Patrick Industries, Inc. $PATK Shares Purchased by Vanguard Group Inc.

Key Points

• Vanguard Group slightly increased its Patrick Industries stake in the fourth quarter, owning 2.47 million shares worth about $267.9 million and roughly 7.42% of the company.
• Patrick Industries reported better-than-expected quarterly earnings of $1.10 per share on revenue of $997.17 million, though revenue was down 0.6% year over year. Analysts currently rate the stock a Moderate Buy with a consensus target price of $122.63.
• Insider activity was mixed: CEO Andy L. Nemeth bought 10,000 shares at $88 each, while COO Hugo E. Gonzalez sold 13,514 shares earlier this year. Over the last three months, insiders have been net buyers, purchasing 37,310 shares.

Vanguard Group Inc. increased its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 0.7% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 2,470,559 shares of the construction company's stock after acquiring an additional 16,959 shares during the period. Vanguard Group Inc. owned approximately 7.42% of Patrick Industries worth $267,883,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Arizona State Retirement System lifted its position in Patrick Industries by 1.1% during the 3rd quarter. Arizona State Retirement System now owns 9,387 shares of the construction company's stock worth $971,000 after acquiring an additional 98 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its position in Patrick Industries by 4.1% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company's stock worth $269,000 after acquiring an additional 98 shares in the last quarter. Strs Ohio lifted its position in Patrick Industries by 11.1% during the 3rd quarter. Strs Ohio now owns 1,000 shares of the construction company's stock worth $103,000 after acquiring an additional 100 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Patrick Industries by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company's stock valued at $2,725,000 after purchasing an additional 154 shares in the last quarter. Finally, Assetmark Inc. raised its position in shares of Patrick Industries by 1.6% in the 3rd quarter. Assetmark Inc. now owns 11,261 shares of the construction company's stock valued at $1,165,000 after purchasing an additional 173 shares in the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PATK. Truist Financial set a $126.00 target price on Patrick Industries in a research report on Friday, January 9th. Wall Street Zen lowered Patrick Industries from a "buy" rating to a "hold" rating in a research report on Sunday, April 12th. Weiss Ratings lowered Patrick Industries from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday. KeyCorp cut their target price on Patrick Industries from $140.00 to $125.00 and set an "overweight" rating on the stock in a research report on Friday, May 1st. Finally, Roth Mkm set a $128.00 target price on Patrick Industries in a research report on Tuesday. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $122.63.

Patrick Industries Trading Down 0.2%

NASDAQ:PATK opened at $95.17 on Friday. Patrick Industries, Inc. has a 1 year low of $82.24 and a 1 year high of $148.50. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of 24.40 and a beta of 1.12. The business has a fifty day moving average of $110.13 and a 200-day moving average of $113.94. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The company had revenue of $997.17 million during the quarter, compared to analysts' expectations of $989.06 million. During the same quarter in the prior year, the business posted $1.11 earnings per share. The company's revenue for the quarter was down .6% compared to the same quarter last year. Equities analysts predict that Patrick Industries, Inc. will post 4.94 earnings per share for the current year.

Insider Buying and Selling at Patrick Industries

In related news, CEO Andy L. Nemeth bought 10,000 shares of Patrick Industries stock in a transaction dated Tuesday, May 5th. The stock was acquired at an average cost of $88.00 per share, with a total value of $880,000.00. Following the completion of the acquisition, the chief executive officer directly owned 287,745 shares in the company, valued at approximately $25,321,560. This trade represents a 3.60% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Hugo E. Gonzalez sold 13,514 shares of the company's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $113.10, for a total value of $1,528,433.40. Following the sale, the chief operating officer directly owned 33,864 shares of the company's stock, valued at approximately $3,830,018.40. This represents a 28.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have purchased 37,310 shares of company stock valued at $3,541,295. Corporate insiders own 3.80% of the company's stock.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.

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