9,584 Shares in Patrick Industries, Inc. $PATK Acquired by Great Lakes Advisors LLC

Great Lakes Advisors LLC bought a new position in Patrick Industries, Inc. (NASDAQ:PATK) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 9,584 shares of the construction company’s stock, valued at approximately $860,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. grew its position in shares of Patrick Industries by 3,602.4% during the 4th quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock worth $16,255,000 after buying an additional 145,863 shares during the period. Nicholas Investment Partners LP acquired a new position in shares of Patrick Industries during the 4th quarter valued at $5,201,000. Kennedy Capital Management LLC lifted its position in shares of Patrick Industries by 14.2% during the 4th quarter. Kennedy Capital Management LLC now owns 238,981 shares of the construction company’s stock valued at $25,913,000 after acquiring an additional 29,714 shares during the period. WCG Wealth Advisors LLC acquired a new position in shares of Patrick Industries during the 4th quarter valued at $1,641,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in Patrick Industries during the first quarter worth $5,220,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on PATK. Roth Capital set a $114.00 price target on shares of Patrick Industries in a report on Friday, July 31st. Benchmark reiterated a “buy” rating and set a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Raymond James Financial reissued an “outperform” rating and set a $94.00 price objective on shares of Patrick Industries in a research report on Friday, July 31st. KeyCorp reduced their target price on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, July 22nd. Finally, Truist Financial set a $108.00 target price on Patrick Industries and gave the company a “buy” rating in a research report on Monday, August 10th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $113.12.

Patrick Industries Stock Performance

PATK opened at $83.41 on Friday. The company has a current ratio of 2.67, a quick ratio of 0.96 and a debt-to-equity ratio of 1.25. The company’s fifty day moving average price is $86.42 and its two-hundred day moving average price is $101.52. Patrick Industries, Inc. has a 1-year low of $81.29 and a 1-year high of $148.50. The company has a market cap of $2.68 billion, a price-to-earnings ratio of 19.77 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same period last year, the firm earned $1.50 earnings per share. On average, analysts expect that Patrick Industries, Inc. will post 4.26 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Monday, August 24th. Patrick Industries’s dividend payout ratio is currently 44.55%.

Patrick Industries Company Profile

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.