BNP Paribas Financial Markets Reduces Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

BNP Paribas Financial Markets decreased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 55.3% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 5,034 shares of the construction company's stock after selling 6,239 shares during the period. BNP Paribas Financial Markets' holdings in Patrick Industries were worth $418,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Arizona State Retirement System lifted its stake in shares of Patrick Industries by 51.3% in the 4th quarter. Arizona State Retirement System now owns 9,271 shares of the construction company's stock valued at $770,000 after purchasing an additional 3,143 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Patrick Industries by 27.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company's stock worth $10,222,000 after purchasing an additional 26,558 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Patrick Industries by 55.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company's stock valued at $45,592,000 after buying an additional 195,138 shares during the last quarter. Xponance Inc. raised its stake in shares of Patrick Industries by 13.8% in the fourth quarter. Xponance Inc. now owns 3,070 shares of the construction company's stock valued at $255,000 after acquiring an additional 372 shares in the last quarter. Finally, IFP Advisors Inc increased its stake in Patrick Industries by 35.8% in the fourth quarter. IFP Advisors Inc now owns 1,044 shares of the construction company's stock valued at $87,000 after purchasing an additional 275 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Todd M. Cleveland acquired 5,000 shares of the company's stock in a transaction dated Monday, May 19th. The shares were purchased at an average price of $87.49 per share, for a total transaction of $437,450.00. Following the completion of the acquisition, the director now owns 130,286 shares of the company's stock, valued at approximately $11,398,722.14. This trade represents a 3.99% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction 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. This represents a 13.78% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 23,500 shares of company stock valued at $2,026,000. 4.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on PATK. KeyCorp reduced their target price on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Benchmark increased their target price on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a report on Friday, February 7th. Roth Mkm restated a "buy" rating and set a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Raymond James reduced their target price on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Finally, Robert W. Baird dropped their price target on shares of Patrick Industries from $96.00 to $84.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. 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.com, Patrick Industries has a consensus rating of "Moderate Buy" and a consensus target price of $96.29.

Patrick Industries Trading Down 0.2%

Shares of Patrick Industries stock traded down $0.14 on Friday, reaching $86.17. The company had a trading volume of 13,342 shares, compared to its average volume of 355,770. Patrick Industries, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90. The firm's 50 day moving average price is $82.79 and its two-hundred day moving average price is $87.01. 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 cap of $2.88 billion, a PE ratio of 20.94, a PEG ratio of 1.41 and a beta of 2.05.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.13. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $959.46 million. During the same period last year, the business posted $1.79 EPS. The company's quarterly revenue was up 7.5% compared to the same quarter last year. Sell-side analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $1.60 annualized dividend and a yield of 1.86%. Patrick Industries's dividend payout ratio (DPR) is 38.37%.

Patrick Industries Company 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.