Patrick Industries, Inc. $PATK Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC lifted its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 0.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 812,740 shares of the construction company’s stock after purchasing an additional 7,011 shares during the period. Geode Capital Management LLC owned about 2.43% of Patrick Industries worth $75,000,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Patrick Industries in the 2nd quarter worth $400,000. Rhumbline Advisers grew its stake in shares of Patrick Industries by 20.7% during the first quarter. Rhumbline Advisers now owns 113,845 shares of the construction company’s stock valued at $9,628,000 after acquiring an additional 19,554 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Patrick Industries during the second quarter worth about $369,000. Truist Financial Corp acquired a new position in shares of Patrick Industries in the second quarter worth about $664,000. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Patrick Industries by 27.3% in the second quarter. Envestnet Asset Management Inc. now owns 165,330 shares of the construction company’s stock worth $15,255,000 after acquiring an additional 35,447 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Stock Up 4.9%

Shares of Patrick Industries stock opened at $104.15 on Friday. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of 28.22, a PEG ratio of 1.40 and a beta of 1.33. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $116.78. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11. The business’s 50 day simple moving average is $102.24 and its 200-day simple moving average is $99.49.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 30th. The construction company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The firm had revenue of $975.63 million during the quarter, compared to the consensus estimate of $900.35 million. During the same period in the prior year, the business earned $1.80 EPS. The firm’s revenue was up 6.1% on a year-over-year basis. Equities research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be given a $0.47 dividend. The ex-dividend date is Monday, December 1st. This represents a $1.88 annualized dividend and a yield of 1.8%. This is a boost from Patrick Industries’s previous quarterly dividend of $0.40. Patrick Industries’s payout ratio is 45.71%.

Wall Street Analyst Weigh In

PATK has been the subject of a number of recent analyst reports. Benchmark raised their price objective on Patrick Industries from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. BMO Capital Markets reissued an “outperform” rating and set a $115.00 price target on shares of Patrick Industries in a research report on Friday, October 31st. KeyCorp lifted their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Truist Financial set a $114.00 price target on shares of Patrick Industries and gave the company a “buy” rating in a report on Wednesday, October 15th. Finally, Roth Capital set a $115.00 price objective on shares of Patrick Industries and gave the stock a “buy” rating in a report on Friday, October 31st. Seven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $108.00.

Patrick Industries Company 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.