F M Investments LLC Purchases 36,445 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

F M Investments LLC boosted its position in Patrick Industries, Inc. (NASDAQ:PATK) by 1,607.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 38,712 shares of the construction company’s stock after purchasing an additional 36,445 shares during the quarter. F M Investments LLC’s holdings in Patrick Industries were worth $3,216,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Arizona State Retirement System raised its holdings in shares of Patrick Industries by 51.3% in the fourth quarter. Arizona State Retirement System now owns 9,271 shares of the construction company’s stock valued at $770,000 after purchasing an additional 3,143 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Patrick Industries by 27.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock valued at $10,222,000 after purchasing an additional 26,558 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Patrick Industries by 55.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock valued at $45,592,000 after buying an additional 195,138 shares during the last quarter. Xponance Inc. lifted its position in Patrick Industries by 13.8% during the 4th quarter. Xponance Inc. now owns 3,070 shares of the construction company’s stock worth $255,000 after buying an additional 372 shares in the last quarter. Finally, IFP Advisors Inc boosted its stake in shares of Patrick Industries by 35.8% during the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock worth $87,000 after buying an additional 275 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Insider Transactions at Patrick Industries

In other news, Director M Scott Welch acquired 2,500 shares of the stock in a transaction on Thursday, March 13th. The shares were purchased at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the transaction, the director now directly owns 2,961 shares of the company’s stock, valued at approximately $250,559.82. This represents a 542.30 % 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 owned by corporate insiders.

Analysts Set New Price Targets

PATK has been the topic of a number of recent research reports. Benchmark lifted their target price on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Robert W. Baird reaffirmed a “neutral” rating and set a $96.00 price target (down previously from $100.00) on shares of Patrick Industries in a research report on Friday, April 4th. Baird R W downgraded Patrick Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, April 4th. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Finally, Truist Financial increased their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.29.

Patrick Industries Trading Down 1.7 %

PATK stock opened at $80.20 on Friday. Patrick Industries, Inc. has a one year low of $67.72 and a one year high of $98.90. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 19.46, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. The company has a fifty day moving average price of $87.75 and a two-hundred day moving average price of $88.96. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77.

Patrick Industries (NASDAQ:PATK) last announced 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 net margin of 3.72% and a return on equity of 13.25%. Equities analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently announced 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 2.00%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s payout ratio is 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.