Patrick Industries, Inc. (NASDAQ:PATK) Shares Bought by Capital World Investors

Capital World Investors lifted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 50.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 944,319 shares of the construction company's stock after purchasing an additional 314,773 shares during the quarter. Capital World Investors owned about 2.81% of Patrick Industries worth $78,454,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wellington Management Group LLP boosted its holdings in shares of Patrick Industries by 391.8% in the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock valued at $168,462,000 after acquiring an additional 1,615,412 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Patrick Industries by 49.3% during the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock worth $193,266,000 after buying an additional 768,102 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Patrick Industries by 48.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock valued at $154,823,000 after buying an additional 609,036 shares in the last quarter. Schroder Investment Management Group purchased a new position in Patrick Industries in the fourth quarter worth $26,602,000. Finally, American Century Companies Inc. lifted its holdings in Patrick Industries by 159.8% in the fourth quarter. American Century Companies Inc. now owns 516,767 shares of the construction company's stock valued at $42,933,000 after acquiring an additional 317,864 shares during the period. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Trading Down 1.6 %

Shares of PATK opened at $78.02 on Tuesday. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90. The stock has a fifty day moving average of $85.61 and a two-hundred day moving average of $88.15. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The company has a market capitalization of $2.62 billion, a PE ratio of 18.94, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) 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%. As a group, analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's dividend payout ratio is currently 38.83%.

Insider Activity

In related news, EVP Stacey L. Neu sold 2,885 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the transaction, the executive vice president now owns 18,044 shares in the company, valued at approximately $1,543,303.32. This trade represents a 13.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director M Scott Welch acquired 2,500 shares of the company's stock in a transaction dated Thursday, March 13th. The stock was acquired at an average cost of $84.62 per share, with a total value of $211,550.00. Following the transaction, the director now directly owns 2,961 shares of the company's stock, valued at approximately $250,559.82. This represents a 542.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 4.70% of the company's stock.

Analyst Upgrades and Downgrades

PATK has been the subject of several recent analyst reports. Robert W. Baird reiterated a "neutral" rating and issued a $96.00 price objective (down previously from $100.00) on shares of Patrick Industries in a research note on Friday, April 4th. StockNews.com cut Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. KeyCorp decreased their target price on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Benchmark boosted their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Finally, Raymond James raised their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a report on Friday, February 7th. 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, the company has an average rating of "Moderate Buy" and an average price target 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.

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