Inceptionr LLC Takes $266,000 Position in Patrick Industries, Inc. (NASDAQ:PATK)

Inceptionr LLC purchased a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,203 shares of the construction company’s stock, valued at approximately $266,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PATK. Kestra Investment Management LLC bought a new position in shares of Patrick Industries during the 4th quarter worth approximately $25,000. Smartleaf Asset Management LLC increased its position in shares of Patrick Industries by 812.3% during the fourth 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. Quent Capital LLC bought a new stake in Patrick Industries during the fourth quarter worth $53,000. Global Retirement Partners LLC boosted its position in Patrick Industries by 44.8% in the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock worth $53,000 after purchasing an additional 199 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in Patrick Industries by 61.2% in the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock valued at $63,000 after purchasing an additional 290 shares during the period. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Stock Up 0.9 %

PATK opened at $88.33 on Monday. The company has a 50 day moving average of $90.90 and a 200 day moving average of $89.90. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 12 month low of $45.15 and a 12 month high of $98.60. The company has a market cap of $2.97 billion, a PE ratio of 21.44, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, beating 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%. On average, sell-side analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is presently 38.83%.

Analysts Set New Price Targets

A number of research firms have recently commented on PATK. Benchmark lifted their target price on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. KeyCorp lifted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Truist Financial raised their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Finally, Raymond James increased their price objective on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $97.96.

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.