Squarepoint Ops LLC Acquires New Position in Patrick Industries, Inc. (NASDAQ:PATK)

Squarepoint Ops LLC acquired a new stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 38,978 shares of the construction company's stock, valued at approximately $3,238,000. Squarepoint Ops LLC owned approximately 0.12% of Patrick Industries at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PATK. Vanguard Group Inc. increased its holdings in Patrick Industries by 49.3% in the fourth 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 during the last quarter. Wellington Management Group LLP increased its holdings 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 valued at $168,462,000 after buying an additional 1,615,412 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in 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 buying an additional 609,036 shares during the last quarter. Capital World Investors increased its holdings in Patrick Industries by 50.0% in the fourth quarter. Capital World Investors now owns 944,319 shares of the construction company's stock valued at $78,454,000 after buying an additional 314,773 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Patrick Industries by 50.0% in the fourth quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company's stock valued at $64,752,000 after buying an additional 259,783 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PATK has been the subject of several recent research reports. Raymond James decreased their target price on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Benchmark lifted their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Robert W. Baird reduced their price target on shares of Patrick Industries from $96.00 to $84.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Truist Financial reduced their price target on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $96.29.

Insider Activity at Patrick Industries

In other news, Director Todd M. Cleveland acquired 5,000 shares of the business's stock in a transaction on Monday, May 19th. The shares were purchased at an average price of $87.49 per share, for a total transaction of $437,450.00. Following the acquisition, the director now directly owns 130,286 shares of the company's stock, valued at $11,398,722.14. This represents a 3.99% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director M Scott Welch bought 2,500 shares of the company's stock in a transaction dated Thursday, March 13th. The stock was bought at an average cost of $84.62 per share, with a total value of $211,550.00. Following the transaction, the director now directly owns 2,961 shares in the company, valued at approximately $250,559.82. The trade was a 542.30% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 23,500 shares of company stock worth $2,026,000. 4.70% of the stock is currently owned by corporate insiders.

Patrick Industries Price Performance

Shares of PATK traded down $0.70 during mid-day trading on Friday, reaching $85.60. 294,042 shares of the company's stock were exchanged, compared to its average volume of 358,527. The company has a market cap of $2.86 billion, a price-to-earnings ratio of 20.78, a PEG ratio of 1.41 and a beta of 2.05. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90. The company has a 50-day simple moving average of $82.76 and a two-hundred day simple moving average of $86.99.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping the consensus estimate of $0.98 by $0.13. The firm had revenue of $1 billion during the quarter, compared to analysts' expectations of $959.46 million. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. Patrick Industries's revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.79 EPS. On average, sell-side analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 9th. Investors of record on Tuesday, May 27th will be issued a dividend of $0.40 per share. The ex-dividend date is Tuesday, May 27th. This represents a $1.60 annualized dividend and a dividend yield of 1.87%. Patrick Industries's payout ratio is 38.37%.

Patrick Industries 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.