Vanguard Group Inc. Raises Position in Patrick Industries, Inc. (NASDAQ:PATK)

Vanguard Group Inc. raised its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 49.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,326,262 shares of the construction company's stock after purchasing an additional 768,102 shares during the quarter. Vanguard Group Inc. owned 6.92% of Patrick Industries worth $193,266,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Kestra Investment Management LLC purchased a new position in shares of Patrick Industries in the fourth quarter worth approximately $25,000. Smartleaf Asset Management LLC raised its position in Patrick Industries by 812.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock worth $49,000 after acquiring an additional 528 shares during the period. Quent Capital LLC purchased a new position in shares of Patrick Industries during the 4th quarter worth $53,000. Global Retirement Partners LLC boosted its stake in shares of Patrick Industries by 44.8% during the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company's stock worth $53,000 after acquiring an additional 199 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Patrick Industries by 61.2% during the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company's stock valued at $63,000 after acquiring an additional 290 shares during the period. Hedge funds and other institutional investors own 93.29% of the company's stock.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director M Scott Welch bought 2,500 shares of the business's stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average cost of $84.62 per share, with a total value of $211,550.00. Following the completion of the acquisition, the director now owns 2,961 shares in the company, valued at $250,559.82. This trade represents a 542.30 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available 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 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 Price Performance

PATK traded up $0.23 during trading on Friday, reaching $80.43. 374,868 shares of the company traded hands, compared to its average volume of 334,377. The company has a market cap of $2.70 billion, a P/E ratio of 19.52, a PEG ratio of 1.41 and a beta of 2.17. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. The firm has a fifty day simple moving average of $87.43 and a 200 day simple moving average of $88.88.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share 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 forecast that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were issued a $0.40 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 annualized dividend and a dividend yield of 1.99%. Patrick Industries's dividend payout ratio (DPR) is 38.83%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on PATK shares. Benchmark lifted their target price on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Baird R W cut Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. StockNews.com downgraded Patrick Industries from a "hold" rating to a "sell" rating in a research note on Thursday, January 16th. Raymond James raised their target price 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. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $96.00 price target (down from $100.00) on shares of Patrick Industries in a research report on Friday, April 4th. One investment 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. Based on data from MarketBeat, Patrick Industries has an average rating of "Moderate Buy" and a consensus price target of $99.29.

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.