Inspire Advisors LLC Has $201,000 Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Inspire Advisors LLC trimmed its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 45.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,421 shares of the construction company’s stock after selling 2,042 shares during the period. Inspire Advisors LLC’s holdings in Patrick Industries were worth $201,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Amalgamated Bank grew its position in Patrick Industries by 2.1% in the 3rd quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock worth $936,000 after purchasing an additional 136 shares during the last quarter. First Horizon Advisors Inc. grew its position in Patrick Industries by 21.4% in the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after purchasing an additional 139 shares during the last quarter. UMB Bank n.a. grew its position in Patrick Industries by 35.1% in the 4th quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock worth $64,000 after purchasing an additional 199 shares during the last quarter. Global Retirement Partners LLC grew its position in Patrick Industries by 44.8% in the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock worth $53,000 after purchasing an additional 199 shares during the last quarter. Finally, IFP Advisors Inc grew its position in Patrick Industries by 35.8% in the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock worth $87,000 after purchasing an additional 275 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PATK. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Raymond James lifted their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. KeyCorp lifted their target price 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. Benchmark lifted their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Truist Financial lifted their target price 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. One equities 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 company’s stock. According to MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.96.

Patrick Industries Price Performance

NASDAQ:PATK opened at $85.34 on Thursday. The firm has a market cap of $2.87 billion, a PE ratio of 20.71, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90. 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 company’s 50-day moving average price is $91.04 and its two-hundred day moving average price is $89.90.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, beating 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%. On average, equities analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is presently 38.83%.

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.