CIBC Private Wealth Group LLC Acquires 15,304 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

CIBC Private Wealth Group LLC boosted its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 50.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 45,915 shares of the construction company's stock after purchasing an additional 15,304 shares during the quarter. CIBC Private Wealth Group LLC owned approximately 0.14% of Patrick Industries worth $3,833,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its position in shares of Patrick Industries by 23.9% during the third quarter. BNP Paribas Financial Markets now owns 11,273 shares of the construction company's stock valued at $1,605,000 after purchasing an additional 2,175 shares in the last quarter. Verition Fund Management LLC bought a new position in Patrick Industries during the third quarter valued at approximately $418,000. Benjamin Edwards Inc. purchased a new position in Patrick Industries during the 3rd quarter valued at approximately $2,413,000. HighTower Advisors LLC bought a new stake in Patrick Industries in the 3rd quarter worth approximately $408,000. Finally, Readystate Asset Management LP purchased a new stake in shares of Patrick Industries during the 3rd quarter worth approximately $624,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Trading Down 1.3 %

Shares of NASDAQ:PATK traded down $1.04 during trading hours on Monday, hitting $77.56. 482,422 shares of the company's stock traded hands, compared to its average volume of 329,346. The firm has a market capitalization of $2.60 billion, a P/E ratio of 18.82, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. The business has a fifty day moving average price of $89.54 and a 200-day moving average price of $89.49. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Equities analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries's dividend payout ratio is presently 38.83%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PATK shares. StockNews.com lowered shares of Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. KeyCorp boosted their target price 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. Raymond James upped their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. Benchmark lifted their price target on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Finally, Truist Financial upped their price objective on Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a research report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $99.29.

Insider Activity at Patrick Industries

In other news, Director M Scott Welch bought 2,500 shares of the firm's stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $84.62 per share, with a total value of $211,550.00. Following 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 acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the sale, the executive vice president now owns 18,044 shares of the company's stock, valued at $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.70% of the stock is currently owned by company insiders.

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.