Royal Bank of Canada Increases Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Royal Bank of Canada grew its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 50.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 188,869 shares of the construction company's stock after acquiring an additional 63,051 shares during the period. Royal Bank of Canada owned about 0.56% of Patrick Industries worth $15,691,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Rivermont Capital Management LP lifted its stake in shares of Patrick Industries by 136.4% during the 4th quarter. Rivermont Capital Management LP now owns 147,899 shares of the construction company's stock valued at $12,287,000 after buying an additional 85,348 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Patrick Industries during the 4th quarter valued at approximately $10,171,000. ProShare Advisors LLC lifted its stake in shares of Patrick Industries by 116.4% during the 4th quarter. ProShare Advisors LLC now owns 9,788 shares of the construction company's stock valued at $813,000 after buying an additional 5,264 shares in the last quarter. Nomura Holdings Inc. lifted its stake in shares of Patrick Industries by 76.6% during the 4th quarter. Nomura Holdings Inc. now owns 107,632 shares of the construction company's stock valued at $8,942,000 after buying an additional 46,686 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in shares of Patrick Industries by 495.5% during the 4th quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company's stock valued at $28,730,000 after buying an additional 287,739 shares in the last quarter. 93.29% of the stock is owned by institutional investors.

Insider Transactions at Patrick Industries

In other news, EVP Stacey L. Neu sold 2,885 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the transaction, the executive vice president now directly owns 18,044 shares of the company's stock, valued at $1,543,303.32. The trade was a 13.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director M Scott Welch bought 2,500 shares of Patrick Industries stock in a transaction on Thursday, March 13th. The shares were acquired at an average cost of $84.62 per share, with a total value of $211,550.00. Following the completion of the acquisition, the director now owns 2,961 shares of the company's stock, valued at $250,559.82. The trade was a 542.30% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 23,500 shares of company stock worth $2,026,000. Corporate insiders own 4.70% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on PATK. KeyCorp lowered their target price on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Roth Mkm restated a "buy" rating and set a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Raymond James decreased their target price on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Benchmark lifted their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Finally, Truist Financial decreased their target price on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $96.29.

Patrick Industries Trading Down 1.1%

Shares of PATK stock traded down $0.94 during mid-day trading on Wednesday, reaching $86.84. The stock had a trading volume of 171,365 shares, compared to its average volume of 356,900. The stock's 50-day moving average price is $82.81 and its two-hundred day moving average price is $87.02. 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 $2.90 billion, a PE ratio of 21.08, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.98 by $0.13. The firm had revenue of $1 billion for 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%. The company's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.79 EPS. Equities analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th will be paid a $0.40 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $1.60 annualized dividend and a dividend yield of 1.84%. Patrick Industries's dividend payout ratio is presently 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.