Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 55.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 173,819 shares of the construction company's stock after acquiring an additional 61,867 shares during the period. Principal Financial Group Inc. owned 0.52% of Patrick Industries worth $14,441,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in PATK. Assetmark Inc. raised its position in Patrick Industries by 1,589.0% in the third quarter. Assetmark Inc. now owns 6,587 shares of the construction company's stock valued at $938,000 after purchasing an additional 6,197 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Patrick Industries by 27.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company's stock valued at $10,222,000 after buying an additional 26,558 shares during the period. Fiera Capital Corp acquired a new position in Patrick Industries in the third quarter valued at about $27,888,000. Rhumbline Advisers boosted its stake in Patrick Industries by 53.2% during the fourth quarter. Rhumbline Advisers now owns 94,291 shares of the construction company's stock worth $7,835,000 after buying an additional 32,740 shares during the period. Finally, New York State Teachers Retirement System increased its position in shares of Patrick Industries by 48.8% during the fourth quarter. New York State Teachers Retirement System now owns 33,434 shares of the construction company's stock valued at $2,778,000 after acquiring an additional 10,961 shares during the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

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Patrick Industries Stock Up 1.1 %

Shares of NASDAQ PATK traded up $0.98 during mid-day trading on Friday, hitting $90.60. The company had a trading volume of 413,058 shares, compared to its average volume of 362,458. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The company has a market capitalization of $3.05 billion, a PE ratio of 21.99, a price-to-earnings-growth ratio of 1.41 and a beta of 2.26. 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 business's 50-day simple moving average is $90.46 and its 200 day simple moving average is $89.72.

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

Patrick Industries Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PATK. Raymond James upped their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. KeyCorp upped their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, February 7th. Benchmark lifted their price objective 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 boosted their price objective on Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a report on Monday, February 10th. Finally, StockNews.com cut Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, Patrick Industries has a consensus rating of "Moderate Buy" and a consensus price target of $97.96.

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.