Point72 Asset Management L.P. Invests $10.17 Million in Patrick Industries, Inc. (NASDAQ:PATK)

Point72 Asset Management L.P. bought a new position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 122,419 shares of the construction company's stock, valued at approximately $10,171,000. Point72 Asset Management L.P. owned approximately 0.36% of Patrick Industries at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Kestra Investment Management LLC bought a new position in Patrick Industries in the 4th quarter worth about $25,000. Covestor Ltd grew its stake in Patrick Industries by 10,400.0% in the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after acquiring an additional 312 shares in the last quarter. Quadrant Capital Group LLC grew its stake in Patrick Industries by 49.8% in the 4th 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 stake in Patrick Industries by 49.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after acquiring an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its stake in Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock worth $49,000 after acquiring an additional 528 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PATK shares. KeyCorp lowered their price target on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Raymond James lowered their price target on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Benchmark upped their price target 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, Baird R W cut shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Patrick Industries presently has an average rating of "Moderate Buy" and an average price target of $96.29.

Insider Activity at Patrick Industries

In related news, Director M Scott Welch purchased 10,000 shares of the firm's stock in a transaction on Tuesday, March 11th. The stock was acquired at an average price of $86.22 per share, with a total value of $862,200.00. Following the completion of the acquisition, the director now owns 136,000 shares in the company, valued at approximately $11,725,920. This represents a 7.94% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Todd M. Cleveland purchased 5,000 shares of the firm's stock in a transaction on Monday, May 19th. The stock was bought at an average cost of $87.49 per share, with a total value of $437,450.00. Following the acquisition, the director now owns 130,286 shares of the company's stock, valued at approximately $11,398,722.14. The trade was a 3.99% increase in their position. The disclosure for this purchase can be found here. Insiders bought 23,500 shares of company stock valued at $2,026,000 over the last 90 days. Insiders own 4.40% of the company's stock.

Patrick Industries Stock Down 0.2%

NASDAQ:PATK traded down $0.17 during midday trading on Friday, reaching $86.10. 232,814 shares of the stock traded hands, compared to its average volume of 357,615. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. The business has a 50-day moving average of $82.70 and a two-hundred day moving average of $86.98. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The stock has a market capitalization of $2.88 billion, a PE ratio of 20.90, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, beating analysts' consensus estimates of $0.98 by $0.13. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The company had revenue of $1 billion during the quarter, compared to analysts' expectations of $959.46 million. During the same quarter in the prior year, the company posted $1.79 earnings per share. Patrick Industries's revenue for the quarter was up 7.5% compared to the same quarter last year. On average, equities analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 9th. Investors of record on Tuesday, May 27th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a yield of 1.86%. 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.