Congress Asset Management Co. Has $12.05 Million Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Congress Asset Management Co. raised its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 60.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 144,999 shares of the construction company’s stock after purchasing an additional 54,835 shares during the quarter. Congress Asset Management Co. owned 0.43% of Patrick Industries worth $12,046,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in PATK. Assetmark Inc. lifted its position in shares of Patrick Industries by 1,589.0% during the 3rd quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock worth $938,000 after buying an additional 6,197 shares during the period. Fiera Capital Corp bought a new position in shares of Patrick Industries during the third quarter valued at $27,888,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Patrick Industries by 35.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock valued at $13,869,000 after purchasing an additional 25,556 shares in the last quarter. Argent Capital Management LLC grew its holdings in shares of Patrick Industries by 758.4% in the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after purchasing an additional 133,413 shares during the last quarter. Finally, Copeland Capital Management LLC acquired a new stake in shares of Patrick Industries during the 3rd quarter worth about $8,070,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on PATK. KeyCorp upped their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Raymond James raised their price target on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Benchmark boosted their price objective on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. BMO Capital Markets raised their target price on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Truist Financial upped their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, February 10th. 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 data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $97.96.

Insider Buying and Selling at Patrick Industries

In related news, CEO Andy L. Nemeth sold 30,000 shares of Patrick Industries stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the completion of the sale, the chief executive officer now directly owns 379,678 shares of the company’s stock, valued at $34,171,020. The trade was a 7.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.70% of the company’s stock.

Patrick Industries Price Performance

Patrick Industries stock opened at $95.08 on Wednesday. The business’s 50-day simple moving average is $89.74 and its 200 day simple moving average is $89.15. The company has a quick ratio of 0.97, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The stock has a market cap of $3.19 billion, a price-to-earnings ratio of 23.08, a P/E/G ratio of 1.42 and a beta of 2.26. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating 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, research analysts anticipate that Patrick Industries, Inc. will post 5.38 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date is Tuesday, February 18th. Patrick Industries’s dividend payout ratio is presently 38.83%.

About Patrick Industries

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.