Envestnet Asset Management Inc. Purchases 7,730 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Envestnet Asset Management Inc. grew its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK – Get Rating) by 39.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,565 shares of the construction company’s stock after buying an additional 7,730 shares during the period. Envestnet Asset Management Inc. owned 0.12% of Patrick Industries worth $1,670,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. boosted its stake in Patrick Industries by 5.8% during the first quarter. BlackRock Inc. now owns 3,691,563 shares of the construction company’s stock worth $222,602,000 after acquiring an additional 201,274 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Patrick Industries by 4.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,860,048 shares of the construction company’s stock worth $81,543,000 after buying an additional 78,014 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Patrick Industries by 9.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,087,957 shares of the construction company’s stock valued at $47,697,000 after buying an additional 95,948 shares in the last quarter. State Street Corp raised its stake in Patrick Industries by 3.8% during the first quarter. State Street Corp now owns 760,855 shares of the construction company’s stock valued at $45,880,000 after buying an additional 27,636 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in Patrick Industries by 908.3% in the second quarter. Millennium Management LLC now owns 384,664 shares of the construction company’s stock worth $19,941,000 after acquiring an additional 346,513 shares in the last quarter. 89.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Robert W. Baird lifted their price target on Patrick Industries from $74.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, February 10th. Truist Financial raised their price target on shares of Patrick Industries from $80.00 to $84.00 in a research report on Friday, February 17th. Bank of America increased their target price on Patrick Industries from $53.00 to $63.00 in a research note on Monday, March 27th. StockNews.com initiated coverage on Patrick Industries in a report on Thursday. They issued a “hold” rating for the company. Finally, Roth Capital reaffirmed a “buy” rating on shares of Patrick Industries in a report on Friday, February 10th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $73.83.

Patrick Industries Stock Performance

PATK opened at $68.78 on Monday. The company’s 50 day moving average is $67.40 and its 200 day moving average is $64.99. The company has a current ratio of 2.87, a quick ratio of 0.98 and a debt-to-equity ratio of 1.37. The company has a market cap of $1.54 billion, a price-to-earnings ratio of 6.71, a PEG ratio of 3.33 and a beta of 1.88. Patrick Industries, Inc. has a 12-month low of $41.75 and a 12-month high of $77.96.

Patrick Industries (NASDAQ:PATK – Get Rating) last issued its quarterly earnings data on Thursday, April 27th. The construction company reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.02. The firm had revenue of $900.10 million during the quarter, compared to the consensus estimate of $834.46 million. Patrick Industries had a net margin of 5.53% and a return on equity of 27.78%. The company’s revenue for the quarter was down 32.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.54 EPS. On average, equities research analysts predict that Patrick Industries, Inc. will post 6.9 EPS for the current year.

Patrick Industries Profile

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Patrick Industries, Inc engages in the manufacture of components products and distribution of building products for industrial markets. It operates through the following segments: Manufacturing and Distribution. The Manufacturing segment includes laminated products what are utilized to produce furniture, shelving, walls, countertops, cabinet products, cabinet doors, fiberglass bat fixtures, hardwood furniture, vinyl printing, solid surface, granite, quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components, and other products.