Loomis Sayles & Co. L P Has $42 Million Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Loomis Sayles & Co. L P grew its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 45.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 505,506 shares of the construction company’s stock after acquiring an additional 158,652 shares during the period. Loomis Sayles & Co. L P owned 1.50% of Patrick Industries worth $41,997,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of PATK. Kestra Investment Management LLC bought a new position in Patrick Industries in the 4th quarter worth approximately $25,000. Smartleaf Asset Management LLC raised 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 worth $49,000 after acquiring an additional 528 shares during the last quarter. Quent Capital LLC acquired a new position in shares of Patrick Industries during the fourth quarter valued at $53,000. Global Retirement Partners LLC boosted its holdings in Patrick Industries by 44.8% in the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock valued at $53,000 after acquiring an additional 199 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Patrick Industries by 61.2% in the fourth quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock worth $63,000 after purchasing an additional 290 shares during the period. 93.29% of the stock is owned by institutional investors.

Patrick Industries Stock Down 0.6 %

NASDAQ:PATK opened at $86.90 on Friday. The stock has a market cap of $2.92 billion, a price-to-earnings ratio of 21.09, a PEG ratio of 1.41 and a beta of 2.37. 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 stock has a 50-day moving average price of $91.23 and a two-hundred day moving average price of $89.84. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) 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%. As a group, equities analysts expect 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 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 1.84%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is 38.83%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the sale, the executive vice president now owns 18,044 shares of the company’s stock, valued at approximately $1,543,303.32. This trade represents a 13.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director M Scott Welch purchased 2,500 shares of Patrick Industries stock in a transaction on Thursday, March 13th. The shares were purchased at an average cost of $84.62 per share, with a total value of $211,550.00. Following the transaction, the director now owns 2,961 shares in the company, valued at approximately $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.70% of the stock is currently owned by company insiders.

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.