Swiss National Bank Raises Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Swiss National Bank increased its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 51.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 62,812 shares of the construction company's stock after acquiring an additional 21,237 shares during the period. Swiss National Bank owned about 0.19% of Patrick Industries worth $5,218,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Natixis Advisors LLC boosted its holdings in shares of Patrick Industries by 16.6% during the 3rd quarter. Natixis Advisors LLC now owns 17,827 shares of the construction company's stock valued at $2,538,000 after acquiring an additional 2,544 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Patrick Industries by 5.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 353,633 shares of the construction company's stock worth $50,347,000 after purchasing an additional 17,747 shares during the last quarter. Citigroup Inc. grew its position in Patrick Industries by 66.7% in the 3rd quarter. Citigroup Inc. now owns 34,618 shares of the construction company's stock worth $4,929,000 after purchasing an additional 13,851 shares during the period. Hancock Whitney Corp purchased a new stake in Patrick Industries during the 3rd quarter valued at $220,000. Finally, Advantage Alpha Capital Partners LP bought a new position in shares of Patrick Industries during the 3rd quarter valued at $2,545,000. 93.29% of the stock is owned by institutional investors.

Patrick Industries Price Performance

Shares of Patrick Industries stock traded down $3.00 during trading on Friday, reaching $83.90. 247,845 shares of the stock traded hands, compared to its average volume of 325,908. Patrick Industries, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90. 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 has a fifty day simple moving average of $91.23 and a two-hundred day simple moving average of $89.84. The company has a market capitalization of $2.82 billion, a price-to-earnings ratio of 20.36, a P/E/G ratio of 1.41 and a beta of 2.37.

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

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were given a $0.40 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 annualized dividend and a yield of 1.91%. Patrick Industries's dividend payout ratio is currently 38.83%.

Analyst Ratings Changes

A number of research firms have weighed in on PATK. StockNews.com downgraded Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. Truist Financial raised their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, February 10th. Raymond James upped their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a report on Friday, February 7th. KeyCorp lifted their target price on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, February 7th. Finally, Benchmark lifted their price objective on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $97.96.

Insiders Place Their Bets

In related news, EVP Stacey L. Neu sold 2,885 shares of the firm'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 sale, the executive vice president now directly owns 18,044 shares of the company's stock, valued at approximately $1,543,303.32. This trade represents a 13.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director M Scott Welch acquired 2,500 shares of the business'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 transaction, the director now directly owns 2,961 shares in the company, valued at $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.70% of the stock is currently owned by insiders.

Patrick Industries Company 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.