New England Research & Management Inc. Decreases Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

New England Research & Management Inc. trimmed its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 2.4% in the first quarter, Holdings Channel reports. The institutional investor owned 6,025 shares of the construction company’s stock after selling 150 shares during the period. New England Research & Management Inc.’s holdings in Patrick Industries were worth $720,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of PATK. Pacer Advisors Inc. lifted its holdings in Patrick Industries by 39.7% during the 4th quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock worth $104,972,000 after buying an additional 297,381 shares during the last quarter. Norges Bank acquired a new stake in shares of Patrick Industries during the fourth quarter worth about $14,782,000. Dimensional Fund Advisors LP increased its position in shares of Patrick Industries by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock worth $144,828,000 after purchasing an additional 21,735 shares in the last quarter. O Shaughnessy Asset Management LLC increased its position in shares of Patrick Industries by 103.4% during the third quarter. O Shaughnessy Asset Management LLC now owns 42,470 shares of the construction company’s stock worth $3,188,000 after purchasing an additional 21,585 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Patrick Industries by 7.0% during the third quarter. Invesco Ltd. now owns 277,265 shares of the construction company’s stock worth $20,812,000 after purchasing an additional 18,256 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Patrick Industries Price Performance

PATK stock opened at $108.55 on Friday. Patrick Industries, Inc. has a 1 year low of $70.15 and a 1 year high of $123.58. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.96 and a current ratio of 2.38. The stock’s 50 day moving average price is $109.61 and its 200 day moving average price is $107.54. The firm has a market cap of $2.43 billion, a P/E ratio of 16.08, a PEG ratio of 0.78 and a beta of 1.70.

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

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend was Monday, June 3rd. Patrick Industries’s dividend payout ratio is presently 32.59%.

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.