Meritage Portfolio Management Boosts Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Meritage Portfolio Management grew its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 3.8% during the fourth quarter, Holdings Channel reports. The fund owned 8,108 shares of the construction company’s stock after purchasing an additional 295 shares during the period. Meritage Portfolio Management’s holdings in Patrick Industries were worth $814,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. grew its position in shares of Patrick Industries by 4.3% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 4,850 shares of the construction company’s stock worth $364,000 after buying an additional 199 shares during the period. Foster & Motley Inc. grew its position in shares of Patrick Industries by 43.0% in the 3rd quarter. Foster & Motley Inc. now owns 8,833 shares of the construction company’s stock worth $663,000 after buying an additional 2,655 shares during the period. Redmont Wealth Advisors LLC grew its position in shares of Patrick Industries by 10.7% in the 3rd quarter. Redmont Wealth Advisors LLC now owns 5,504 shares of the construction company’s stock worth $413,000 after buying an additional 530 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Patrick Industries by 32.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,393 shares of the construction company’s stock worth $255,000 after buying an additional 829 shares during the period. Finally, Strs Ohio purchased a new stake in shares of Patrick Industries in the 3rd quarter worth about $502,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Insider Activity

In other news, Director Michael A. Kitson sold 3,290 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the transaction, the director now owns 8,553 shares in the company, valued at $948,271.11. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Patrick Industries news, CEO Andy L. Nemeth sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $115.00, for a total value of $1,150,000.00. Following the completion of the transaction, the chief executive officer now directly owns 289,619 shares of the company’s stock, valued at $33,306,185. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael A. Kitson sold 3,290 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $110.87, for a total value of $364,762.30. Following the completion of the transaction, the director now directly owns 8,553 shares of the company’s stock, valued at $948,271.11. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,873 shares of company stock worth $5,681,957. Company insiders own 4.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PATK. Roth Mkm upped their target price on shares of Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. KeyCorp upped 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, February 9th. StockNews.com cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. Finally, Truist Financial restated a “buy” rating and set a $130.00 target price on shares of Patrick Industries in a research note on Friday, April 12th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Patrick Industries has an average rating of “Moderate Buy” and a consensus target price of $103.00.

Patrick Industries Price Performance

Shares of PATK stock traded up $0.78 on Friday, reaching $105.20. The company’s stock had a trading volume of 30,150 shares, compared to its average volume of 166,949. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of 16.04, a price-to-earnings-growth ratio of 0.67 and a beta of 1.72. The stock’s fifty day simple moving average is $112.93 and its 200-day simple moving average is $97.72. Patrick Industries, Inc. has a 1 year low of $63.57 and a 1 year high of $123.58. The company has a current ratio of 2.38, a quick ratio of 0.73 and a debt-to-equity ratio of 0.97.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.10. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The business had revenue of $781.20 million during the quarter, compared to the consensus estimate of $780.97 million. During the same period last year, the company earned $1.82 earnings per share. The business’s revenue for the quarter was down 17.9% compared to the same quarter last year. Analysts forecast that Patrick Industries, Inc. will post 8 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 4th. Stockholders of record on Tuesday, February 20th were paid a dividend of $0.55 per share. The ex-dividend date was Friday, February 16th. This represents a $2.20 annualized dividend and a dividend yield of 2.09%. Patrick Industries’s dividend payout ratio is currently 33.79%.

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.