Advisory Research Inc. Buys 2,226 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Advisory Research Inc. grew its position in Patrick Industries, Inc. (NASDAQ:PATK) by 50.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 6,614 shares of the construction company’s stock after buying an additional 2,226 shares during the period. Advisory Research Inc.’s holdings in Patrick Industries were worth $549,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Kestra Investment Management LLC bought a new stake in Patrick Industries during the 4th quarter worth about $25,000. Covestor Ltd lifted its holdings in Patrick Industries by 10,400.0% in the fourth quarter. Covestor Ltd now owns 315 shares of the construction company’s stock valued at $26,000 after buying an additional 312 shares during the period. Quadrant Capital Group LLC boosted its stake in Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock valued at $27,000 after acquiring an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock worth $29,000 after acquiring an additional 114 shares during the period. Finally, Smartleaf Asset Management LLC raised its position in shares of Patrick Industries by 812.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after acquiring an additional 528 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Insider Buying and Selling

In other news, Director M Scott Welch acquired 10,000 shares of the stock in a transaction on Tuesday, March 11th. The shares were purchased at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the transaction, the director now directly owns 136,000 shares of the company’s stock, valued at approximately $11,725,920. This represents a 7.94 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the sale, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at approximately $1,543,303.32. The trade was a 13.78 % decrease in their position. The disclosure for this sale can be found here. 4.70% of the stock is currently owned by insiders.

Patrick Industries Trading Down 0.6 %

Patrick Industries stock opened at $79.23 on Thursday. The stock has a 50-day simple moving average of $86.48 and a 200 day simple moving average of $88.62. The stock has a market capitalization of $2.66 billion, a P/E ratio of 19.23, a PEG ratio of 1.41 and a beta of 2.17. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s payout ratio is presently 38.83%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Robert W. Baird reaffirmed a “neutral” rating and issued a $96.00 price target (down from $100.00) on shares of Patrick Industries in a research note on Friday, April 4th. Benchmark upped their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. KeyCorp increased their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Baird R W lowered shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, April 4th. Finally, Raymond James raised their price objective on Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.04.

Patrick Industries 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.