Patrick Industries, Inc. (NASDAQ:PATK) Shares Bought by Vestcor Inc

Vestcor Inc raised its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 120.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 11,733 shares of the construction company’s stock after buying an additional 6,409 shares during the period. Vestcor Inc’s holdings in Patrick Industries were worth $975,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PATK. State Street Corp boosted its stake in Patrick Industries by 3.5% during the 3rd quarter. State Street Corp now owns 816,031 shares of the construction company’s stock valued at $116,178,000 after purchasing an additional 27,669 shares in the last quarter. 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 acquiring an additional 195,138 shares during the period. Geode Capital Management LLC raised its position in Patrick Industries by 4.1% in the third quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock worth $73,968,000 after acquiring an additional 20,694 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Patrick Industries by 2.5% in the 3rd quarter. Wellington Management Group LLP now owns 412,296 shares of the construction company’s stock valued at $58,699,000 after acquiring an additional 9,917 shares during the last quarter. Finally, Copeland Capital Management LLC boosted its position in shares of Patrick Industries by 536.5% during the 4th quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company’s stock valued at $29,976,000 after purchasing an additional 304,119 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Trading Up 2.9 %

NASDAQ PATK opened at $85.70 on Friday. 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, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The firm’s fifty day simple moving average is $91.16 and its 200-day simple moving average is $89.82. The company has a market capitalization of $2.88 billion, a PE ratio of 20.80, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate 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, sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

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. This represents a $1.60 annualized dividend and a dividend yield of 1.87%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s payout ratio is presently 38.83%.

Insider Buying and Selling

In other news, Director M Scott Welch purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were bought at an average price of $86.22 per share, with a total value of $862,200.00. Following the completion of the transaction, the director now directly owns 136,000 shares in the company, valued at $11,725,920. This trade represents a 7.94 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the company’s stock in a transaction 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 sale, 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 disclosure for this sale can be found here. 4.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on PATK. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Truist Financial lifted their target price on 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 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 price target on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Finally, Benchmark raised 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. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus price target of $97.96.

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.