Capital Research Global Investors Makes New $38.28 Million Investment in Patrick Industries, Inc. (NASDAQ:PATK)

Capital Research Global Investors purchased a new stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 460,701 shares of the construction company's stock, valued at approximately $38,275,000. Capital Research Global Investors owned about 1.37% of Patrick Industries as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of PATK. MML Investors Services LLC increased its stake in shares of Patrick Industries by 20.3% in the 3rd quarter. MML Investors Services LLC now owns 3,243 shares of the construction company's stock valued at $462,000 after purchasing an additional 547 shares during the last quarter. Tidal Investments LLC bought a new stake in Patrick Industries during the 3rd quarter worth $271,000. DGS Capital Management LLC bought a new stake in Patrick Industries during the 3rd quarter worth $200,000. Principal Financial Group Inc. grew its position in Patrick Industries by 2.1% during the 3rd quarter. Principal Financial Group Inc. now owns 111,952 shares of the construction company's stock worth $15,939,000 after acquiring an additional 2,275 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Patrick Industries by 61.2% during the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company's stock worth $63,000 after acquiring an additional 290 shares during the last quarter. Institutional investors own 93.29% of the company's stock.

Patrick Industries Trading Down 0.4 %

Shares of NASDAQ:PATK traded down $0.29 during midday trading on Friday, reaching $79.67. The company's stock had a trading volume of 456,733 shares, compared to its average volume of 345,372. The firm has a 50 day moving average price of $84.33 and a two-hundred day moving average price of $87.71. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 19.34, a PEG ratio of 1.41 and a beta of 2.17.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates 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, analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's dividend payout ratio (DPR) is 38.83%.

Analyst Ratings Changes

PATK has been the topic of a number of research reports. KeyCorp reduced their price objective on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. StockNews.com lowered Patrick Industries from a "hold" rating to a "sell" rating in a research report on Thursday, January 16th. Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Raymond James lifted their target price on Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. Finally, Truist Financial cut their target price on Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $96.79.

Insider Transactions at Patrick Industries

In related news, Director M Scott Welch acquired 2,500 shares of the firm's stock in a transaction on Thursday, March 13th. The stock was purchased at an average cost of $84.62 per share, with a total value of $211,550.00. Following the acquisition, the director now owns 2,961 shares of the company's stock, valued at approximately $250,559.82. This trade represents a 542.30 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the firm's stock in a transaction that occurred 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 transaction, 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. 4.70% of the stock is currently owned by insiders.

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.