Patrick Industries, Inc. (NASDAQ:PATK) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC grew its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 50.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 779,223 shares of the construction company's stock after purchasing an additional 259,783 shares during the period. Geode Capital Management LLC owned approximately 2.32% of Patrick Industries worth $64,752,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Kestra Investment Management LLC bought a new stake in shares of Patrick Industries in the 4th quarter worth $25,000. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after buying an additional 114 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after buying an additional 528 shares during the last quarter. Quent Capital LLC bought a new position in Patrick Industries in the fourth quarter worth approximately $53,000. Finally, Global Retirement Partners LLC grew its position in shares of Patrick Industries by 44.8% during 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. Hedge funds and other institutional investors own 93.29% of the company's stock.

Patrick Industries Price Performance

Shares of PATK traded up $0.05 during mid-day trading on Friday, hitting $79.28. 241,756 shares of the company were exchanged, compared to its average volume of 337,092. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 19.24, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. The company has a 50 day moving average of $86.20 and a 200-day moving average of $88.51. 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 quick ratio of 0.77 and a current ratio of 2.33.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping 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%. Analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.02%. Patrick Industries's payout ratio is 38.83%.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director M Scott Welch bought 2,500 shares of Patrick Industries stock in a transaction on Thursday, March 13th. The stock was bought at an average price of $84.62 per share, with a total value of $211,550.00. Following the completion of the acquisition, the director now owns 2,961 shares in the company, valued at $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction dated Tuesday, March 11th. The stock was 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. The trade was 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 owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on PATK shares. Benchmark upped 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. Baird R W lowered Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Truist Financial cut their target price on Patrick Industries from $120.00 to $110.00 and set a "buy" rating for the company in a research report on Monday. StockNews.com cut Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. Finally, Raymond James increased their target price on Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $96.79.

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.