Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by Corebridge Financial Inc.

Corebridge Financial Inc. increased its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 39.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,296 shares of the construction company's stock after buying an additional 4,864 shares during the period. Corebridge Financial Inc. owned about 0.05% of Patrick Industries worth $1,437,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Patrick Industries by 49.3% during the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock worth $193,266,000 after purchasing an additional 768,102 shares during the period. State Street Corp increased its stake in Patrick Industries by 3.5% in the third quarter. State Street Corp now owns 816,031 shares of the construction company's stock valued at $116,178,000 after purchasing an additional 27,669 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in 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 buying an additional 195,138 shares during the period. Geode Capital Management LLC boosted its stake in Patrick Industries by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company's stock worth $73,968,000 after buying an additional 20,694 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in Patrick Industries by 159.8% in the 4th quarter. American Century Companies Inc. now owns 516,767 shares of the construction company's stock valued at $42,933,000 after buying an additional 317,864 shares during the period. Hedge funds and other institutional investors own 93.29% of the company's stock.

Insider Buying and Selling

In related news, Director M Scott Welch purchased 2,500 shares of the company's stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the purchase, the director now owns 2,961 shares in the company, valued at approximately $250,559.82. This represents a 542.30 % increase in their ownership of the stock. The transaction was disclosed in a legal 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 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 transaction, the executive vice president now owns 18,044 shares in the company, valued at $1,543,303.32. This trade represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.70% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PATK. Truist Financial raised their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a "buy" rating in a research report on Monday, February 10th. StockNews.com cut shares of Patrick Industries from a "hold" rating to a "sell" rating in a research note on Thursday, January 16th. Baird R W lowered Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday. Raymond James lifted their target price on Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a report on Friday, February 7th. Finally, Benchmark upped their price target on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Patrick Industries presently has a consensus rating of "Moderate Buy" and a consensus target price of $99.29.

Patrick Industries Stock Down 4.2 %

NASDAQ PATK traded down $3.23 on Tuesday, reaching $74.33. The company had a trading volume of 550,730 shares, compared to its average volume of 330,725. The firm has a market capitalization of $2.49 billion, a PE ratio of 18.04, a P/E/G ratio of 1.41 and a beta of 2.17. The firm has a 50-day moving average of $88.70 and a 200-day moving average of $89.22. 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 announced its 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%. On average, equities research analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders 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 dividend yield of 2.15%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's payout ratio is 38.83%.

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.