Patrick Industries, Inc. (NASDAQ:PATK) Shares Sold by Man Group plc

Man Group plc lowered its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 31.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,747 shares of the construction company's stock after selling 13,653 shares during the quarter. Man Group plc owned about 0.09% of Patrick Industries worth $2,471,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. 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 valued at $27,000 after purchasing an additional 109 shares during the period. Nomura Asset Management Co. Ltd. lifted its position in Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after purchasing an additional 114 shares during the period. UMB Bank n.a. boosted its holdings in Patrick Industries by 35.1% in the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company's stock valued at $64,000 after purchasing an additional 199 shares during the last quarter. Global Retirement Partners LLC grew its position in Patrick Industries by 44.8% during the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company's stock worth $53,000 after purchasing an additional 199 shares during the period. Finally, IFP Advisors Inc grew its position in Patrick Industries by 35.8% during the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company's stock worth $87,000 after purchasing an additional 275 shares during the period. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland acquired 5,000 shares of the business's stock in a transaction on Monday, May 19th. The stock was bought at an average price of $87.49 per share, for a total transaction of $437,450.00. Following the acquisition, the director now owns 130,286 shares in the company, valued at approximately $11,398,722.14. The trade was a 3.99% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director M Scott Welch bought 2,500 shares of the stock in a transaction dated Thursday, March 13th. The shares were bought at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the acquisition, the director now owns 2,961 shares in the company, valued at approximately $250,559.82. The trade was a 542.30% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 23,500 shares of company stock valued at $2,026,000. Corporate insiders own 4.70% of the company's stock.

Wall Street Analyst Weigh In

PATK has been the topic of a number of recent research reports. Roth Mkm restated a "buy" rating and issued a $100.00 target price (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Truist Financial dropped their price objective on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Benchmark raised their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Finally, Raymond James lowered 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 note on Friday, May 2nd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Patrick Industries presently has a consensus rating of "Moderate Buy" and a consensus price target of $96.29.

Patrick Industries Price Performance

PATK stock traded down $0.38 during trading on Wednesday, hitting $87.41. The stock had a trading volume of 21,197 shares, compared to its average volume of 355,439. Patrick Industries, Inc. has a twelve month low of $67.72 and a twelve month high of $98.90. The company's 50-day moving average price is $82.78 and its two-hundred day moving average price is $87.02. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The stock has a market capitalization of $2.92 billion, a P/E ratio of 21.21, a PEG ratio of 1.41 and a beta of 2.05.

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

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date of this dividend is Tuesday, May 27th. Patrick Industries's dividend payout ratio (DPR) is 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.