Massachusetts Financial Services Co. MA Raises Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Massachusetts Financial Services Co. MA boosted its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 49.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 300,254 shares of the construction company's stock after buying an additional 98,989 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.89% of Patrick Industries worth $24,945,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of PATK. Arizona State Retirement System raised its holdings in shares of Patrick Industries by 51.3% during the fourth quarter. Arizona State Retirement System now owns 9,271 shares of the construction company's stock valued at $770,000 after purchasing an additional 3,143 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Patrick Industries by 27.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company's stock worth $10,222,000 after purchasing an additional 26,558 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Patrick Industries by 55.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company's stock valued at $45,592,000 after buying an additional 195,138 shares during the last quarter. Xponance Inc. lifted its holdings in shares of Patrick Industries by 13.8% during the 4th quarter. Xponance Inc. now owns 3,070 shares of the construction company's stock valued at $255,000 after buying an additional 372 shares during the period. Finally, IFP Advisors Inc boosted its stake in shares of Patrick Industries by 35.8% in the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company's stock worth $87,000 after buying an additional 275 shares during the last quarter. Institutional investors own 93.29% of the company's stock.

Patrick Industries Stock Performance

NASDAQ PATK traded up $0.23 on Friday, reaching $80.43. 374,868 shares of the stock were exchanged, compared to its average volume of 334,377. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a one year low of $67.72 and a one year high of $98.90. The firm has a market capitalization of $2.70 billion, a PE ratio of 19.52, a PEG ratio of 1.41 and a beta of 2.17. The company's 50-day simple moving average is $87.43 and its two-hundred day simple moving average is $88.88.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, beating 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 firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 1.99%. Patrick Industries's dividend payout ratio is presently 38.83%.

Analyst Upgrades and Downgrades

PATK has been the subject of a number of research reports. Raymond James upped their price objective on Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. Truist Financial upped their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a research report on Monday, February 10th. Benchmark raised their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a report on Friday, February 7th. StockNews.com lowered shares of Patrick Industries from a "hold" rating to a "sell" rating in a research report on Thursday, January 16th. Finally, Baird R W downgraded shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, Patrick Industries currently has a consensus rating of "Moderate Buy" and an average target price of $99.29.

Insiders Place Their Bets

In related news, Director M Scott Welch bought 2,500 shares of the stock in a transaction dated Thursday, March 13th. The shares were purchased 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 of the company's stock, valued at $250,559.82. This represents 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 the SEC website. Also, 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 transaction, 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 position. The disclosure for this sale can be found here. 4.70% of the stock is currently owned by corporate insiders.

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.