13,559 Shares in Patrick Industries, Inc. (NASDAQ:PATK) Purchased by Twinbeech Capital LP

Twinbeech Capital LP bought a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 13,559 shares of the construction company's stock, valued at approximately $1,126,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PATK. Wellington Management Group LLP lifted its holdings in shares of Patrick Industries by 391.8% during 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 acquiring an additional 1,615,412 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of 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 acquiring an additional 768,102 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Patrick Industries by 48.5% during 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 acquiring an additional 609,036 shares in the last quarter. Capital Research Global Investors acquired a new position in shares of Patrick Industries during the 4th quarter valued at $38,275,000. Finally, Schroder Investment Management Group acquired a new position in shares of Patrick Industries during the 4th quarter valued at $26,602,000. Institutional investors and hedge funds own 93.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PATK. Baird R W lowered shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Raymond James decreased their price objective on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. 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 report on Friday, May 2nd. Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Finally, Benchmark upped 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 investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $96.29.

Insider Activity

In other news, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the sale, the executive vice president now owns 18,044 shares in the company, valued at approximately $1,543,303.32. This represents a 13.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Todd M. Cleveland bought 6,000 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was bought 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 in the company, valued at approximately $10,749,538.80. This represents a 5.03% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 23,500 shares of company stock worth $2,026,000. 4.40% of the stock is currently owned by corporate insiders.

Patrick Industries Stock Up 1.9%

NASDAQ:PATK traded up $1.67 on Tuesday, reaching $87.37. The stock had a trading volume of 24,733 shares, compared to its average volume of 382,402. The stock has a market cap of $2.92 billion, a P/E ratio of 21.20, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05. The company has a 50-day moving average of $82.71 and a 200 day moving average of $87.02. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. 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 issued its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.98 by $0.13. The business had revenue of $1 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.79 EPS. On average, research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th will be paid a $0.40 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.83%. Patrick Industries's dividend payout ratio (DPR) is presently 38.37%.

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.