Versor Investments LP Grows Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Versor Investments LP boosted its position in Patrick Industries, Inc. (NASDAQ:PATK) by 78.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,654 shares of the construction company’s stock after purchasing an additional 3,354 shares during the period. Versor Investments LP’s holdings in Patrick Industries were worth $636,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Amalgamated Bank increased its position in Patrick Industries by 2.1% during the third quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock worth $936,000 after buying an additional 136 shares in the last quarter. First Horizon Advisors Inc. increased its position in Patrick Industries by 21.4% during the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after buying an additional 139 shares in the last quarter. UMB Bank n.a. increased its position in Patrick Industries by 35.1% during the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock worth $64,000 after buying an additional 199 shares in the last quarter. Global Retirement Partners LLC increased its position in Patrick Industries by 44.8% during the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock worth $53,000 after buying an additional 199 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its position in Patrick Industries by 1.9% during the third quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the construction company’s stock worth $1,538,000 after buying an additional 200 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on PATK shares. Benchmark raised their price target on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Raymond James lifted their price objective on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Truist Financial lifted their price objective on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, February 10th. BMO Capital Markets lifted their price objective on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $97.96.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $90.60 on Friday. Patrick Industries, Inc. has a twelve month low of $67.72 and a twelve month high of $98.90. The stock has a market capitalization of $3.05 billion, a P/E ratio of 21.99, a PEG ratio of 1.41 and a beta of 2.26. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The business’s fifty day moving average price is $90.31 and its 200 day moving average price is $89.61.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. As a group, research analysts anticipate 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 will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date is Tuesday, February 18th. Patrick Industries’s dividend payout ratio is presently 38.83%.

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.