BTC Capital Management Inc. Acquires New Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

BTC Capital Management Inc. bought a new stake in Patrick Industries, Inc. (NASDAQ:PATK) in the first quarter, Holdings Channel reports. The fund bought 2,533 shares of the construction company’s stock, valued at approximately $303,000.

Several other large investors have also recently bought and sold shares of PATK. GAMMA Investing LLC bought a new position in shares of Patrick Industries in the fourth quarter valued at approximately $35,000. Xponance Inc. bought a new position in Patrick Industries during the 4th quarter valued at $203,000. Heritage Wealth Management LLC acquired a new position in shares of Patrick Industries during the 4th quarter valued at $238,000. Everence Capital Management Inc. bought a new stake in shares of Patrick Industries in the 4th quarter worth $243,000. Finally, Carmel Capital Partners LLC raised its stake in shares of Patrick Industries by 418.6% in the 4th quarter. Carmel Capital Partners LLC now owns 3,044 shares of the construction company’s stock worth $305,000 after buying an additional 2,457 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Analysts Set New Price Targets

PATK has been the topic of a number of research analyst reports. BMO Capital Markets lifted their target price on Patrick Industries from $120.00 to $125.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Truist Financial reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Patrick Industries in a research note on Friday, April 12th. StockNews.com lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. Finally, Roth Mkm restated a “buy” rating and issued a $126.00 price target (up previously from $120.00) on shares of Patrick Industries in a research report on Monday, May 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $106.71.

Patrick Industries Price Performance

PATK stock opened at $107.97 on Friday. Patrick Industries, Inc. has a one year low of $70.15 and a one year high of $123.58. The firm has a 50-day moving average of $109.25 and a two-hundred day moving average of $106.97. The firm has a market capitalization of $2.42 billion, a PE ratio of 16.00, a P/E/G ratio of 0.77 and a beta of 1.70. The company has a current ratio of 2.38, a quick ratio of 0.96 and a debt-to-equity ratio of 1.32.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, beating the consensus estimate of $1.32 by $0.47. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The business had revenue of $933.50 million during the quarter, compared to the consensus estimate of $829.22 million. During the same quarter in the prior year, the firm earned $1.35 EPS. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. On average, analysts forecast that Patrick Industries, Inc. will post 8.12 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were given a $0.55 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $2.20 annualized dividend and a dividend yield of 2.04%. Patrick Industries’s dividend payout ratio (DPR) is presently 32.59%.

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.