Patrick Industries, Inc. (NASDAQ:PATK) Shares Acquired by Pitcairn Co.

Pitcairn Co. lifted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 51.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 6,678 shares of the construction company’s stock after purchasing an additional 2,256 shares during the quarter. Pitcairn Co.’s holdings in Patrick Industries were worth $555,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Patrick Industries by 49.3% during the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock worth $193,266,000 after acquiring an additional 768,102 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Patrick Industries by 391.8% during the fourth 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 period. State Street Corp boosted its position in Patrick Industries by 3.5% in the third quarter. State Street Corp now owns 816,031 shares of the construction company’s stock valued at $116,178,000 after buying an additional 27,669 shares during the last quarter. Geode Capital Management LLC boosted its position in Patrick Industries by 50.0% in the fourth quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company’s stock valued at $64,752,000 after buying an additional 259,783 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings 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 worth $45,592,000 after buying an additional 195,138 shares during the period. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director M Scott Welch bought 10,000 shares of the business’s stock in a transaction on 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 completion of the purchase, the director now directly owns 136,000 shares in the company, 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 Patrick Industries stock in a transaction 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. This represents a 13.78 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on PATK. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. KeyCorp upped their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Raymond James increased their price target on Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Truist Financial boosted their price objective on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, February 10th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $96.00 target price (down from $100.00) on shares of Patrick Industries in a report on Friday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $99.29.

Patrick Industries Stock Down 1.9 %

PATK stock opened at $78.60 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. The firm has a 50-day moving average of $89.94 and a two-hundred day moving average of $89.66. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 19.08, a PEG 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 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 forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders 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 2.04%. Patrick Industries’s dividend payout ratio (DPR) is 38.83%.

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.