Smartleaf Asset Management LLC Boosts Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Smartleaf Asset Management LLC lifted its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 812.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 593 shares of the construction company’s stock after purchasing an additional 528 shares during the quarter. Smartleaf Asset Management LLC’s holdings in Patrick Industries were worth $49,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kestra Investment Management LLC purchased a new position in shares of Patrick Industries in the fourth quarter valued at $25,000. Quent Capital LLC purchased a new position in Patrick Industries during the fourth quarter worth $53,000. Global Retirement Partners LLC boosted its stake in Patrick Industries by 44.8% during the fourth 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 period. GAMMA Investing LLC boosted its stake in Patrick Industries by 61.2% during the fourth quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock worth $63,000 after buying an additional 290 shares during the period. Finally, UMB Bank n.a. boosted its stake in 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 buying an additional 199 shares during the period. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Stock Down 0.6 %

NASDAQ:PATK opened at $87.77 on Tuesday. 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 stock has a fifty day simple moving average of $90.90 and a 200-day simple moving average of $89.90. The company has a market cap of $2.95 billion, a price-to-earnings ratio of 21.30, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a twelve month low of $45.15 and a twelve month high of $98.60.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current 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 $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 annualized dividend and a dividend yield of 1.82%. Patrick Industries’s payout ratio is currently 38.83%.

Wall Street Analyst Weigh In

Several research firms have commented on PATK. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. KeyCorp lifted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Truist Financial lifted their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. Benchmark lifted their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Finally, Raymond James lifted their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. One research 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. Based on data from MarketBeat.com, the company presently has an average 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.