KLP Kapitalforvaltning AS Purchases New Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

KLP Kapitalforvaltning AS bought a new position in Patrick Industries, Inc. (NASDAQ:PATK) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 6,600 shares of the construction company’s stock, valued at approximately $548,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of PATK. Kestra Investment Management LLC bought a new position in Patrick Industries during the 4th quarter valued at about $25,000. Smartleaf Asset Management LLC increased its position in Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after acquiring an additional 528 shares in the last quarter. Quent Capital LLC bought a new stake in shares of Patrick Industries during the fourth quarter valued at approximately $53,000. Global Retirement Partners LLC increased its holdings in shares of Patrick Industries by 44.8% in the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock valued at $53,000 after purchasing an additional 199 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in 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 last quarter. Institutional investors own 93.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PATK. Truist Financial boosted their price target 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. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. KeyCorp boosted their target price on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Benchmark lifted their price objective on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a report on Friday, February 7th. Finally, Raymond James raised their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $97.96.

Patrick Industries Stock Performance

Shares of PATK opened at $88.15 on Thursday. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 1.41 and a beta of 2.37. The stock has a 50 day moving average of $90.56 and a 200 day moving average of $89.84. 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, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating 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%. As a group, sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.82%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is presently 38.83%.

Insider Activity at Patrick Industries

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

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.