital Management LLC acquired a new position in shares of Patrick Industries during the 3rd quarter worth about $14,806,000. Tributary Capital Management LLC increased its stake in shares of Patrick Industries by 49.8% during the 4th quarter. Tributary Capital Management LLC now owns 306,796 shares of the construction company’s stock worth $25,489,000 after purchasing an additional 101,949 shares during the last quarter. Finally, Argent Capital Management LLC increased its stake in shares of Patrick Industries by 48.8% during the 4th quarter. Argent Capital Management LLC now owns 224,636 shares of the construction company’s stock worth $18,663,000 after purchasing an additional 73,632 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Patrick Industries Stock Performance

Shares of Patrick Industries stock opened at $88.33 on Friday. The company 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. 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 company has a 50 day moving average of $90.90 and a 200-day moving average of $89.88. Patrick Industries, Inc. has a 1-year low of $45.15 and a 1-year high of $98.60.

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

Patrick Industries Announces Dividend

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 $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s dividend payout ratio (DPR) is currently 38.83%.

Analyst Ratings Changes

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

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.