Inceptionr LLC Makes New $266,000 Investment in Patrick Industries, Inc. (NASDAQ:PATK)

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

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. State Street Corp boosted its holdings in Patrick Industries by 3.5% in the third quarter. State Street Corp now owns 816,031 shares of the construction company’s stock valued at $116,178,000 after acquiring an additional 27,669 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of 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 worth $45,592,000 after purchasing an additional 195,138 shares during the period. Geode Capital Management LLC boosted its stake in shares of Patrick Industries by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock valued at $73,968,000 after purchasing an additional 20,694 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Patrick Industries by 2.5% during the third quarter. Wellington Management Group LLP now owns 412,296 shares of the construction company’s stock worth $58,699,000 after buying an additional 9,917 shares during the period. Finally, Copeland Capital Management LLC raised its stake in Patrick Industries by 536.5% during the fourth quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company’s stock worth $29,976,000 after buying an additional 304,119 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $88.33 on Monday. Patrick Industries, Inc. has a twelve month low of $45.15 and a twelve month high of $98.60. The stock’s 50 day moving average is $90.90 and its 200-day moving average is $89.90. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The firm has a market capitalization of $2.97 billion, a price-to-earnings ratio of 21.44, a PEG ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share 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%. Sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

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

Analyst Ratings Changes

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

About Patrick Industries

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.