Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by Rhumbline Advisers

Rhumbline Advisers boosted its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 20.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 113,845 shares of the construction company's stock after purchasing an additional 19,554 shares during the period. Rhumbline Advisers owned about 0.34% of Patrick Industries worth $9,628,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Wellington Management Group LLP increased its position in Patrick Industries by 391.8% in the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock worth $168,462,000 after purchasing an additional 1,615,412 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Patrick Industries by 49.3% during the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock valued at $193,266,000 after buying an additional 768,102 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Patrick Industries by 48.5% in the fourth 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 purchased a new position in shares of Patrick Industries during the fourth quarter valued at $38,275,000. Finally, Schroder Investment Management Group bought a new stake in shares of Patrick Industries in the 4th quarter valued at about $26,602,000. 93.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PATK shares. Raymond James dropped their price objective 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. Truist Financial increased their target price on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Baird R W lowered Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Roth Mkm reaffirmed a "buy" rating and set a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Finally, KeyCorp cut their target price on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $95.67.

Insider Buying and Selling

In related news, Director Todd M. Cleveland acquired 6,000 shares of Patrick Industries stock in a transaction on Thursday, May 15th. The stock was acquired at an average price of $85.80 per share, for a total transaction of $514,800.00. Following the purchase, the director now owns 125,286 shares of the company's stock, valued at approximately $10,749,538.80. This represents a 5.03% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have acquired 14,071 shares of company stock worth $1,205,964. 4.40% of the stock is owned by company insiders.

Patrick Industries Stock Down 3.3%

NASDAQ:PATK traded down $3.11 during mid-day trading on Friday, hitting $89.92. 410,179 shares of the company's stock traded hands, compared to its average volume of 362,473. The company has a fifty day moving average of $84.07 and a 200 day moving average of $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 twelve month low of $67.72 and a twelve month high of $98.90. The company has a market capitalization of $3.01 billion, a P/E ratio of 21.82, a P/E/G ratio of 1.41 and a beta of 2.00.

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

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Tuesday, May 27th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a yield of 1.78%. Patrick Industries's dividend payout ratio is currently 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.