Invesco Ltd. Has $58.92 Million Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Invesco Ltd. boosted its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 61.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 709,140 shares of the construction company's stock after acquiring an additional 270,266 shares during the quarter. Invesco Ltd. owned about 2.11% of Patrick Industries worth $58,915,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of PATK. Vanguard Group Inc. lifted its position 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 valued at $193,266,000 after acquiring an additional 768,102 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Patrick Industries by 391.8% during the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock worth $168,462,000 after purchasing an additional 1,615,412 shares during the period. State Street Corp lifted its holdings in shares of Patrick Industries by 3.5% during the third quarter. State Street Corp now owns 816,031 shares of the construction company's stock valued at $116,178,000 after purchasing an additional 27,669 shares during the last quarter. Geode Capital Management LLC increased its stake in Patrick Industries by 50.0% in the 4th quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company's stock worth $64,752,000 after purchasing an additional 259,783 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings 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 worth $45,592,000 after buying an additional 195,138 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director M Scott Welch purchased 2,500 shares of the business's stock in a transaction on Thursday, March 13th. The stock was purchased at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the purchase, the director now directly owns 2,961 shares in the company, valued at approximately $250,559.82. This trade represents a 542.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the business's stock in a transaction 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 owns 18,044 shares in the company, valued at $1,543,303.32. This represents a 13.78 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.70% of the company's stock.

Patrick Industries Stock Up 0.1 %

NASDAQ PATK traded up $0.05 during trading on Friday, reaching $79.28. The company's stock had a trading volume of 241,756 shares, compared to its average volume of 337,092. The business has a 50-day moving average price of $86.20 and a 200-day moving average price of $88.51. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The stock has a market capitalization of $2.66 billion, a PE ratio of 19.24, a PEG 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.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data 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 net margin of 3.72% and a return on equity of 13.25%. On average, research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal 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 issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's dividend payout ratio (DPR) is presently 38.83%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Truist Financial reduced their price target on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating for the company in a research report on Monday. Benchmark increased their target price on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a report on Friday, February 7th. Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Raymond James increased their price objective on Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. Finally, Robert W. Baird reaffirmed 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 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, Patrick Industries currently has a consensus rating of "Moderate Buy" and an average price target of $96.79.

Patrick Industries 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.