Allspring Global Investments Holdings LLC Increases Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Allspring Global Investments Holdings LLC lifted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 35.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 97,414 shares of the construction company's stock after acquiring an additional 25,556 shares during the period. Allspring Global Investments Holdings LLC owned 0.43% of Patrick Industries worth $13,869,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Xponance Inc. lifted its stake in shares of Patrick Industries by 4.1% in the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company's stock valued at $230,000 after purchasing an additional 83 shares during the last quarter. Trust Point Inc. boosted its position in shares of Patrick Industries by 1.1% during the 3rd quarter. Trust Point Inc. now owns 8,964 shares of the construction company's stock worth $1,276,000 after purchasing an additional 96 shares during the period. FORA Capital LLC raised its position in Patrick Industries by 2.9% in the first quarter. FORA Capital LLC now owns 4,492 shares of the construction company's stock valued at $537,000 after purchasing an additional 128 shares during the period. SummerHaven Investment Management LLC boosted its position in shares of Patrick Industries by 1.5% during the second quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company's stock worth $977,000 after buying an additional 135 shares during the period. Finally, BOKF NA grew its stake in shares of Patrick Industries by 3.7% in the second quarter. BOKF NA now owns 4,848 shares of the construction company's stock valued at $526,000 after buying an additional 172 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Insider Activity

In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of Patrick Industries stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the transaction, the director now owns 82,374 shares of the company's stock, valued at $10,795,112.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of the firm's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total transaction of $982,875.00. Following the transaction, the director now directly owns 82,374 shares of the company's stock, valued at approximately $10,795,112.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the transaction, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 29,411 shares of company stock valued at $3,858,915. Insiders own 4.70% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PATK shares. DA Davidson increased their target price on Patrick Industries from $108.00 to $114.00 and gave the stock a "neutral" rating in a research note on Monday, August 5th. KeyCorp raised their price objective on shares of Patrick Industries from $135.00 to $150.00 and gave the company an "overweight" rating in a research note on Wednesday. Raymond James began coverage on shares of Patrick Industries in a research note on Tuesday, October 1st. They set an "outperform" rating and a $160.00 target price on the stock. Benchmark reissued a "buy" rating and issued a $145.00 price target on shares of Patrick Industries in a research report on Tuesday, September 17th. Finally, Robert W. Baird upped their price objective on Patrick Industries from $120.00 to $128.00 and gave the stock an "outperform" rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Patrick Industries has an average rating of "Moderate Buy" and a consensus price target of $140.38.

Patrick Industries Stock Down 0.5 %

NASDAQ:PATK traded down $0.63 during trading hours on Friday, hitting $134.59. The company's stock had a trading volume of 134,672 shares, compared to its average volume of 177,253. Patrick Industries, Inc. has a 52-week low of $70.15 and a 52-week high of $148.35. The stock has a market capitalization of $3.01 billion, a P/E ratio of 19.31, a price-to-earnings-growth ratio of 1.18 and a beta of 1.61. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19. The stock has a fifty day moving average of $136.51 and a 200-day moving average of $121.05.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, beating analysts' consensus estimates of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $972.06 million. During the same period last year, the firm posted $1.94 EPS. The company's revenue was up 10.8% on a year-over-year basis. On average, equities analysts forecast that Patrick Industries, Inc. will post 7.21 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend was Monday, August 26th. Patrick Industries's dividend payout ratio (DPR) is currently 31.56%.

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.