Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by Timucuan Asset Management Inc. FL

Timucuan Asset Management Inc. FL increased its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 50.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 126,000 shares of the construction company's stock after buying an additional 42,000 shares during the quarter. Patrick Industries accounts for about 0.3% of Timucuan Asset Management Inc. FL's investment portfolio, making the stock its 21st largest position. Timucuan Asset Management Inc. FL owned approximately 0.38% of Patrick Industries worth $10,468,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Arizona State Retirement System boosted its position in shares of Patrick Industries by 51.3% during the fourth quarter. Arizona State Retirement System now owns 9,271 shares of the construction company's stock worth $770,000 after acquiring an additional 3,143 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of 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 valued at $10,222,000 after purchasing an additional 26,558 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Patrick Industries by 55.2% during 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 in the last quarter. Xponance Inc. increased its holdings in shares of Patrick Industries by 13.8% in the fourth quarter. Xponance Inc. now owns 3,070 shares of the construction company's stock worth $255,000 after purchasing an additional 372 shares during the last quarter. Finally, IFP Advisors Inc lifted 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 worth $87,000 after buying an additional 275 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Truist Financial lowered their price objective 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. StockNews.com lowered Patrick Industries from a "hold" rating to a "sell" rating in a research note on Thursday, January 16th. Robert W. Baird restated a "neutral" rating and set a $96.00 price target (down previously from $100.00) on shares of Patrick Industries in a report on Friday, April 4th. Baird R W cut shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, Raymond James lifted their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $98.04.

Patrick Industries Price Performance

Shares of NASDAQ PATK traded down $1.06 during trading on Wednesday, hitting $78.62. The company had a trading volume of 101,781 shares, compared to its average volume of 335,659. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 19.08, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. 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 simple moving average of $86.79 and a two-hundred day simple moving average of $88.68. 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 announced its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping 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, research analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's dividend payout ratio is presently 38.83%.

Insider Transactions at Patrick Industries

In other news, EVP Stacey L. Neu sold 2,885 shares of the firm's stock in a transaction 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 sale, the executive vice president now directly owns 18,044 shares in the company, valued at approximately $1,543,303.32. This trade represents a 13.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director M Scott Welch purchased 10,000 shares of the firm's stock in a transaction on Tuesday, March 11th. The shares were acquired at an average cost of $86.22 per share, with a total value of $862,200.00. Following the completion of the acquisition, the director now directly owns 136,000 shares in the company, valued at $11,725,920. The trade was a 7.94 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 4.70% of the company's stock.

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.