Charles Schwab Investment Management Inc. Purchases 195,138 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Charles Schwab Investment Management Inc. increased its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 55.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 548,771 shares of the construction company's stock after acquiring an additional 195,138 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.63% of Patrick Industries worth $45,592,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of PATK. State Street Corp grew its holdings in shares of Patrick Industries by 3.5% during the third quarter. State Street Corp now owns 816,031 shares of the construction company's stock valued at $116,178,000 after buying an additional 27,669 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Patrick Industries by 4.1% during the third quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company's stock valued at $73,968,000 after buying an additional 20,694 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Patrick Industries by 2.5% during the third quarter. Wellington Management Group LLP now owns 412,296 shares of the construction company's stock valued at $58,699,000 after buying an additional 9,917 shares during the last quarter. Copeland Capital Management LLC grew its holdings in shares of Patrick Industries by 536.5% during the fourth quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company's stock valued at $29,976,000 after buying an additional 304,119 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Patrick Industries by 27.7% during the fourth quarter. Bank of New York Mellon Corp now owns 329,617 shares of the construction company's stock valued at $27,385,000 after buying an additional 71,493 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

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Patrick Industries Stock Performance

PATK stock traded down $1.20 during mid-day trading on Tuesday, hitting $83.40. The company had a trading volume of 472,174 shares, compared to its average volume of 313,948. The firm has a market cap of $2.81 billion, a PE ratio of 20.24, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90. The stock's fifty day moving average price is $91.17 and its two-hundred day moving average price is $89.84.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced 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%. On average, analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

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. This represents a $1.60 annualized dividend and a dividend yield of 1.92%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's dividend payout ratio (DPR) is currently 38.83%.

Analyst Upgrades and Downgrades

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

Insider Activity

In other Patrick Industries news, Director M Scott Welch purchased 2,500 shares of the stock in a transaction dated Thursday, March 13th. The shares were bought at an average price of $84.62 per share, with a total value of $211,550.00. Following the completion of the transaction, the director now directly owns 2,961 shares in the company, 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 Securities & Exchange Commission, which is accessible through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the business's stock in a transaction that occurred on 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 approximately $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 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.