Vanguard Group Inc. Has $193.27 Million Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Vanguard Group Inc. raised its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 49.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,326,262 shares of the construction company’s stock after purchasing an additional 768,102 shares during the period. Vanguard Group Inc. owned 0.07% of Patrick Industries worth $193,266,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. UMB Bank n.a. raised its position in Patrick Industries by 35.1% during the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock valued at $64,000 after acquiring an additional 199 shares in the last quarter. Global Retirement Partners LLC raised its holdings in shares of Patrick Industries by 44.8% during the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock valued at $53,000 after purchasing an additional 199 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of Patrick Industries by 35.8% in the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock valued at $87,000 after purchasing an additional 275 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Patrick Industries by 61.2% in the fourth quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock worth $63,000 after purchasing an additional 290 shares in the last quarter. Finally, Kestra Investment Management LLC acquired a new position in Patrick Industries during the fourth quarter worth $25,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Patrick Industries

In other news, EVP Stacey L. Neu sold 2,885 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,543,303.32. This trade represents a 13.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director M Scott Welch bought 2,500 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the purchase, the director now owns 2,961 shares of the company’s stock, valued at $250,559.82. This trade represents a 542.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Truist Financial boosted their price target on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, February 10th. KeyCorp boosted their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Robert W. Baird reiterated a “neutral” rating and set a $96.00 price target (down previously from $100.00) on shares of Patrick Industries in a report on Friday. Benchmark boosted their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Finally, Raymond James raised their target price 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $99.29.

Patrick Industries Trading Down 1.9 %

Shares of PATK stock opened at $78.60 on Monday. 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 $89.94 and its 200 day simple moving average is $89.63. The firm has a market capitalization of $2.64 billion, a P/E ratio of 19.08, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37.

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

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.04%. Patrick Industries’s dividend payout ratio is currently 38.83%.

Patrick Industries Company 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.