Wasatch Advisors LP grew its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 34.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 168,191 shares of the construction company's stock after acquiring an additional 42,989 shares during the period. Wasatch Advisors LP owned 0.50% of Patrick Industries worth $13,973,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Patrick Industries by 49.3% in the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock valued at $193,266,000 after buying an additional 768,102 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Patrick Industries by 391.8% during the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock worth $168,462,000 after purchasing an additional 1,615,412 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Patrick Industries by 50.0% during the 4th quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company's stock worth $64,752,000 after purchasing an additional 259,783 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Patrick Industries by 61.6% in the 4th quarter. Invesco Ltd. now owns 709,140 shares of the construction company's stock valued at $58,915,000 after purchasing an additional 270,266 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Patrick Industries by 55.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company's stock valued at $45,592,000 after purchasing an additional 195,138 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.
Insider Activity at Patrick Industries
In related news, Director M Scott Welch acquired 10,000 shares of the stock in a transaction dated Tuesday, March 11th. The stock was bought at an average cost of $86.22 per share, for a total transaction of $862,200.00. Following the completion of the transaction, the director now directly owns 136,000 shares of the company's stock, valued at $11,725,920. The trade was a 7.94 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the sale, the executive vice president now owns 18,044 shares in the company, valued at $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. 4.70% of the stock is currently owned by company insiders.
Patrick Industries Price Performance
Shares of PATK traded up $0.05 during midday trading on Friday, hitting $79.28. The company's stock had a trading volume of 241,756 shares, compared to its average volume of 338,305. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a one year low of $67.72 and a one year high of $98.90. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 19.24, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. The company's fifty day simple moving average is $85.91 and its two-hundred day simple moving average is $88.35.
Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping 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%. As a group, equities analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.
Patrick Industries Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were paid a $0.40 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 annualized dividend and a dividend yield of 2.02%. Patrick Industries's dividend payout ratio is 38.83%.
Analyst Upgrades and Downgrades
Several analysts have issued reports on PATK shares. Robert W. Baird restated a "neutral" rating and issued a $96.00 price objective (down previously from $100.00) on shares of Patrick Industries in a research note on Friday, April 4th. KeyCorp dropped their price objective on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday. StockNews.com lowered shares of Patrick Industries from a "hold" rating to a "sell" rating in a research note on Thursday, January 16th. Baird R W downgraded shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, Truist Financial decreased their target price on Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $96.79.
Check Out Our Latest Research Report on PATK
About Patrick Industries
(
Free Report)
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.
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