Patrick Industries, Inc. $PATK Shares Acquired by F m Investments LLC

F m Investments LLC boosted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 23.0% during the second quarter, HoldingsChannel.com reports. The firm owned 47,440 shares of the construction company’s stock after acquiring an additional 8,860 shares during the period. F m Investments LLC’s holdings in Patrick Industries were worth $4,377,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Strs Ohio acquired a new stake in Patrick Industries during the 1st quarter valued at approximately $42,000. Smartleaf Asset Management LLC increased its stake in shares of Patrick Industries by 27.0% during the first quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company’s stock valued at $63,000 after acquiring an additional 160 shares during the period. Covestor Ltd raised its position in Patrick Industries by 205.1% in the first quarter. Covestor Ltd now owns 961 shares of the construction company’s stock worth $81,000 after acquiring an additional 646 shares in the last quarter. AlphaQuest LLC bought a new stake in shares of Patrick Industries during the 1st quarter worth $87,000. Finally, First Horizon Advisors Inc. boosted its holdings in shares of Patrick Industries by 12.0% in the second quarter. First Horizon Advisors Inc. now owns 1,519 shares of the construction company’s stock worth $140,000 after buying an additional 163 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PATK. Raymond James Financial lifted their price objective on Patrick Industries from $95.00 to $109.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Truist Financial set a $114.00 price objective on Patrick Industries and gave the company a “buy” rating in a research report on Wednesday, October 15th. Benchmark upped their target price on Patrick Industries from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Loop Capital began coverage on shares of Patrick Industries in a research note on Friday, October 31st. They set a “hold” rating and a $99.00 price target on the stock. Finally, KeyCorp boosted their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, October 31st. Seven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Patrick Industries has an average rating of “Moderate Buy” and an average target price of $108.00.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK opened at $108.23 on Friday. The business has a fifty day moving average of $102.21 and a 200-day moving average of $100.20. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $116.78. The firm has a market cap of $3.60 billion, a PE ratio of 29.33, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 30th. The construction company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.95 by $0.06. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The business had revenue of $975.63 million for the quarter, compared to analysts’ expectations of $900.35 million. During the same period in the prior year, the firm earned $1.80 earnings per share. Patrick Industries’s revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 1.7%. This is a boost from Patrick Industries’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Monday, December 1st. Patrick Industries’s payout ratio is currently 53.71%.

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.