Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 2.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 178,660 shares of the construction company's stock after acquiring an additional 4,841 shares during the quarter. Principal Financial Group Inc. owned 0.53% of Patrick Industries worth $15,107,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in PATK. Covestor Ltd increased its position in shares of 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 during the period. Quadrant Capital Group LLC increased its holdings in shares of Patrick Industries by 49.8% in the fourth 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 shares of Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after buying an additional 114 shares in the last quarter. Private Trust Co. NA boosted its position in Patrick Industries by 432.4% during 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 during the last quarter. Finally, Investment Management Corp VA ADV acquired a new position in Patrick Industries during the fourth quarter valued at approximately $52,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PATK. Roth Mkm reissued a "buy" rating and set a $100.00 price target (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Truist Financial lifted their target price on Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. KeyCorp cut their price objective 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. Finally, Wall Street Zen raised Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $96.42.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland acquired 6,000 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were purchased at an average cost of $85.80 per share, for a total transaction of $514,800.00. Following the transaction, the director owned 125,286 shares in the company, valued at $10,749,538.80. This represents a 5.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the sale, the director owned 52,591 shares in the company, valued at approximately $4,818,387.42. This represents a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 14,071 shares of company stock worth $1,205,964. 4.40% of the stock is owned by corporate insiders.

Patrick Industries Price Performance

PATK opened at $99.58 on Friday. The stock's 50 day simple moving average is $89.89 and its 200 day simple moving average is $87.82. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.41 and a quick ratio of 1.04. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $102.84. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of 23.88, a PEG ratio of 1.45 and a beta of 1.22.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.13. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $959.46 million. During the same period last year, the company earned $1.79 EPS. Patrick Industries's revenue for the quarter was up 7.5% compared to the same quarter last year. As a group, analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

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

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