HighTower Advisors LLC Acquires 1,603 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

HighTower Advisors LLC raised its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 55.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,470 shares of the construction company’s stock after acquiring an additional 1,603 shares during the quarter. HighTower Advisors LLC’s holdings in Patrick Industries were worth $371,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Citigroup Inc. increased its holdings in shares of Patrick Industries by 66.7% during the third quarter. Citigroup Inc. now owns 34,618 shares of the construction company’s stock worth $4,929,000 after buying an additional 13,851 shares in the last quarter. BNP Paribas Financial Markets grew its position in Patrick Industries by 23.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,273 shares of the construction company’s stock worth $1,605,000 after acquiring an additional 2,175 shares during the last quarter. Verition Fund Management LLC acquired a new position in Patrick Industries in the 3rd quarter worth about $418,000. Benjamin Edwards Inc. acquired a new stake in shares of Patrick Industries during the third quarter valued at about $2,413,000. Finally, Readystate Asset Management LP acquired a new stake in shares of Patrick Industries during the third quarter valued at about $624,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Benchmark increased their price target on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Truist Financial lifted their price objective on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. Raymond James increased their target price 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 boosted their price target 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 analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $97.96.

Patrick Industries Trading Up 0.8 %

Shares of Patrick Industries stock opened at $84.56 on Tuesday. The stock has a market capitalization of $2.85 billion, a P/E ratio of 20.52, a P/E/G ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90. 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 stock’s 50-day simple moving average is $90.89 and its 200 day simple moving average is $89.88.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates 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, research analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s payout ratio is currently 38.83%.

Insider Activity

In other news, Director M Scott Welch bought 2,500 shares of the stock in a transaction on Thursday, March 13th. The shares were acquired at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the purchase, the director now directly owns 2,961 shares of the company’s stock, valued at $250,559.82. This trade represents a 542.30 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the sale, the executive vice president now owns 18,044 shares in the company, valued at $1,543,303.32. This trade represents a 13.78 % decrease in their position. The disclosure for this sale can be found here. 4.70% of the stock is owned by company insiders.

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.