CANADA LIFE ASSURANCE Co Has $2.67 Million Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

CANADA LIFE ASSURANCE Co increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 50.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 32,082 shares of the construction company's stock after buying an additional 10,694 shares during the period. CANADA LIFE ASSURANCE Co owned about 0.10% of Patrick Industries worth $2,667,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PATK. Wellington Management Group LLP lifted its holdings in shares of Patrick Industries by 391.8% in the 4th 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 last quarter. Vanguard Group Inc. boosted its holdings in shares of Patrick Industries by 49.3% in the fourth 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. Schroder Investment Management Group purchased a new position in shares of Patrick Industries during the fourth quarter worth approximately $26,602,000. American Century Companies Inc. increased its holdings in shares of Patrick Industries by 159.8% in the 4th quarter. American Century Companies Inc. now owns 516,767 shares of the construction company's stock valued at $42,933,000 after acquiring an additional 317,864 shares during the period. Finally, Copeland Capital Management LLC raised its position in Patrick Industries by 536.5% in 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 during the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Insider Activity at Patrick Industries

In related news, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $1,543,303.32. This represents a 13.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director M Scott Welch bought 2,500 shares of the business's stock in a transaction on Thursday, March 13th. The stock was bought at an average price of $84.62 per share, with a total value of $211,550.00. Following the transaction, the director now owns 2,961 shares in the company, valued at approximately $250,559.82. This 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 currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PATK shares. KeyCorp decreased their price objective on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Truist Financial lowered their price objective on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Raymond James raised their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. StockNews.com upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday. Finally, Benchmark raised their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $96.79.

Patrick Industries Stock Performance

Shares of PATK traded up $4.78 during mid-day trading on Thursday, hitting $81.76. The stock had a trading volume of 489,658 shares, compared to its average volume of 350,928. Patrick Industries, Inc. has a fifty-two week low of $66.42 and a fifty-two week high of $98.90. 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 company has a market cap of $2.74 billion, a PE ratio of 19.84, a PEG ratio of 1.41 and a beta of 2.17. The company's fifty day simple moving average is $83.45 and its two-hundred day simple moving average is $87.46.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.16. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. During the same quarter last year, the company posted $1.79 earnings per share. The firm's revenue was up 7.5% on a year-over-year basis. On average, equities analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.96%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's payout ratio is currently 38.83%.

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.