Patrick Industries, Inc. $PATK Shares Purchased by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA grew its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 2.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 578,733 shares of the construction company’s stock after acquiring an additional 15,582 shares during the period. Massachusetts Financial Services Co. MA owned about 1.74% of Patrick Industries worth $59,858,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Inspire Advisors LLC acquired a new stake in shares of Patrick Industries during the second quarter worth $525,000. Citizens Financial Group Inc. RI bought a new stake in shares of Patrick Industries during the 3rd quarter valued at about $1,704,000. Tributary Capital Management LLC grew its position in shares of Patrick Industries by 52.0% during the 3rd quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company’s stock valued at $38,435,000 after buying an additional 127,099 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Patrick Industries during the second quarter worth about $400,000. Finally, F m Investments LLC lifted its holdings in Patrick Industries by 23.0% in the second quarter. F m Investments LLC now owns 47,440 shares of the construction company’s stock worth $4,377,000 after acquiring an additional 8,860 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Insider Activity

In related news, CEO Andy L. Nemeth sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the transaction, the chief executive officer owned 301,641 shares in the company, valued at $34,688,715. This trade represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.40% of the stock is owned by company insiders.

Patrick Industries Trading Up 4.2%

NASDAQ:PATK opened at $133.02 on Thursday. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $133.31. The stock has a market cap of $4.43 billion, a price-to-earnings ratio of 38.01, a PEG ratio of 1.33 and a beta of 1.34. The business has a fifty day moving average of $111.54 and a 200-day moving average of $106.80. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.86 and a current ratio of 2.34.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 30th. The construction company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. The business had revenue of $975.63 million for the quarter, compared to analysts’ expectations of $900.35 million. Patrick Industries had a net margin of 3.11% and a return on equity of 12.44%. The company’s revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.80 earnings per share. Equities analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, December 1st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.4%. This is an increase from Patrick Industries’s previous quarterly dividend of $0.40. Patrick Industries’s dividend payout ratio (DPR) is currently 53.71%.

Analyst Upgrades and Downgrades

PATK has been the subject of several recent research reports. KeyCorp reaffirmed an “overweight” rating and set a $135.00 target price (up from $120.00) on shares of Patrick Industries in a report on Friday, January 16th. Loop Capital began coverage on Patrick Industries in a research note on Friday, October 31st. They set a “hold” rating and a $99.00 price objective for the company. Benchmark reiterated a “buy” rating and issued a $140.00 target price (up from $115.00) on shares of Patrick Industries in a research note on Friday, January 16th. Roth Mkm set a $115.00 price target on shares of Patrick Industries and gave the company a “buy” rating in a report on Friday, October 31st. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Patrick Industries in a report on Friday, October 31st. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $116.13.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.