Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by American Century Companies Inc.

American Century Companies Inc. lifted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 159.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 516,767 shares of the construction company's stock after acquiring an additional 317,864 shares during the quarter. American Century Companies Inc. owned approximately 1.54% of Patrick Industries worth $42,933,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PATK. Arizona State Retirement System boosted its holdings in Patrick Industries by 51.3% in the 4th quarter. Arizona State Retirement System now owns 9,271 shares of the construction company's stock worth $770,000 after buying an additional 3,143 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Patrick Industries by 27.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company's stock worth $10,222,000 after acquiring an additional 26,558 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Patrick Industries by 55.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company's stock worth $45,592,000 after purchasing an additional 195,138 shares in the last quarter. IFP Advisors Inc increased its position in Patrick Industries by 35.8% in the fourth 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. Finally, Xponance Inc. raised its stake in Patrick Industries by 13.8% during the fourth quarter. Xponance Inc. now owns 3,070 shares of the construction company's stock valued at $255,000 after purchasing an additional 372 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors.

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Patrick Industries Trading Up 0.7 %

Shares of PATK stock traded up $0.55 on Tuesday, reaching $85.11. 255,977 shares of the company's stock were exchanged, compared to its average volume of 325,784. The company's fifty day simple moving average is $90.69 and its 200 day simple moving average is $89.85. The stock has a market capitalization of $2.86 billion, a PE ratio of 20.66, a P/E/G ratio of 1.41 and a beta of 2.37. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, beating 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 year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries's dividend payout ratio (DPR) is 38.83%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PATK. Truist Financial boosted their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, February 10th. KeyCorp boosted their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, February 7th. Benchmark upped their price objective on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Raymond James lifted their target price on Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. Finally, StockNews.com lowered Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $97.96.

Insider Activity

In related news, Director M Scott Welch bought 10,000 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were bought at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the completion of the purchase, the director now directly owns 136,000 shares of the company's stock, valued at approximately $11,725,920. This trade represents a 7.94 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the 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 sale, the executive vice president now directly owns 18,044 shares of the company's stock, valued at approximately $1,543,303.32. The trade was a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.70% of the company's stock.

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.