Rhumbline Advisers Raises Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Rhumbline Advisers increased its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 20.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 113,845 shares of the construction company's stock after purchasing an additional 19,554 shares during the quarter. Rhumbline Advisers owned approximately 0.34% of Patrick Industries worth $9,628,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PATK. Wellington Management Group LLP boosted its stake in shares of Patrick Industries by 391.8% in the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock valued at $168,462,000 after purchasing an additional 1,615,412 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Patrick Industries by 49.3% in the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock valued at $193,266,000 after purchasing an additional 768,102 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Patrick Industries by 48.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock valued at $154,823,000 after purchasing an additional 609,036 shares during the period. Capital Research Global Investors bought a new stake in Patrick Industries in the fourth quarter worth approximately $38,275,000. Finally, Schroder Investment Management Group acquired a new position in Patrick Industries in the fourth quarter valued at approximately $26,602,000. Institutional investors own 93.29% of the company's stock.

Insider Transactions at Patrick Industries

In related news, Director M Scott Welch bought 2,500 shares of the company's stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the transaction, the director now directly owns 2,961 shares in the company, valued at $250,559.82. This trade represents a 542.30% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Todd M. Cleveland purchased 1,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was bought at an average cost of $82.75 per share, for a total transaction of $82,750.00. Following the acquisition, the director now directly owns 133,286 shares in the company, valued at approximately $11,029,416.50. The trade was a 0.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 16,571 shares of company stock valued at $1,417,514 over the last three months. Company insiders own 4.40% of the company's stock.

Patrick Industries Stock Performance

NASDAQ PATK traded down $0.37 on Wednesday, hitting $90.64. 189,654 shares of the stock traded hands, compared to its average volume of 361,401. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 22.00, a PEG ratio of 1.41 and a beta of 2.00. The business's fifty day moving average is $83.21 and its two-hundred day moving average is $87.03. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90.

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

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 9th. Shareholders 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 dividend yield of 1.77%. Patrick Industries's dividend payout ratio is currently 38.37%.

Analyst Upgrades and Downgrades

PATK has been the subject of several research analyst reports. Truist Financial lifted their price objective on shares of Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Roth Mkm reissued a "buy" rating and issued a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Robert W. Baird reduced their target price on shares of Patrick Industries from $96.00 to $84.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Finally, Baird R W cut shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Four investment 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.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $95.67.

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.