Allianz Asset Management GmbH Sells 4,969 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Allianz Asset Management GmbH cut its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 23.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,819 shares of the construction company's stock after selling 4,969 shares during the quarter. Allianz Asset Management GmbH's holdings in Patrick Industries were worth $1,338,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Commonwealth Equity Services LLC grew its holdings in Patrick Industries by 26.9% in the fourth quarter. Commonwealth Equity Services LLC now owns 3,602 shares of the construction company's stock worth $299,000 after purchasing an additional 763 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of Patrick Industries during the fourth quarter valued at about $548,000. LPL Financial LLC grew its holdings in shares of Patrick Industries by 95.9% during the fourth quarter. LPL Financial LLC now owns 15,942 shares of the construction company's stock valued at $1,325,000 after buying an additional 7,806 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Patrick Industries by 49.3% during the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock valued at $193,266,000 after buying an additional 768,102 shares during the last quarter. Finally, Corebridge Financial Inc. grew its holdings in shares of Patrick Industries by 39.1% during the fourth quarter. Corebridge Financial Inc. now owns 17,296 shares of the construction company's stock valued at $1,437,000 after buying an additional 4,864 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director John A. Forbes sold 2,875 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the transaction, the director directly owned 52,591 shares of the company's stock, valued at $4,818,387.42. This represents a 5.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Todd M. Cleveland bought 6,000 shares of Patrick Industries stock in a transaction dated Thursday, May 15th. The shares were bought at an average cost of $85.80 per share, with a total value of $514,800.00. Following the completion of the transaction, the director directly owned 125,286 shares in the company, valued at approximately $10,749,538.80. This trade represents a 5.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 14,071 shares of company stock valued at $1,205,964 over the last three months. Insiders own 4.40% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PATK shares. BMO Capital Markets lifted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Friday. Roth Mkm reiterated a "buy" rating and set a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Benchmark lifted their price objective on shares of Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a report on Friday. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Finally, KeyCorp raised their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday. Four investment analysts have rated the stock with 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 a consensus target price of $101.25.

Patrick Industries Stock Up 0.8%

Shares of PATK traded up $0.80 during trading hours on Friday, reaching $98.04. 400,912 shares of the stock traded hands, compared to its average volume of 298,623. The company has a current ratio of 1.96, a quick ratio of 1.04 and a debt-to-equity ratio of 1.11. The stock has a fifty day simple moving average of $93.67 and a 200 day simple moving average of $89.37. Patrick Industries, Inc. has a 52 week low of $72.99 and a 52 week high of $103.25. The company has a market cap of $3.28 billion, a price-to-earnings ratio of 26.57, a PEG ratio of 1.40 and a beta of 1.23.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.09. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period last year, the firm earned $2.16 earnings per share. The firm's revenue was up 3.0% on a year-over-year basis. On average, equities analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Tuesday, May 27th. Patrick Industries's dividend payout ratio is currently 38.37%.

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.