Massachusetts Financial Services Co. MA Has $24.79 Million Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Massachusetts Financial Services Co. MA cut its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 2.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 293,158 shares of the construction company's stock after selling 7,096 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.87% of Patrick Industries worth $24,789,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Quadrant Capital Group LLC lifted its stake in Patrick Industries by 49.8% in the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after acquiring an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its stake in shares of Patrick Industries by 49.6% during the 4th 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 in the last quarter. Handelsbanken Fonder AB raised its stake in shares of Patrick Industries by 4.6% during the 1st quarter. Handelsbanken Fonder AB now owns 4,561 shares of the construction company's stock worth $386,000 after purchasing an additional 200 shares in the last quarter. First Horizon Advisors Inc. raised its stake in shares of Patrick Industries by 17.5% during the 1st quarter. First Horizon Advisors Inc. now owns 1,356 shares of the construction company's stock worth $115,000 after purchasing an additional 202 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Patrick Industries by 50.0% during the 4th quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock worth $68,000 after purchasing an additional 273 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PATK has been the topic of a number of research analyst reports. Truist Financial increased their price target on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Raymond James Financial dropped their price target on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. KeyCorp dropped their price target 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. 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 cut Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $96.42.

Patrick Industries Price Performance

Patrick Industries stock opened at $95.81 on Friday. The company has a current ratio of 2.41, a quick ratio of 1.04 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $3.20 billion, a PE ratio of 22.97, a P/E/G ratio of 1.40 and a beta of 1.22. Patrick Industries, Inc. has a 12 month low of $72.99 and a 12 month high of $102.84. The stock has a 50-day moving average price of $91.39 and a two-hundred day moving average price of $88.30.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.98 by $0.13. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The company had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. During the same period last year, the company earned $1.79 earnings per share. The firm's revenue was up 7.5% compared to the same quarter last year. Analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Shareholders 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 dividend on an annualized basis and a yield of 1.67%. Patrick Industries's dividend payout ratio (DPR) is presently 38.37%.

Insider Buying and Selling

In related news, Director John A. Forbes sold 2,875 shares of Patrick Industries stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the transaction, the director owned 52,591 shares of the company's stock, valued at $4,818,387.42. The trade was a 5.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Todd M. Cleveland purchased 1,000 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The shares were acquired at an average price of $82.75 per share, for a total transaction of $82,750.00. Following the completion of the acquisition, the director directly owned 133,286 shares of the company's stock, valued at $11,029,416.50. This trade represents a 0.76% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 14,071 shares of company stock valued at $1,205,964 in the last three months. Insiders own 4.40% of the company's stock.

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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