Prudential Financial Inc. Raises Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Prudential Financial Inc. increased its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 42.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 33,989 shares of the construction company's stock after buying an additional 10,126 shares during the period. Prudential Financial Inc. owned about 0.10% of Patrick Industries worth $2,824,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of PATK. UMB Bank n.a. boosted its stake in shares of Patrick Industries by 35.1% in the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company's stock worth $64,000 after acquiring an additional 199 shares during the period. Global Retirement Partners LLC lifted its holdings in Patrick Industries by 44.8% in the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company's stock worth $53,000 after purchasing an additional 199 shares in the last quarter. IFP Advisors Inc boosted its stake in Patrick Industries by 35.8% in the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company's stock worth $87,000 after purchasing an additional 275 shares during the period. GAMMA Investing LLC grew its holdings in 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 buying an additional 290 shares in the last quarter. Finally, Kestra Investment Management LLC purchased a new position in shares of Patrick Industries in the fourth quarter worth $25,000. Hedge funds and other institutional investors own 93.29% of the company's stock.

Patrick Industries Trading Down 1.3 %

Shares of NASDAQ PATK traded down $1.04 during trading hours on Monday, hitting $77.56. 482,422 shares of the company traded hands, compared to its average volume of 329,346. The company's 50 day moving average price is $89.54 and its 200 day moving average price is $89.49. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of 18.82, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. The company has a current ratio of 2.33, a quick ratio of 0.77 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 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 research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.06%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's payout ratio is currently 38.83%.

Analyst Ratings Changes

Several research firms recently weighed in on PATK. Robert W. Baird reaffirmed a "neutral" rating and set a $96.00 target price (down from $100.00) on shares of Patrick Industries in a research note on Friday. Raymond James lifted their target price on Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. Benchmark increased 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. KeyCorp lifted their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, February 7th. Finally, StockNews.com downgraded Patrick Industries from a "hold" rating to a "sell" rating in a research report on Thursday, January 16th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $99.29.

Insider Buying and Selling at Patrick Industries

In related news, Director M Scott Welch bought 2,500 shares of the stock in a transaction dated 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 purchase, the director now owns 2,961 shares of the company's stock, valued at $250,559.82. This trade represents a 542.30 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $1,543,303.32. The trade was a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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.