Patrick Industries, Inc. (NASDAQ:PATK) Shares Acquired by Covestor Ltd

Covestor Ltd lifted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 10,400.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 315 shares of the construction company’s stock after buying an additional 312 shares during the period. Covestor Ltd’s holdings in Patrick Industries were worth $26,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Patrick Industries by 49.3% in 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 last quarter. Wellington Management Group LLP increased its holdings in shares of Patrick Industries by 391.8% in the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock valued at $168,462,000 after purchasing an additional 1,615,412 shares during the period. Geode Capital Management LLC raised its stake in shares of Patrick Industries by 50.0% in the fourth 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. lifted its holdings in shares of Patrick Industries by 61.6% during the fourth quarter. Invesco Ltd. now owns 709,140 shares of the construction company’s stock worth $58,915,000 after purchasing an additional 270,266 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Patrick Industries by 55.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock valued at $45,592,000 after buying an additional 195,138 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Patrick Industries

In other news, Director M Scott Welch bought 10,000 shares of Patrick Industries stock in a transaction on Tuesday, March 11th. The stock was acquired at an average price of $86.22 per share, with a total value of $862,200.00. Following the completion of the acquisition, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction that occurred on Tuesday, March 11th. The stock was 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 directly owns 18,044 shares in the company, valued at $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. Insiders own 4.70% of the company’s stock.

Patrick Industries Price Performance

NASDAQ:PATK opened at $79.68 on Wednesday. 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 52 week low of $67.72 and a 52 week high of $98.90. The stock’s 50-day moving average price is $86.79 and its 200-day moving average price is $88.68. The stock has a market capitalization of $2.67 billion, a PE ratio of 19.34, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 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, equities analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is presently 38.83%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PATK. Benchmark raised their price target 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. Robert W. Baird reissued a “neutral” rating and set a $96.00 target price (down previously from $100.00) on shares of Patrick Industries in a report on Friday, April 4th. 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. KeyCorp increased their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Finally, Truist Financial decreased their price objective on Patrick Industries from $120.00 to $110.00 and set a “buy” rating for the company in a report on Monday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $98.04.

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.