Allspring Global Investments Holdings LLC Trims Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Allspring Global Investments Holdings LLC reduced its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 38.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 76,604 shares of the construction company's stock after selling 47,368 shares during the period. Allspring Global Investments Holdings LLC owned 0.23% of Patrick Industries worth $6,520,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Covestor Ltd boosted its position in Patrick Industries by 10,400.0% during the fourth quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after acquiring an additional 312 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in shares of Patrick Industries by 49.8% during the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock worth $27,000 after purchasing an additional 109 shares during the period. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after purchasing an additional 114 shares during the last quarter. Smartleaf Asset Management LLC grew its position in shares of Patrick Industries by 812.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after purchasing an additional 528 shares during the period. Finally, Investment Management Corp VA ADV purchased a new stake in shares of Patrick Industries in the fourth quarter valued at $52,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Price Performance

PATK opened at $98.44 on Friday. Patrick Industries, Inc. has a 52-week low of $69.86 and a 52-week high of $100.30. The company has a 50 day moving average of $87.96 and a two-hundred day moving average of $87.28. The company has a market cap of $3.29 billion, a P/E ratio of 23.61, a P/E/G ratio of 1.42 and a beta of 1.22. The company has a quick ratio of 1.04, a current ratio of 2.41 and a debt-to-equity ratio of 1.25.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.13. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. The firm had revenue of $1 billion during the quarter, compared to analysts' expectations of $959.46 million. During the same period in the prior year, the company earned $1.79 EPS. The firm's revenue was up 7.5% on a year-over-year basis. On average, 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 announced a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Tuesday, May 27th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.60 annualized dividend and a dividend yield of 1.63%. Patrick Industries's payout ratio is currently 38.37%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Truist Financial raised their price target on Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. KeyCorp decreased their target price on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Raymond James Financial lowered their target price on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Baird R W downgraded shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Finally, Roth Mkm reiterated a "buy" rating and issued a $100.00 price target (down previously from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $96.42.

Insider Activity at Patrick Industries

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

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