Norges Bank Takes Position in Patrick Industries, Inc. (NASDAQ:PATK)

Norges Bank purchased a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATKFree Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 147,307 shares of the construction company’s stock, valued at approximately $14,782,000. Norges Bank owned 0.67% of Patrick Industries at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC acquired a new position in Patrick Industries in the 4th quarter valued at approximately $35,000. Xponance Inc. acquired a new position in Patrick Industries in the 4th quarter valued at approximately $203,000. Heritage Wealth Management LLC acquired a new position in Patrick Industries in the 4th quarter valued at approximately $238,000. Envestnet Portfolio Solutions Inc. acquired a new position in Patrick Industries in the 3rd quarter valued at approximately $243,000. Finally, Everence Capital Management Inc. acquired a new position in Patrick Industries in the 4th quarter valued at approximately $243,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $113.65 on Tuesday. The company has a debt-to-equity ratio of 1.32, a current ratio of 2.38 and a quick ratio of 0.96. Patrick Industries, Inc. has a fifty-two week low of $68.96 and a fifty-two week high of $123.58. The firm has a fifty day moving average price of $111.50 and a two-hundred day moving average price of $104.91. The company has a market cap of $2.55 billion, a PE ratio of 16.84, a price-to-earnings-growth ratio of 0.83 and a beta of 1.70.

Patrick Industries (NASDAQ:PATKGet Free Report) last released its quarterly earnings data on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.47. The company had revenue of $933.50 million during the quarter, compared to the consensus estimate of $829.22 million. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period last year, the firm earned $1.35 EPS. Analysts expect that Patrick Industries, Inc. will post 8.12 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Monday, June 3rd. Patrick Industries’s payout ratio is presently 32.59%.

Analyst Upgrades and Downgrades

PATK has been the topic of several analyst reports. StockNews.com lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. Roth Mkm restated a “buy” rating and set a $126.00 price target (up previously from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. Truist Financial restated a “buy” rating and set a $130.00 price target on shares of Patrick Industries in a research note on Friday, April 12th. BMO Capital Markets upped their price objective on shares of Patrick Industries from $120.00 to $125.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Finally, KeyCorp upped their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, February 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $106.71.

Read Our Latest Stock Analysis on Patrick Industries

Patrick Industries Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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