Segall Bryant & Hamill LLC Grows Position in Patrick Industries, Inc. (NASDAQ:PATK)

Segall Bryant & Hamill LLC increased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 27.7% in the fourth quarter, Holdings Channel reports. The firm owned 17,838 shares of the construction company’s stock after buying an additional 3,866 shares during the period. Segall Bryant & Hamill LLC’s holdings in Patrick Industries were worth $1,482,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Kestra Investment Management LLC acquired a new position in Patrick Industries during the fourth quarter worth $25,000. Smartleaf Asset Management LLC raised its holdings in shares of Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after buying an additional 528 shares during the period. Quent Capital LLC purchased a new position in Patrick Industries during the 4th quarter valued at about $53,000. Global Retirement Partners LLC boosted its holdings in Patrick Industries by 44.8% during the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock valued at $53,000 after acquiring an additional 199 shares during the period. Finally, GAMMA Investing LLC grew its position in Patrick Industries by 61.2% in the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock valued at $63,000 after acquiring an additional 290 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Patrick Industries

In related 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 transaction of $246,754.05. Following the transaction, the executive vice president now owns 18,044 shares in the company, valued at $1,543,303.32. This trade represents a 13.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director M Scott Welch acquired 10,000 shares of Patrick Industries stock in a transaction on Tuesday, March 11th. The stock was purchased at an average price of $86.22 per share, with a total value of $862,200.00. Following the purchase, 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 position. The disclosure for this purchase can be found here. 4.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on PATK shares. Raymond James raised their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. KeyCorp raised their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Benchmark upped 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. Truist Financial lifted their target price on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, February 10th. Finally, StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.96.

Patrick Industries Stock Down 3.5 %

Shares of NASDAQ PATK opened at $83.90 on Friday. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90. The company has a market capitalization of $2.82 billion, a price-to-earnings ratio of 20.36, a price-to-earnings-growth 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. The business has a 50-day moving average of $91.05 and a two-hundred day moving average of $89.84.

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

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 annualized dividend and a yield of 1.91%. 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.