Patrick Industries, Inc. (NASDAQ:PATK) Shares Acquired by NBW Capital LLC

NBW Capital LLC raised its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 48.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 107,192 shares of the construction company’s stock after acquiring an additional 34,884 shares during the quarter. Patrick Industries makes up 1.7% of NBW Capital LLC’s investment portfolio, making the stock its 20th biggest holding. NBW Capital LLC owned about 0.32% of Patrick Industries worth $8,906,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Assetmark Inc. boosted its position in shares of Patrick Industries by 1,589.0% in the 3rd quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock valued at $938,000 after purchasing an additional 6,197 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Patrick Industries by 27.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock valued at $10,222,000 after purchasing an additional 26,558 shares during the period. Fiera Capital Corp acquired a new stake in shares of Patrick Industries in the 3rd quarter valued at about $27,888,000. Rhumbline Advisers boosted its position in shares of Patrick Industries by 53.2% in the 4th quarter. Rhumbline Advisers now owns 94,291 shares of the construction company’s stock valued at $7,835,000 after purchasing an additional 32,740 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of Patrick Industries by 55.3% in the 4th quarter. Principal Financial Group Inc. now owns 173,819 shares of the construction company’s stock valued at $14,441,000 after purchasing an additional 61,867 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PATK. Benchmark upped their target price on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, February 7th. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Raymond James upped their price objective on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. KeyCorp upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Finally, Truist Financial upped their price objective on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. One investment 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $97.96.

Patrick Industries Stock Performance

Shares of PATK stock opened at $90.06 on Tuesday. The company has a market cap of $3.03 billion, a price-to-earnings ratio of 21.86, a price-to-earnings-growth ratio of 1.41 and a beta of 2.26. The stock has a 50 day simple moving average of $90.46 and a 200-day simple moving average of $89.78. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. 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 (NASDAQ:PATK) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping 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%. On average, equities analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s dividend payout ratio (DPR) is 38.83%.

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.