Schroder Investment Management Group Makes New Investment in Patrick Industries, Inc. (NASDAQ:PATK)

Schroder Investment Management Group bought a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 321,628 shares of the construction company's stock, valued at approximately $26,602,000. Schroder Investment Management Group owned approximately 0.96% of Patrick Industries as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Arizona State Retirement System raised its position in Patrick Industries by 51.3% during the fourth quarter. Arizona State Retirement System now owns 9,271 shares of the construction company's stock worth $770,000 after acquiring an additional 3,143 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Patrick Industries by 27.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company's stock worth $10,222,000 after purchasing an additional 26,558 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Patrick Industries by 55.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company's stock worth $45,592,000 after purchasing an additional 195,138 shares during the last quarter. Xponance Inc. lifted its stake in Patrick Industries by 13.8% in the 4th quarter. Xponance Inc. now owns 3,070 shares of the construction company's stock valued at $255,000 after buying an additional 372 shares in the last quarter. Finally, IFP Advisors Inc boosted its holdings 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 buying an additional 275 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director M Scott Welch purchased 2,500 shares of the company's stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the transaction, the director now directly owns 2,961 shares in the company, valued at approximately $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president now owns 18,044 shares in the company, valued at approximately $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.70% of the stock is owned by insiders.

Patrick Industries Trading Down 1.3 %

Shares of PATK stock traded down $1.04 on Monday, hitting $77.56. 482,422 shares of the stock traded hands, compared to its average volume of 329,346. Patrick Industries, Inc. has a twelve month low of $67.72 and a twelve month high of $98.90. The stock has a market capitalization of $2.60 billion, a PE ratio of 18.82, a PEG ratio of 1.41 and a beta of 2.17. The firm's 50-day moving average price is $89.54 and its two-hundred day moving average price is $89.49. 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 (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%. As a group, analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 annualized dividend and a yield of 2.06%. Patrick Industries's dividend payout ratio (DPR) is 38.83%.

Analysts Set New Price Targets

A number of brokerages have commented on PATK. StockNews.com cut Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. Truist Financial increased their price objective on Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a research note on Monday, February 10th. Robert W. Baird reaffirmed a "neutral" rating and set a $96.00 target price (down previously from $100.00) on shares of Patrick Industries in a research note on Friday. Benchmark upped their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Finally, Raymond James raised their price target 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price 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.