Allspring Global Investments Holdings LLC reduced its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 41.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,132 shares of the construction company's stock after selling 24,455 shares during the period. Allspring Global Investments Holdings LLC owned about 0.10% of Patrick Industries worth $3,857,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SG Americas Securities LLC lifted its position in shares of Patrick Industries by 12,134.2% in the fourth quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company's stock worth $28,123,000 after purchasing an additional 257,245 shares in the last quarter. Bessemer Group Inc. increased its stake in Patrick Industries by 3,602.4% in the 4th quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company's stock valued at $16,255,000 after buying an additional 145,863 shares during the period. Copeland Capital Management LLC increased its stake in shares of Patrick Industries by 23.4% in the fourth quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company's stock worth $51,938,000 after acquiring an additional 90,691 shares during the last quarter. Nicholas Investment Partners LP acquired a new position in shares of Patrick Industries in the fourth quarter worth $5,201,000. Finally, HighRoad Wealth Advisors LLC purchased a new stake in shares of Patrick Industries during the fourth quarter worth $1,551,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of brokerages have commented on PATK. Weiss Ratings downgraded Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, June 29th. Robert W. Baird set a $110.00 price target on Patrick Industries in a research note on Friday, May 1st. KeyCorp decreased their target price on shares of Patrick Industries from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Wednesday. Wall Street Zen lowered shares of Patrick Industries from a "buy" rating to a "hold" rating in a research note on Sunday, April 12th. Finally, Benchmark cut their price target on shares of Patrick Industries from $150.00 to $135.00 and set a "buy" rating on the stock in a report on Friday, May 1st. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell 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 $119.75.
Read Our Latest Stock Analysis on PATK
Insider Buying and Selling
In related news, insider Jacob R. Petkovich acquired 1,300 shares of the stock in a transaction dated Wednesday, May 6th. The stock was bought at an average price of $95.57 per share, with a total value of $124,241.00. Following the completion of the transaction, the insider directly owned 46,290 shares of the company's stock, valued at approximately $4,423,935.30. The trade was a 2.89% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director M Scott Welch acquired 10,050 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The shares were bought at an average price of $88.23 per share, for a total transaction of $886,711.50. Following the completion of the acquisition, the director owned 156,000 shares of the company's stock, valued at $13,763,880. This trade represents a 6.89% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have acquired 28,700 shares of company stock valued at $2,532,880. 3.80% of the stock is owned by corporate insiders.
Patrick Industries Price Performance
PATK opened at $84.50 on Friday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. The company's 50 day simple moving average is $87.76 and its 200-day simple moving average is $106.81. Patrick Industries, Inc. has a one year low of $81.29 and a one year high of $148.50. The stock has a market capitalization of $2.78 billion, a P/E ratio of 21.67 and a beta of 1.11.
Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The company had revenue of $997.17 million during the quarter, compared to analysts' expectations of $989.06 million. During the same quarter in the previous year, the company earned $1.11 EPS. Patrick Industries's revenue was down .6% on a year-over-year basis. Sell-side analysts anticipate that Patrick Industries, Inc. will post 4.63 earnings per share for the current fiscal year.
Patrick Industries Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were paid a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a yield of 2.2%. Patrick Industries's payout ratio is presently 48.21%.
Patrick Industries Company Profile
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Free Report)
Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.
Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.
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