Russell Investments Group Ltd. Buys 7,236 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Russell Investments Group Ltd. boosted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 61.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,992 shares of the construction company's stock after buying an additional 7,236 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.06% of Patrick Industries worth $1,578,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. HighTower Advisors LLC bought a new position in Patrick Industries during the third quarter worth about $408,000. Stifel Financial Corp boosted its position in Patrick Industries by 124.1% during the third quarter. Stifel Financial Corp now owns 9,015 shares of the construction company's stock worth $1,283,000 after purchasing an additional 4,993 shares during the period. MML Investors Services LLC boosted its position in Patrick Industries by 20.3% during the third quarter. MML Investors Services LLC now owns 3,243 shares of the construction company's stock worth $462,000 after purchasing an additional 547 shares during the period. Geode Capital Management LLC boosted its position in Patrick Industries by 4.1% during the third quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company's stock worth $73,968,000 after purchasing an additional 20,694 shares during the period. Finally, Tidal Investments LLC bought a new position in Patrick Industries during the third quarter worth about $271,000. Institutional investors own 93.29% of the company's stock.

Insider Buying and Selling

In other news, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were 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 directly owns 18,044 shares of the company's stock, valued at approximately $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director M Scott Welch acquired 2,500 shares of the stock in a transaction dated Thursday, March 13th. The shares were 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 approximately $250,559.82. The trade was a 542.30 % increase in their position. The disclosure for this purchase can be found here. 4.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PATK. StockNews.com lowered shares of Patrick Industries from a "hold" rating to a "sell" rating in a research report on Thursday, January 16th. Baird R W downgraded shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Robert W. Baird reissued a "neutral" rating and issued a $96.00 price target (down from $100.00) on shares of Patrick Industries in a report on Friday, April 4th. KeyCorp lowered their price target on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, Raymond James increased their price target 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.79.

Patrick Industries Price Performance

Shares of PATK stock traded up $1.85 during trading hours on Thursday, hitting $79.81. 195,262 shares of the company's stock were exchanged, compared to its average volume of 381,179. The company has a market capitalization of $2.68 billion, a PE ratio of 19.33, a PEG ratio of 1.41 and a beta of 2.17. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. The business's 50 day simple moving average is $84.96 and its 200-day simple moving average is $88.02. 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 posted its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 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, equities research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.00%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's dividend payout ratio (DPR) is presently 38.83%.

Patrick Industries 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.