Nuveen Asset Management LLC Raises Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Nuveen Asset Management LLC boosted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 495.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 345,815 shares of the construction company's stock after acquiring an additional 287,739 shares during the period. Nuveen Asset Management LLC owned about 1.03% of Patrick Industries worth $28,730,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PATK. Kestra Investment Management LLC bought a new position in Patrick Industries during the 4th quarter worth about $25,000. Covestor Ltd grew its holdings 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 acquiring an additional 312 shares in the last quarter. Quadrant Capital Group LLC grew its holdings 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 in the last quarter. Nomura Asset Management Co. Ltd. grew its holdings 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 in the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in Patrick Industries by 812.3% during the 4th 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 currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Todd M. Cleveland purchased 5,000 shares of the company's stock in a transaction that occurred on Monday, May 19th. The shares were purchased at an average price of $87.49 per share, with a total value of $437,450.00. Following the purchase, the director now owns 130,286 shares of the company's stock, valued at $11,398,722.14. The trade was a 3.99% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director M Scott Welch purchased 2,500 shares of the company's stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the purchase, the director now directly owns 2,961 shares in the company, valued at $250,559.82. This trade represents a 542.30% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 23,500 shares of company stock valued at $2,026,000. 4.70% of the stock is owned by insiders.

Patrick Industries Stock Performance

Shares of Patrick Industries stock traded up $1.68 during midday trading on Tuesday, hitting $87.78. The company had a trading volume of 143,767 shares, compared to its average volume of 356,760. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of 21.30, a PEG ratio of 1.41 and a beta of 2.05. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The company has a fifty day simple moving average of $82.78 and a 200 day simple moving average of $87.02. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, beating the consensus estimate of $0.98 by $0.13. The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $959.46 million. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. Patrick Industries's revenue was up 7.5% on a year-over-year basis. During the same period last year, the firm posted $1.79 EPS. As a group, analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date is Tuesday, May 27th. Patrick Industries's dividend payout ratio is presently 38.37%.

Analyst Upgrades and Downgrades

PATK has been the subject of several analyst reports. Baird R W lowered shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Raymond James decreased their price target 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. Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Roth Mkm reissued 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. Finally, KeyCorp decreased 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 report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $96.29.

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.