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

Kennedy Capital Management LLC boosted its position in Patrick Industries, Inc. (NASDAQ:PATK) by 163.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 71,217 shares of the construction company’s stock after acquiring an additional 44,160 shares during the quarter. Kennedy Capital Management LLC’s holdings in Patrick Industries were worth $5,917,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in PATK. Arizona State Retirement System raised its holdings in shares of Patrick Industries by 51.3% in the 4th quarter. Arizona State Retirement System now owns 9,271 shares of the construction company’s stock worth $770,000 after purchasing an additional 3,143 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Patrick Industries by 27.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock valued at $10,222,000 after buying an additional 26,558 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Patrick Industries by 55.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock valued at $45,592,000 after buying an additional 195,138 shares in the last quarter. Xponance Inc. grew its stake in Patrick Industries by 13.8% during the fourth quarter. Xponance Inc. now owns 3,070 shares of the construction company’s stock worth $255,000 after buying an additional 372 shares during the period. Finally, IFP Advisors Inc raised its stake in shares of Patrick Industries by 35.8% in the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock valued at $87,000 after acquiring an additional 275 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Analysts Set New Price Targets

PATK has been the subject of a number of research reports. Baird R W cut shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. Benchmark increased their target price on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Raymond James boosted their price target on Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Robert W. Baird reaffirmed a “neutral” rating and issued a $96.00 price objective (down previously from $100.00) on shares of Patrick Industries in a research report on Friday, April 4th. Finally, StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.29.

Insider Activity

In other news, Director M Scott Welch purchased 2,500 shares of the business’s stock in a transaction dated Thursday, March 13th. The shares were acquired at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the acquisition, the director now directly owns 2,961 shares of the company’s stock, valued at $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the transaction, the executive vice president now owns 18,044 shares in the company, valued at approximately $1,543,303.32. The trade was a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.70% of the company’s stock.

Patrick Industries Trading Up 0.3 %

PATK opened at $80.43 on Friday. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The stock has a market capitalization of $2.70 billion, a PE ratio of 19.52, a P/E/G ratio of 1.41 and a beta of 2.17. The firm’s fifty day moving average price is $87.43 and its 200 day moving average price is $88.88.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share 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%. As a group, research analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders 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 annualized dividend and a dividend yield of 1.99%. Patrick Industries’s dividend payout ratio is currently 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.