Wellington Management Group LLP Buys 1,615,412 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Wellington Management Group LLP lifted its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 391.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,027,708 shares of the construction company's stock after buying an additional 1,615,412 shares during the quarter. Wellington Management Group LLP owned about 6.03% of Patrick Industries worth $168,462,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position 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 acquiring an additional 768,102 shares during the period. State Street Corp grew its holdings in Patrick Industries by 3.5% during the third quarter. State Street Corp now owns 816,031 shares of the construction company's stock worth $116,178,000 after purchasing an additional 27,669 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Patrick Industries by 55.2% during the fourth 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 period. Geode Capital Management LLC increased 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 buying an additional 20,694 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Patrick Industries by 159.8% in the fourth quarter. American Century Companies Inc. now owns 516,767 shares of the construction company's stock valued at $42,933,000 after buying an additional 317,864 shares during the period. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Stock Performance

Shares of PATK traded down $1.04 during mid-day trading on Monday, hitting $77.56. 482,422 shares of the company's stock were exchanged, compared to its average volume of 329,346. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The firm has a market cap 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 stock's 50-day simple moving average is $89.54 and its 200-day simple moving average is $89.49. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90.

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

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were given 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 is 38.83%.

Insider Buying and Selling

In other news, Director M Scott Welch purchased 10,000 shares of the business's stock in a transaction dated Tuesday, March 11th. The stock was bought at an average price of $86.22 per share, with a total value of $862,200.00. Following the acquisition, the director now owns 136,000 shares in the company, valued at approximately $11,725,920. The trade was a 7.94 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction that occurred on 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 in the company, valued at $1,543,303.32. This trade 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 currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. KeyCorp lifted their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, February 7th. Robert W. Baird reiterated a "neutral" rating and issued a $96.00 price objective (down from $100.00) on shares of Patrick Industries in a report on Friday. Truist Financial raised their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a "buy" rating in a research note on Monday, February 10th. Raymond James upped their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. Finally, Benchmark raised their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average 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.