Patrick Industries, Inc. (NASDAQ:PATK) Holdings Raised by Royal Bank of Canada

Royal Bank of Canada increased its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 50.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 188,869 shares of the construction company's stock after purchasing an additional 63,051 shares during the quarter. Royal Bank of Canada owned 0.56% of Patrick Industries worth $15,691,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Kestra Investment Management LLC acquired a new stake in shares of Patrick Industries in the 4th quarter worth $25,000. Covestor Ltd lifted its position in Patrick Industries by 10,400.0% in 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 during the period. Quadrant Capital Group LLC lifted its position in Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after purchasing an additional 109 shares during the period. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Patrick Industries by 49.6% in the 4th 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 period. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after buying an additional 528 shares during the period. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Trading Down 0.8%

NASDAQ PATK traded down $0.70 during mid-day trading on Friday, hitting $85.60. The company's stock had a trading volume of 294,042 shares, compared to its average volume of 358,527. The stock's fifty day simple moving average is $82.76 and its two-hundred day simple moving average is $86.99. 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, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90. The firm has a market capitalization of $2.86 billion, a P/E ratio of 20.78, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results 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 business had revenue of $1 billion for 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 company's revenue was up 7.5% on a year-over-year basis. During the same period last year, the business posted $1.79 EPS. Research 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 will be paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th will be paid a dividend of $0.40 per share. The ex-dividend date is Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.87%. Patrick Industries's dividend payout ratio is currently 38.37%.

Analyst Ratings Changes

A number of research firms have commented on PATK. Roth Mkm reissued a "buy" rating and issued a $100.00 target price (down previously from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Truist Financial reduced their target price on Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Robert W. Baird reduced their target price on shares of Patrick Industries from $96.00 to $84.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Raymond James reduced their target price on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Finally, Benchmark increased their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Patrick Industries presently has an average rating of "Moderate Buy" and an average price target of $96.29.

Insider Activity

In other Patrick Industries news, Director Todd M. Cleveland acquired 6,000 shares of the company's stock in a transaction on Thursday, May 15th. The shares were bought at an average cost of $85.80 per share, for a total transaction of $514,800.00. Following the acquisition, the director now directly owns 125,286 shares of the company's stock, valued at $10,749,538.80. This trade represents a 5.03% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director M Scott Welch purchased 10,000 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The stock was bought at an average price of $86.22 per share, with a total value of $862,200.00. Following the purchase, the director now owns 136,000 shares of the company's stock, valued at approximately $11,725,920. The trade was a 7.94% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 23,500 shares of company stock worth $2,026,000 over the last 90 days. Company insiders own 4.70% 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.