Vestcor Inc grew its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 120.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,733 shares of the construction company's stock after buying an additional 6,409 shares during the quarter. Vestcor Inc's holdings in Patrick Industries were worth $975,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the stock. Arizona State Retirement System increased its holdings in Patrick Industries by 51.3% in the fourth quarter. Arizona State Retirement System now owns 9,271 shares of the construction company's stock valued at $770,000 after buying an additional 3,143 shares in the last quarter. Assetmark Inc. raised its holdings in Patrick Industries by 1,589.0% in the 3rd quarter. Assetmark Inc. now owns 6,587 shares of the construction company's stock worth $938,000 after purchasing an additional 6,197 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Patrick Industries by 27.3% during the fourth 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 in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Patrick Industries by 55.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company's stock valued at $45,592,000 after purchasing an additional 195,138 shares during the period. Finally, IFP Advisors Inc increased its position in shares of Patrick Industries by 35.8% in the fourth quarter. IFP Advisors Inc now owns 1,044 shares of the construction company's stock valued at $87,000 after buying an additional 275 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on the stock. Benchmark lifted their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Raymond James lifted their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. StockNews.com lowered shares of Patrick Industries from a "hold" rating to a "sell" rating in a research note on Thursday, January 16th. KeyCorp lifted their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, February 7th. Finally, Truist Financial increased their target price on Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a report on Monday, February 10th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $97.96.
View Our Latest Stock Report on PATK
Insider Transactions at Patrick Industries
In other Patrick Industries news, Director M Scott Welch bought 10,000 shares of Patrick Industries stock in a transaction on Tuesday, March 11th. The shares were bought at an average cost of $86.22 per share, for a total transaction of $862,200.00. Following the acquisition, the director now directly owns 136,000 shares in the company, valued at $11,725,920. This represents a 7.94 % increase in their ownership of the stock. The transaction 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 business'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 completion of the transaction, the executive vice president now owns 18,044 shares of the company's stock, valued at approximately $1,543,303.32. This trade represents a 13.78 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.70% of the company's stock.
Patrick Industries Trading Up 2.4 %
Shares of PATK traded up $1.97 during trading on Wednesday, reaching $85.37. 307,040 shares of the company traded hands, compared to its average volume of 314,003. The stock has a 50-day simple moving average of $91.18 and a 200-day simple moving average of $89.82. The stock has a market cap of $2.87 billion, a PE ratio of 20.72, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a twelve month low of $67.72 and a twelve month high of $98.90. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16.
Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 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%. On average, analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.
Patrick Industries Announces Dividend
The firm 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. 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 1.87%. Patrick Industries's dividend payout ratio (DPR) is presently 38.83%.
About Patrick Industries
(
Free Report)
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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