Norges Bank Invests $7.48 Million in Patrick Industries, Inc. (NASDAQ:PATK)

Norges Bank purchased a new position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 90,013 shares of the construction company's stock, valued at approximately $7,478,000. Norges Bank owned approximately 0.27% of Patrick Industries at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PATK. Vanguard Group Inc. boosted its position in shares of Patrick Industries by 49.3% during the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock valued at $193,266,000 after buying an additional 768,102 shares during the last quarter. American Century Companies Inc. raised its position in Patrick Industries by 159.8% in the fourth quarter. American Century Companies Inc. now owns 516,767 shares of the construction company's stock worth $42,933,000 after acquiring an additional 317,864 shares during the period. Copeland Capital Management LLC increased its stake in shares of Patrick Industries by 536.5% in the 4th quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company's stock worth $29,976,000 after purchasing an additional 304,119 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Patrick Industries during the 4th quarter valued at about $16,983,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in Patrick Industries by 55.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company's stock valued at $45,592,000 after acquiring an additional 195,138 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the transaction, 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 document filed with the SEC, which can be accessed through this hyperlink. Also, Director M Scott Welch acquired 10,000 shares of the stock in a transaction on Tuesday, March 11th. The shares were purchased at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the completion of the transaction, the director now owns 136,000 shares in the company, valued at approximately $11,725,920. This represents a 7.94 % increase in their position. The disclosure for this purchase can be found here. 4.70% of the stock is currently owned by company insiders.

Patrick Industries Stock Down 1.1 %

PATK traded down $0.85 on Monday, reaching $79.58. The company's stock had a trading volume of 26,706 shares, compared to its average volume of 334,012. 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 market capitalization of $2.67 billion, a price-to-earnings ratio of 19.22, a P/E/G ratio of 1.41 and a beta of 2.17. 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 stock has a 50 day moving average of $87.43 and a two-hundred day moving average of $88.84.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a $0.40 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 2.01%. Patrick Industries's payout ratio is currently 38.83%.

Analysts Set New Price Targets

Several equities analysts have weighed in on PATK shares. StockNews.com cut Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. Baird R W cut shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Benchmark boosted their target price on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research report on Friday, February 7th. 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. Finally, Raymond James upped their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Patrick Industries has an average rating of "Moderate Buy" and a consensus price target of $98.04.

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.