Snowden Capital Advisors LLC Buys 3,748 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Snowden Capital Advisors LLC boosted its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 169.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,956 shares of the construction company's stock after acquiring an additional 3,748 shares during the period. Snowden Capital Advisors LLC's holdings in Patrick Industries were worth $495,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Kestra Investment Management LLC bought a new stake in shares of Patrick Industries in the 4th quarter valued at $25,000. Covestor Ltd lifted its holdings in Patrick Industries by 10,400.0% in the fourth quarter. Covestor Ltd now owns 315 shares of the construction company's stock valued at $26,000 after buying an additional 312 shares during the period. Quadrant Capital Group LLC lifted its holdings in 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 buying an additional 109 shares during the period. Nomura Asset Management Co. Ltd. boosted 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 acquiring an additional 114 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in Patrick Industries by 812.3% during 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 during the period. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Stock Down 0.2%

Shares of NASDAQ PATK traded down $0.17 during midday trading on Monday, hitting $86.10. 232,814 shares of the stock traded hands, compared to its average volume of 357,615. 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 one year low of $67.72 and a one year high of $98.90. The business has a 50 day moving average price of $82.70 and a two-hundred day moving average price of $87.00. The company has a market cap of $2.88 billion, a PE ratio of 20.90, a P/E/G ratio of 1.41 and a beta of 2.05.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly 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 business had revenue of $1 billion during the quarter, compared to analyst estimates of $959.46 million. During the same quarter in the previous year, the business posted $1.79 EPS. Patrick Industries's quarterly revenue was up 7.5% on a year-over-year basis. On average, equities analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current 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 dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend is Tuesday, May 27th. Patrick Industries's payout ratio is presently 38.37%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PATK. Truist Financial dropped their price objective on Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. KeyCorp dropped their price target 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. Benchmark increased their price target on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Baird R W lowered shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Finally, Robert W. Baird cut their target price on shares of Patrick Industries from $96.00 to $84.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $96.29.

Insider Buying and Selling

In related news, Director Todd M. Cleveland acquired 5,000 shares of the stock in a transaction dated Monday, May 19th. The stock was purchased at an average cost of $87.49 per share, with a total value of $437,450.00. Following the completion of the purchase, the director now directly owns 130,286 shares in the company, valued at $11,398,722.14. This trade represents a 3.99% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director M Scott Welch acquired 10,000 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were bought at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the completion of the purchase, 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 disclosure for this purchase can be found here. Insiders have acquired 23,500 shares of company stock worth $2,026,000 in the last quarter. Insiders own 4.40% of the company's stock.

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.