ExodusPoint Capital Management LP Boosts Position in Patrick Industries, Inc. (NASDAQ:PATK)

ExodusPoint Capital Management LP grew its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 186.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 54,833 shares of the construction company's stock after purchasing an additional 35,714 shares during the quarter. ExodusPoint Capital Management LP owned approximately 0.16% of Patrick Industries worth $4,556,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Kestra Investment Management LLC acquired a new position in Patrick Industries during the fourth quarter worth $25,000. Nomura Asset Management Co. Ltd. raised its holdings in shares of Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after acquiring an additional 114 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Patrick Industries by 812.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after acquiring an additional 528 shares during the last quarter. Quent Capital LLC purchased a new stake in shares of Patrick Industries in the fourth quarter valued at about $53,000. Finally, Global Retirement Partners LLC increased its position in Patrick Industries by 44.8% during the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company's stock worth $53,000 after purchasing an additional 199 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on PATK. KeyCorp boosted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, February 7th. StockNews.com cut Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. Raymond James raised their target price on Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. Robert W. Baird reaffirmed a "neutral" rating and issued a $96.00 price target (down previously from $100.00) on shares of Patrick Industries in a research note on Friday, April 4th. Finally, Benchmark increased 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. 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 stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $99.29.

Patrick Industries Stock Up 0.3 %

Shares of NASDAQ PATK traded up $0.23 during midday trading on Friday, hitting $80.43. The company's stock had a trading volume of 374,868 shares, compared to its average volume of 334,377. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90. The business's fifty day simple moving average is $87.43 and its two-hundred day simple moving average is $88.88. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of 19.52, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. On average, equities analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The business 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 of this dividend was Tuesday, February 18th. This represents a $1.60 annualized dividend and a yield of 1.99%. Patrick Industries's payout ratio is 38.83%.

Insider Buying and Selling at Patrick Industries

In other news, Director M Scott Welch purchased 2,500 shares of the stock in a transaction on Thursday, March 13th. The stock was bought at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the acquisition, the director now directly owns 2,961 shares of the company's stock, valued at approximately $250,559.82. The trade was a 542.30 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the sale, the executive vice president now directly owns 18,044 shares in the company, 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. 4.70% of the stock is owned by corporate insiders.

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.