Massachusetts Financial Services Co. MA Sells 7,096 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Massachusetts Financial Services Co. MA reduced its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 2.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Covestor Ltd raised its stake in Patrick Industries by 10,400.0% during the fourth quarter. Covestor Ltd now owns 315 shares of the construction company's stock valued at $26,000 after purchasing an additional 312 shares in the last quarter. Quadrant Capital Group LLC boosted its position 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 acquiring an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its position in Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after buying an additional 114 shares during the last quarter. Private Trust Co. NA boosted its holdings in Patrick Industries by 432.4% in the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock valued at $50,000 after purchasing an additional 480 shares in the last quarter. Finally, Investment Management Corp VA ADV acquired a new stake in Patrick Industries in the fourth quarter valued at $52,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PATK has been the topic of several recent analyst reports. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. 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. Raymond James Financial cut their price target on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. KeyCorp dropped their price target on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, Truist Financial upped their price target on shares of Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $96.42.

Insiders Place Their Bets

In other Patrick Industries 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 value of $263,407.50. Following the sale, the director owned 52,591 shares of the company's stock, valued at approximately $4,818,387.42. The trade was a 5.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd M. Cleveland purchased 1,000 shares of the business's stock in a transaction on Tuesday, June 3rd. The stock was acquired at an average price of $82.75 per share, with a total value of $82,750.00. Following the completion of the acquisition, the director directly owned 133,286 shares in the company, valued at $11,029,416.50. The trade was a 0.76% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 14,071 shares of company stock worth $1,205,964 in the last ninety days. Corporate insiders own 4.70% of the company's stock.

Patrick Industries Trading Up 3.4%

NASDAQ:PATK traded up $3.30 during midday trading on Tuesday, hitting $99.18. The stock had a trading volume of 271,089 shares, compared to its average volume of 352,126. Patrick Industries, Inc. has a one year low of $72.99 and a one year high of $102.84. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 23.78, a PEG ratio of 1.38 and a beta of 1.22. The stock has a 50-day moving average of $91.39 and a 200 day moving average of $88.38. The company has a quick ratio of 1.04, a current ratio of 2.41 and a debt-to-equity ratio of 1.25.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 earnings per share 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 firm had revenue of $1 billion during the quarter, compared to analysts' expectations of $959.46 million. During the same quarter last year, the firm earned $1.79 EPS. The business's quarterly revenue was up 7.5% on a year-over-year basis. As a group, sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Tuesday, May 27th. Patrick Industries's dividend payout ratio 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.