Kendall Capital Management Boosts Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Kendall Capital Management increased its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 26.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,977 shares of the construction company’s stock after buying an additional 617 shares during the period. Kendall Capital Management’s holdings in Patrick Industries were worth $247,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in PATK. Copeland Capital Management LLC grew its stake in shares of Patrick Industries by 536.5% in the 4th quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company’s stock worth $29,976,000 after buying an additional 304,119 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Patrick Industries in the 4th quarter worth approximately $16,983,000. Charles Schwab Investment Management Inc. grew its stake in shares of Patrick Industries by 55.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock worth $45,592,000 after buying an additional 195,138 shares during the last quarter. Brightline Capital Management LLC bought a new position in Patrick Industries in the 3rd quarter valued at approximately $14,806,000. Finally, Tributary Capital Management LLC lifted its position in Patrick Industries by 49.8% in the 4th quarter. Tributary Capital Management LLC now owns 306,796 shares of the construction company’s stock valued at $25,489,000 after acquiring an additional 101,949 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Analyst Upgrades and Downgrades

PATK has been the topic of several analyst reports. Benchmark upped their price objective 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. 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 report on Monday, February 10th. KeyCorp upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Finally, 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 report on Friday, February 7th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.96.

Patrick Industries Price Performance

NASDAQ PATK opened at $88.33 on Monday. Patrick Industries, Inc. has a 1-year low of $45.15 and a 1-year high of $98.60. The business’s fifty day moving average price is $90.90 and its 200-day moving average price is $89.90. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of 21.44, a PEG ratio of 1.41 and a beta of 2.37. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77.

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

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a $0.40 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 1.81%. Patrick Industries’s dividend payout ratio is currently 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.