Patrick Industries, Inc. (NASDAQ:PATK) Shares Acquired by Alliancebernstein L.P.

Alliancebernstein L.P. grew its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 45.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,990 shares of the construction company's stock after acquiring an additional 10,579 shares during the period. Alliancebernstein L.P. owned 0.10% of Patrick Industries worth $2,824,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Patrick Industries by 49.3% during the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock worth $193,266,000 after buying an additional 768,102 shares in the last quarter. Wellington Management Group LLP raised its holdings in Patrick Industries by 391.8% in the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock worth $168,462,000 after purchasing an additional 1,615,412 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Patrick Industries by 55.2% during 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 purchasing an additional 195,138 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Patrick Industries by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company's stock valued at $73,968,000 after purchasing an additional 20,694 shares during the period. Finally, American Century Companies Inc. boosted its stake in shares of Patrick Industries by 159.8% during the 4th quarter. American Century Companies Inc. now owns 516,767 shares of the construction company's stock worth $42,933,000 after buying an additional 317,864 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PATK. Benchmark upped 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 lowered their price objective on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday. Robert W. Baird reissued a "neutral" rating and issued a $96.00 price objective (down previously from $100.00) on shares of Patrick Industries in a research note on Friday, April 4th. Truist Financial cut their price objective on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a report on Monday. Finally, Baird R W cut shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Patrick Industries has a consensus rating of "Moderate Buy" and a consensus price target of $96.79.

Patrick Industries Stock Up 0.1 %

NASDAQ:PATK traded up $0.05 during midday trading on Friday, reaching $79.28. 241,756 shares of the stock traded hands, compared to its average volume of 337,092. The business has a 50-day moving average of $86.20 and a two-hundred day moving average of $88.51. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month 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 stock has a market capitalization of $2.66 billion, a PE ratio of 19.24, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data 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, equities analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business 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. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 annualized dividend and a yield of 2.02%. Patrick Industries's dividend payout ratio (DPR) is 38.83%.

Insider Buying and Selling

In other Patrick Industries news, Director M Scott Welch bought 2,500 shares of the company's stock in a transaction on Thursday, March 13th. The shares were bought at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the transaction, the director now owns 2,961 shares of the company's stock, valued at approximately $250,559.82. This trade represents a 542.30 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the sale, the executive vice president now directly owns 18,044 shares in the company, 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. Insiders own 4.70% of the company's stock.

Patrick Industries 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.