Millennium Management LLC Buys 46,372 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Millennium Management LLC lifted its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 2,453.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 48,262 shares of the construction company's stock after buying an additional 46,372 shares during the quarter. Millennium Management LLC owned about 0.14% of Patrick Industries worth $4,010,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Kestra Investment Management LLC bought a new stake in Patrick Industries during the 4th quarter worth about $25,000. Covestor Ltd increased its stake in Patrick Industries by 10,400.0% during the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after purchasing an additional 312 shares in the last quarter. Quadrant Capital Group LLC boosted its position in Patrick Industries by 49.8% during the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock worth $27,000 after acquiring an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in 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 acquiring an additional 114 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock worth $49,000 after acquiring an additional 528 shares in the last quarter. 93.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on PATK. Wall Street Zen raised Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Robert W. Baird cut their price target on Patrick Industries from $96.00 to $84.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Roth Mkm reaffirmed a "buy" rating and issued a $100.00 target price (down previously from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Finally, KeyCorp decreased their target price on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $96.29.

Insider Buying and Selling

In related news, Director M Scott Welch bought 2,500 shares of Patrick Industries stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the acquisition, the director now directly owns 2,961 shares of the company's stock, valued at approximately $250,559.82. The trade was a 542.30% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the transaction, the executive vice president now owns 18,044 shares in the company, valued at approximately $1,543,303.32. This represents a 13.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders purchased a total of 23,500 shares of company stock valued at $2,026,000 in the last three months. Insiders own 4.40% of the company's stock.

Patrick Industries Price Performance

PATK stock traded down $3.27 during midday trading on Monday, reaching $82.59. The company had a trading volume of 144,382 shares, compared to its average volume of 357,781. The stock has a 50 day moving average price of $82.76 and a 200-day moving average price of $86.99. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of 20.04, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping the consensus estimate of $0.98 by $0.13. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The business's quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.79 earnings per share. Equities research analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 9th. Investors of record on Tuesday, May 27th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Tuesday, May 27th. Patrick Industries's dividend payout ratio is currently 38.37%.

About Patrick Industries

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.