Squarepoint Ops LLC Buys New Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Squarepoint Ops LLC acquired a new stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. 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 institutional investors have also recently made changes to their positions in the company. Park Avenue Securities LLC purchased a new stake in Patrick Industries during the fourth quarter worth about $217,000. Nisa Investment Advisors LLC lifted its position in Patrick Industries by 50.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 16,091 shares of the construction company's stock valued at $1,337,000 after purchasing an additional 5,391 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in Patrick Industries by 47.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 29,608 shares of the construction company's stock valued at $2,460,000 after purchasing an additional 9,471 shares during the last quarter. KBC Group NV lifted its position in Patrick Industries by 168.4% during the fourth quarter. KBC Group NV now owns 1,578 shares of the construction company's stock valued at $131,000 after purchasing an additional 990 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC bought a new stake in shares of Patrick Industries in the 4th quarter worth approximately $289,000. Institutional investors own 93.29% of the company's stock.

Insider Buying and Selling at Patrick Industries

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

Patrick Industries Stock Performance

Shares of NASDAQ:PATK traded down $0.06 during trading on Friday, hitting $86.24. The company's stock had a trading volume of 102,565 shares, compared to its average volume of 356,212. The company has a 50-day moving average of $82.79 and a 200-day moving average of $87.01. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The firm has a market cap of $2.88 billion, a price-to-earnings ratio of 20.91, a P/E/G ratio of 1.41 and a beta of 2.05.

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 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 for the quarter, compared to analysts' expectations of $959.46 million. During the same quarter last year, the business earned $1.79 EPS. The firm's revenue was up 7.5% compared to the same quarter last year. On average, sell-side analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend is Tuesday, May 27th. Patrick Industries's payout ratio is 38.37%.

Analyst Ratings Changes

A number of equities research analysts recently commented on PATK shares. Baird R W lowered shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Roth Mkm reiterated a "buy" rating and set a $100.00 price target (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Robert W. Baird lowered their price target on shares of Patrick Industries from $96.00 to $84.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Finally, Benchmark boosted their price objective 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. Four 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.

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.