Envestnet Asset Management Inc. Grows Position in Patrick Industries, Inc. (NASDAQ:PATK)

Envestnet Asset Management Inc. increased its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 96.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 138,518 shares of the construction company's stock after acquiring an additional 67,858 shares during the quarter. Envestnet Asset Management Inc. owned about 0.41% of Patrick Industries worth $11,508,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of PATK. Aldebaran Capital LLC grew its stake in shares of Patrick Industries by 47.9% in the 4th quarter. Aldebaran Capital LLC now owns 14,319 shares of the construction company's stock worth $1,190,000 after buying an additional 4,635 shares during the last quarter. Pitcairn Co. increased its position in Patrick Industries by 51.0% in the fourth quarter. Pitcairn Co. now owns 6,678 shares of the construction company's stock worth $555,000 after buying an additional 2,256 shares in the last quarter. ExodusPoint Capital Management LP boosted its position in shares of Patrick Industries by 186.8% in the fourth quarter. ExodusPoint Capital Management LP now owns 54,833 shares of the construction company's stock worth $4,556,000 after purchasing an additional 35,714 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of Patrick Industries by 49.2% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 300,254 shares of the construction company's stock worth $24,945,000 after acquiring an additional 98,989 shares during the period. Finally, Ballast Asset Management LP raised its position in shares of Patrick Industries by 44.9% during the fourth quarter. Ballast Asset Management LP now owns 48,613 shares of the construction company's stock valued at $4,039,000 after buying an additional 15,074 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Insider Activity

In related news, 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 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 $1,543,303.32. This represents a 13.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director M Scott Welch bought 2,500 shares of the business's stock in a transaction on Thursday, March 13th. The stock was bought at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the purchase, the director now directly owns 2,961 shares of the company's stock, valued at $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 4.70% of the company's stock.

Patrick Industries Stock Up 0.1 %

Shares of NASDAQ PATK opened at $79.28 on Friday. The firm has a 50-day simple moving average of $86.20 and a two-hundred day simple moving average of $88.51. The company has a market cap of $2.66 billion, a P/E ratio of 19.24, a PEG ratio of 1.41 and a beta of 2.17. 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, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current 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. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 annualized dividend and a dividend yield of 2.02%. Patrick Industries's payout ratio is presently 38.83%.

Analysts Set New Price Targets

PATK has been the topic of a number of research reports. Benchmark lifted their price objective on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Raymond James increased their price objective 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. KeyCorp reduced their target price on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday. Truist Financial dropped their price target on Patrick Industries from $120.00 to $110.00 and set a "buy" rating for the company in a research report on Monday. Finally, StockNews.com downgraded Patrick Industries from a "hold" rating to a "sell" rating in a research report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Patrick Industries currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.79.

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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