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

Geode Capital Management LLC grew its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 0.9% in the second quarter, according to its most recent filing with the SEC. The firm owned 812,740 shares of the construction company’s stock after acquiring an additional 7,011 shares during the quarter. Geode Capital Management LLC’s holdings in Patrick Industries were worth $75,000,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Patrick Industries during the second quarter valued at about $400,000. Rhumbline Advisers grew its position in Patrick Industries by 20.7% in the 1st quarter. Rhumbline Advisers now owns 113,845 shares of the construction company’s stock valued at $9,628,000 after buying an additional 19,554 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in Patrick Industries during the 2nd quarter valued at about $369,000. Truist Financial Corp bought a new stake in shares of Patrick Industries during the 2nd quarter worth about $664,000. Finally, Envestnet Asset Management Inc. raised its position in shares of Patrick Industries by 27.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 165,330 shares of the construction company’s stock worth $15,255,000 after buying an additional 35,447 shares in the last quarter. Institutional investors own 93.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PATK. BMO Capital Markets reiterated an “outperform” rating and set a $115.00 price objective on shares of Patrick Industries in a research note on Friday, October 31st. Weiss Ratings cut Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Truist Financial set a $114.00 price objective on Patrick Industries and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Raymond James Financial upped their price objective on Patrick Industries from $95.00 to $109.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Finally, Benchmark lifted their target price on Patrick Industries from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Seven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $108.00.

Patrick Industries Price Performance

NASDAQ PATK opened at $104.15 on Friday. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $116.78. The company has a market cap of $3.47 billion, a PE ratio of 28.22, a PEG ratio of 1.40 and a beta of 1.33. The stock’s 50-day moving average price is $102.24 and its two-hundred day moving average price is $99.49.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share for the quarter, topping 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 the consensus estimate of $900.35 million. During the same period last year, the firm posted $1.80 earnings per share. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a dividend of $0.47 per share. This is an increase from Patrick Industries’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.88 annualized dividend and a yield of 1.8%. Patrick Industries’s dividend payout ratio (DPR) is presently 45.71%.

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.