Ameriprise Financial Inc. Sells 10,390 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Ameriprise Financial Inc. cut its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 11.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 83,861 shares of the construction company's stock after selling 10,390 shares during the period. Ameriprise Financial Inc. owned approximately 0.25% of Patrick Industries worth $6,967,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Kestra Investment Management LLC purchased a new stake in Patrick Industries during the fourth quarter valued at about $25,000. Covestor Ltd lifted its stake in shares of Patrick Industries by 10,400.0% during the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock valued at $26,000 after buying an additional 312 shares in 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 valued at $27,000 after buying an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in Patrick Industries by 49.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after buying an additional 114 shares during the period. Finally, Smartleaf Asset Management LLC grew its stake in Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after buying an additional 528 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Trading Down 1.0%

PATK opened at $86.27 on Friday. Patrick Industries, Inc. has a one year low of $67.72 and a one year high of $98.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The business has a 50 day simple moving average of $82.64 and a two-hundred day simple moving average of $86.93. The firm has a market capitalization of $2.88 billion, a price-to-earnings ratio of 20.94, a PEG ratio of 1.41 and a beta of 2.05.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, beating analysts' consensus estimates of $0.98 by $0.13. The company had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The firm's revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.79 earnings per share. Analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th will be given a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.60 annualized dividend and a dividend yield of 1.85%. Patrick Industries's dividend payout ratio is 38.37%.

Insider Activity

In related news, Director M Scott Welch purchased 10,000 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were purchased at an average cost of $86.22 per share, with a total value of $862,200.00. Following the transaction, the director now directly owns 136,000 shares in the company, valued at $11,725,920. This trade represents a 7.94% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction that occurred on 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 owns 18,044 shares in the company, valued at $1,543,303.32. The trade was a 13.78% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 23,500 shares of company stock valued at $2,026,000. Corporate insiders own 4.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PATK shares. Truist Financial lowered their price objective on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating for the company in a report on Monday, April 14th. Roth Mkm restated a "buy" rating and set a $100.00 price target (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Baird R W cut Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Finally, Benchmark lifted their price target on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Four 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, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $96.29.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.