Advantage Alpha Capital Partners LP Acquires 8,009 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Advantage Alpha Capital Partners LP grew its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 44.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,885 shares of the construction company’s stock after acquiring an additional 8,009 shares during the period. Advantage Alpha Capital Partners LP owned 0.08% of Patrick Industries worth $2,151,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in Patrick Industries by 49.3% during the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock worth $193,266,000 after buying an additional 768,102 shares during the last quarter. American Century Companies Inc. boosted its position in Patrick Industries by 159.8% during the fourth quarter. American Century Companies Inc. now owns 516,767 shares of the construction company’s stock worth $42,933,000 after purchasing an additional 317,864 shares during the period. Copeland Capital Management LLC boosted its holdings in shares of Patrick Industries by 536.5% during the 4th 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 period. Raymond James Financial Inc. acquired a new stake in Patrick Industries during the fourth quarter worth approximately $16,983,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Patrick Industries by 55.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock worth $45,592,000 after acquiring an additional 195,138 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Insider Buying and Selling at Patrick Industries

In related news, Director M Scott Welch bought 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were bought at an average price of $86.22 per share, with a total value of $862,200.00. Following the completion of the transaction, the director now directly owns 136,000 shares in the company, valued at approximately $11,725,920. This represents a 7.94 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the transaction, the executive vice president now owns 18,044 shares in the company, valued at approximately $1,543,303.32. This trade represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.70% of the company’s stock.

Patrick Industries Stock Up 0.7 %

Patrick Industries stock opened at $85.08 on Monday. 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 company has a market capitalization of $2.86 billion, a PE ratio of 20.65, a PEG ratio of 1.41 and a beta of 2.37. The firm’s fifty day moving average is $91.27 and its 200 day moving average is $89.82. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, sell-side analysts predict 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. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 1.88%. Patrick Industries’s dividend payout ratio (DPR) is presently 38.83%.

Analyst Ratings Changes

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