Allspring Global Investments Holdings LLC Has $10.22 Million Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Allspring Global Investments Holdings LLC lifted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 27.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 123,972 shares of the construction company's stock after purchasing an additional 26,558 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.37% of Patrick Industries worth $10,222,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Quent Capital LLC bought a new position in Patrick Industries in the fourth quarter valued at approximately $53,000. GAMMA Investing LLC increased its stake in shares of Patrick Industries by 61.2% in the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company's stock valued at $63,000 after purchasing an additional 290 shares during the last quarter. UMB Bank n.a. increased its stake in shares of Patrick Industries by 35.1% in the 4th quarter. UMB Bank n.a. now owns 766 shares of the construction company's stock valued at $64,000 after purchasing an additional 199 shares during the last quarter. First Horizon Advisors Inc. increased its stake in shares of Patrick Industries by 21.4% in the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company's stock valued at $112,000 after purchasing an additional 139 shares during the last quarter. Finally, Eukles Asset Management increased its stake in shares of Patrick Industries by 40.0% in the 4th quarter. Eukles Asset Management now owns 1,378 shares of the construction company's stock valued at $114,000 after purchasing an additional 394 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

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Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. BMO Capital Markets lifted their price target on Patrick Industries from $100.00 to $103.33 and gave the company an "outperform" rating in a research note on Friday, November 1st. Benchmark lifted their price target on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Truist Financial lifted their price target on Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a research note on Monday, February 10th. Raymond James lifted their price target on Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. Finally, StockNews.com lowered Patrick Industries from a "hold" rating to a "sell" rating in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Patrick Industries presently has a consensus rating of "Moderate Buy" and a consensus price target of $97.96.

Patrick Industries Price Performance

PATK stock traded down $2.82 during midday trading on Friday, reaching $90.18. 323,755 shares of the stock were exchanged, compared to its average volume of 353,563. The stock has a market capitalization of $3.03 billion, a PE ratio of 21.89, a P/E/G ratio of 1.41 and a beta of 2.26. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The company has a fifty day moving average price of $89.90 and a 200 day moving average price of $89.35.

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, beating 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 expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be given a $0.40 dividend. The ex-dividend date is Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.77%. Patrick Industries's dividend payout ratio (DPR) is presently 38.83%.

Insider Buying and Selling at Patrick Industries

In other news, CEO Andy L. Nemeth sold 15,000 shares of the business's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $93.76, for a total value of $1,406,400.00. Following the transaction, the chief executive officer now directly owns 364,678 shares of the company's stock, valued at $34,192,209.28. The trade was a 3.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.70% of the company's stock.

About Patrick Industries

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.