Legal & General Group Plc Has $7.11 Million Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Legal & General Group Plc raised its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 50.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 85,534 shares of the construction company's stock after purchasing an additional 28,780 shares during the period. Legal & General Group Plc owned 0.25% of Patrick Industries worth $7,106,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PATK. Kestra Investment Management LLC purchased a new position in Patrick Industries in the fourth quarter valued at about $25,000. Quadrant Capital Group LLC increased its position in shares of Patrick Industries by 49.8% in the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock worth $27,000 after purchasing an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its stake in Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after buying an additional 114 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock worth $49,000 after purchasing an additional 528 shares during the last quarter. Finally, Quent Capital LLC bought a new position in shares of Patrick Industries in the 4th quarter worth about $53,000. Institutional investors and hedge funds own 93.29% of the company's stock.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, Director M Scott Welch bought 10,000 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were bought at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the acquisition, the director now directly owns 136,000 shares of the company's stock, valued at approximately $11,725,920. This trade represents a 7.94 % increase in their ownership of the stock. 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 firm's stock in a transaction that occurred 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 sale, the executive vice president now owns 18,044 shares of the company's stock, valued at approximately $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. Company insiders own 4.70% of the company's stock.

Patrick Industries Price Performance

Shares of NASDAQ PATK traded up $1.10 during mid-day trading on Thursday, reaching $79.06. The company had a trading volume of 266,847 shares, compared to its average volume of 381,793. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The stock has a market cap of $2.65 billion, a PE ratio of 19.19, a P/E/G ratio of 1.41 and a beta of 2.17. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The company has a 50-day moving average price of $84.96 and a two-hundred day moving average price of $88.02.

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, 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%. On average, equities analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have commented on PATK. Raymond James lifted their target price on Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. KeyCorp reduced their price objective on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. StockNews.com lowered shares of Patrick Industries from a "hold" rating to a "sell" rating in a research note on Thursday, January 16th. Benchmark increased their price objective on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Finally, Robert W. Baird reissued a "neutral" rating and set a $96.00 target price (down previously from $100.00) on shares of Patrick Industries in a research note on Friday, April 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $96.79.

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.