1ST Source Bank Has $10.94 Million Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

1ST Source Bank boosted its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 48.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 131,650 shares of the construction company’s stock after acquiring an additional 42,883 shares during the quarter. Patrick Industries makes up approximately 0.6% of 1ST Source Bank’s holdings, making the stock its 21st biggest holding. 1ST Source Bank’s holdings in Patrick Industries were worth $10,938,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Kestra Investment Management LLC acquired a new stake in shares of Patrick Industries during the fourth quarter valued at about $25,000. Smartleaf Asset Management LLC boosted its stake in shares of Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after purchasing an additional 528 shares in the last quarter. Quent Capital LLC acquired a new stake in shares of Patrick Industries during the fourth quarter valued at about $53,000. Global Retirement Partners LLC raised its position in shares of Patrick Industries by 44.8% during the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock worth $53,000 after acquiring an additional 199 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Patrick Industries by 61.2% during the fourth quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock worth $63,000 after acquiring an additional 290 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PATK. KeyCorp raised their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Truist Financial raised their price objective on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, February 10th. Benchmark raised their price objective on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Finally, Raymond James raised their price objective on Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus target price of $97.96.

Patrick Industries Trading Up 2.9 %

Shares of PATK stock opened at $85.70 on Monday. The company has a market cap of $2.88 billion, a P/E ratio of 20.80, a PEG ratio of 1.41 and a beta of 2.37. The stock has a 50 day simple moving average of $91.16 and a two-hundred day simple moving average of $89.85. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90.

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

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 1.87%. Patrick Industries’s dividend payout ratio (DPR) is presently 38.83%.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, EVP Stacey L. Neu sold 2,885 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the sale, the executive vice president now owns 18,044 shares of the company’s stock, valued at approximately $1,543,303.32. This trade represents a 13.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director M Scott Welch bought 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were bought at an average cost of $86.22 per share, for a total transaction of $862,200.00. Following the transaction, the director now owns 136,000 shares of the company’s stock, valued at $11,725,920. The trade was a 7.94 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 4.70% of the company’s stock.

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.