Cibc World Markets Corp Makes New Investment in Patrick Industries, Inc. (NASDAQ:PATK)

Cibc World Markets Corp purchased a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 3,032 shares of the construction company's stock, valued at approximately $252,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Kestra Investment Management LLC purchased a new stake in Patrick Industries in the fourth quarter worth about $25,000. Smartleaf Asset Management LLC raised its stake in Patrick Industries by 812.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock worth $49,000 after buying an additional 528 shares in the last quarter. Quent Capital LLC bought a new stake in Patrick Industries during the 4th quarter valued at $53,000. Global Retirement Partners LLC increased its holdings in shares of Patrick Industries by 44.8% in the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company's stock valued at $53,000 after acquiring an additional 199 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Patrick Industries by 61.2% in the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company's stock worth $63,000 after acquiring an additional 290 shares in the last quarter. Institutional investors own 93.29% of the company's stock.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, Director M Scott Welch purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were purchased at an average cost of $86.22 per share, for a total transaction of $862,200.00. Following the completion of the transaction, the director now owns 136,000 shares of the company's stock, valued at $11,725,920. The trade was a 7.94 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available 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 completion of the sale, the executive vice president now 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 position. The disclosure for this sale can be found here. 4.70% of the stock is currently owned by insiders.

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Patrick Industries Price Performance

PATK stock traded down $3.00 during mid-day trading on Friday, reaching $83.90. 247,845 shares of the company's stock were exchanged, compared to its average volume of 325,608. The company has a market cap of $2.82 billion, a price-to-earnings ratio of 20.36, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. The stock's 50 day moving average is $91.05 and its 200 day moving average is $89.88. 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 released its earnings results on Thursday, February 6th. The construction company reported $0.52 EPS 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, research analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed 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 1.91%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries's dividend payout ratio is currently 38.83%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PATK shares. KeyCorp raised their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, February 7th. Benchmark boosted their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Truist Financial lifted their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a "buy" rating in a research note on Monday, February 10th. Raymond James lifted their price target on Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a research 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 equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Patrick Industries has a consensus rating of "Moderate Buy" and an average target price of $97.96.

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.