Bridgewater Advisors Inc. Buys Shares of 3,345 Patrick Industries, Inc. (NASDAQ:PATK)

Bridgewater Advisors Inc. purchased a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 3,345 shares of the construction company's stock, valued at approximately $263,000.

Several other institutional investors and hedge funds have also bought and sold shares of PATK. Wellington Management Group LLP boosted its stake in Patrick Industries by 391.8% during the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock valued at $168,462,000 after buying an additional 1,615,412 shares during the period. Vanguard Group Inc. boosted its stake in 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 period. Dimensional Fund Advisors LP boosted its stake in Patrick Industries by 48.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock valued at $154,823,000 after buying an additional 609,036 shares during the period. Capital Research Global Investors purchased a new stake in Patrick Industries during the fourth quarter valued at about $38,275,000. Finally, Schroder Investment Management Group purchased a new stake in Patrick Industries during the fourth quarter valued at about $26,602,000. 93.29% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Todd M. Cleveland acquired 1,000 shares of the firm's stock in a transaction on Tuesday, June 3rd. The stock was bought at an average cost of $82.75 per share, with a total value of $82,750.00. Following the acquisition, the director directly owned 133,286 shares in the company, valued at approximately $11,029,416.50. The trade was a 0.76% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John A. Forbes sold 2,875 shares of Patrick Industries stock in a transaction dated 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 trade represents a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 14,071 shares of company stock worth $1,205,964. 4.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on PATK. Robert W. Baird boosted their price target on Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, June 20th. Raymond James Financial decreased their target price on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. KeyCorp reduced their price objective on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Finally, Baird R W lowered Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Four equities research 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, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.42.

Patrick Industries Trading Down 1.5%

Shares of PATK stock traded down $1.44 during trading hours on Friday, hitting $95.81. The company had a trading volume of 195,552 shares, compared to its average volume of 352,130. The stock has a market capitalization of $3.20 billion, a PE ratio of 22.97, a price-to-earnings-growth ratio of 1.38 and a beta of 1.22. Patrick Industries, Inc. has a fifty-two week low of $72.99 and a fifty-two week high of $102.84. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.41 and a quick ratio of 1.04. The company's fifty day moving average is $91.39 and its 200 day moving average is $88.38.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted 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. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $959.46 million. During the same period last year, the firm posted $1.79 EPS. The company's revenue was up 7.5% on a year-over-year basis. Research analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Tuesday, May 27th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a yield of 1.67%. Patrick Industries's dividend payout ratio (DPR) is currently 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.