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

Advantage Alpha Capital Partners LP raised its position in Patrick Industries, Inc. (NASDAQ:PATK) by 44.8% in the 4th quarter, Holdings Channel reports. The firm owned 25,885 shares of the construction company’s stock after buying an additional 8,009 shares during the quarter. Advantage Alpha Capital Partners LP’s holdings in Patrick Industries were worth $2,151,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. First Horizon Advisors Inc. grew its holdings in shares of Patrick Industries by 21.4% during the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after purchasing an additional 139 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of 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 acquiring an additional 199 shares during the last quarter. Global Retirement Partners LLC boosted its stake in shares of Patrick Industries by 44.8% in the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock valued at $53,000 after purchasing an additional 199 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Patrick Industries by 35.8% during the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock valued at $87,000 after purchasing an additional 275 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Patrick Industries by 61.2% in the 4th 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 currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $85.08 on Monday. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The firm has a market cap of $2.86 billion, a price-to-earnings ratio of 20.65, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. The business has a 50-day simple moving average of $91.27 and a two-hundred day simple moving average of $89.82.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share 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%. On average, analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.88%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is presently 38.83%.

Insiders Place Their Bets

In other Patrick Industries news, Director M Scott Welch bought 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was purchased at an average cost of $86.22 per share, with a total value of $862,200.00. Following the completion of the acquisition, the director now owns 136,000 shares in the company, valued at $11,725,920. This trade represents a 7.94 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the transaction, the executive vice president now owns 18,044 shares of the company’s stock, valued at $1,543,303.32. This trade represents a 13.78 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.70% of the company’s stock.

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.