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

Bridgewater Advisors Inc. purchased a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,345 shares of the construction company's stock, valued at approximately $263,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC boosted its holdings in Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock worth $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% during the fourth 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 in the last quarter. Handelsbanken Fonder AB lifted its holdings in Patrick Industries by 4.6% during the first quarter. Handelsbanken Fonder AB now owns 4,561 shares of the construction company's stock valued at $386,000 after purchasing an additional 200 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in Patrick Industries by 17.5% during the first quarter. First Horizon Advisors Inc. now owns 1,356 shares of the construction company's stock valued at $115,000 after purchasing an additional 202 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its holdings in Patrick Industries by 50.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock valued at $68,000 after purchasing an additional 273 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Patrick Industries

In other 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 represents a 5.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Todd M. Cleveland purchased 1,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The stock was purchased at an average cost of $82.75 per share, with a total value of $82,750.00. Following the purchase, the director owned 133,286 shares in the company, valued at approximately $11,029,416.50. This trade represents a 0.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 14,071 shares of company stock valued at $1,205,964. Corporate insiders own 4.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PATK shares. KeyCorp decreased their price objective on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Raymond James Financial reduced 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 report on Friday, May 2nd. Robert W. Baird increased their target price on shares of Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, June 20th. Finally, Truist Financial increased their target price on shares of Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Patrick Industries currently has a consensus rating of "Moderate Buy" and an average price target of $96.42.

Patrick Industries Trading Down 1.5%

NASDAQ:PATK traded down $1.44 on Friday, hitting $95.81. The stock had a trading volume of 195,552 shares, compared to its average volume of 359,010. The company has a fifty day moving average price of $91.13 and a two-hundred day moving average price of $88.21. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $102.83. The company has a quick ratio of 1.04, a current ratio of 2.41 and a debt-to-equity ratio of 1.25. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of 22.97, a PEG ratio of 1.40 and a beta of 1.22.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.13. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. The business had revenue of $1 billion during the quarter, compared to analysts' expectations of $959.46 million. During the same quarter in the prior year, the company posted $1.79 EPS. The business's revenue for the quarter was up 7.5% on a year-over-year basis. Equities 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 declared a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were paid a $0.40 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 annualized dividend and a dividend yield of 1.67%. 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.