Global Retirement Partners LLC Boosts Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Global Retirement Partners LLC grew its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 44.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 643 shares of the construction company’s stock after acquiring an additional 199 shares during the period. Global Retirement Partners LLC’s holdings in Patrick Industries were worth $53,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in PATK. Creative Planning bought a new position in Patrick Industries in the third quarter valued at $337,000. State of Alaska Department of Revenue lifted its holdings in Patrick Industries by 3.4% in the third quarter. State of Alaska Department of Revenue now owns 12,783 shares of the construction company’s stock worth $1,819,000 after buying an additional 419 shares during the period. F M Investments LLC purchased a new stake in Patrick Industries in the third quarter worth about $323,000. Janney Montgomery Scott LLC lifted its holdings in shares of Patrick Industries by 2.3% during the third quarter. Janney Montgomery Scott LLC now owns 20,137 shares of the construction company’s stock valued at $2,867,000 after purchasing an additional 451 shares during the last quarter. Finally, Amalgamated Bank lifted its holdings in shares of Patrick Industries by 2.1% during the third quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock valued at $936,000 after purchasing an additional 136 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PATK shares. KeyCorp raised their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Truist Financial lifted their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. Raymond James boosted their price target 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. Finally, Benchmark upped their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, February 7th. One research 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $97.96.

Patrick Industries Price Performance

Shares of PATK stock opened at $90.60 on Friday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The company has a market capitalization of $3.05 billion, a P/E ratio of 21.99, a P/E/G ratio of 1.41 and a beta of 2.26. The company’s 50-day simple moving average is $90.46 and its two-hundred day simple moving average is $89.72. Patrick Industries, Inc. has a one year low of $67.72 and a one year high of $98.90.

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

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Tuesday, February 18th will be given a dividend of $0.40 per share. The ex-dividend date is Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 1.77%. Patrick Industries’s payout ratio is 38.83%.

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.