Capital Research Global Investors Purchases New Shares in Patrick Industries, Inc. (NASDAQ:PATK)

Capital Research Global Investors purchased a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 460,701 shares of the construction company's stock, valued at approximately $38,275,000. Capital Research Global Investors owned 1.37% of Patrick Industries at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of PATK. Kestra Investment Management LLC acquired a new stake in shares of Patrick Industries during the fourth quarter worth about $25,000. Covestor Ltd lifted its position in Patrick Industries by 10,400.0% during the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after acquiring an additional 312 shares during the period. Quadrant Capital Group LLC increased its holdings in shares of Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after purchasing an additional 109 shares during the period. Nomura Asset Management Co. Ltd. raised its stake in shares of Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after purchasing an additional 114 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock worth $49,000 after purchasing an additional 528 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PATK. Robert W. Baird reissued a "neutral" rating and issued a $96.00 price objective (down from $100.00) on shares of Patrick Industries in a research note on Friday, April 4th. KeyCorp dropped their price target on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Truist Financial reduced their price objective on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Baird R W cut Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, StockNews.com downgraded Patrick Industries from a "hold" rating to a "sell" rating in a research note on Thursday, January 16th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Patrick Industries has an average rating of "Moderate Buy" and an average target price of $96.79.

Insider Transactions at Patrick Industries

In related news, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 purchase, the director now directly owns 136,000 shares in the company, valued at $11,725,920. The trade was a 7.94 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 4.70% of the company's stock.

Patrick Industries Stock Performance

Shares of PATK stock opened at $78.02 on Tuesday. 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 cap of $2.62 billion, a PE ratio of 18.94, a P/E/G ratio of 1.41 and a beta of 2.17. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90. The stock has a fifty day moving average price of $85.61 and a 200 day moving average price of $88.15.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 EPS 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%. Sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders 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 annualized dividend and a dividend yield of 2.05%. Patrick Industries's dividend payout ratio is presently 38.83%.

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.

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