Mutual of America Capital Management LLC Boosts Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Mutual of America Capital Management LLC lifted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 51.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,090 shares of the construction company’s stock after acquiring an additional 1,721 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Patrick Industries were worth $423,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp boosted its position in shares of Patrick Industries by 3.5% in the third quarter. State Street Corp now owns 816,031 shares of the construction company’s stock worth $116,178,000 after purchasing an additional 27,669 shares during the period. Geode Capital Management LLC lifted its stake in shares of Patrick Industries by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock valued at $73,968,000 after buying an additional 20,694 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Patrick Industries by 2.5% in the 3rd quarter. Wellington Management Group LLP now owns 412,296 shares of the construction company’s stock worth $58,699,000 after buying an additional 9,917 shares during the period. Copeland Capital Management LLC increased its stake in Patrick Industries by 536.5% in the 4th 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. Finally, Charles Schwab Investment Management Inc. increased its stake in Patrick Industries by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 353,633 shares of the construction company’s stock worth $50,347,000 after buying an additional 17,747 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Stock Up 0.9 %

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

Patrick Industries (NASDAQ:PATK) last released 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 analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

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

Analysts Set New Price Targets

PATK has been the topic of several research analyst reports. StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Truist Financial boosted their price target on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, February 10th. Benchmark increased their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a report on Friday, February 7th. Raymond James lifted their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Finally, KeyCorp upped their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus 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.