Patrick Industries, Inc. (NASDAQ:PATK) Shares Bought by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 104.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 66,698 shares of the construction company's stock after acquiring an additional 34,082 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.20% of Patrick Industries worth $5,541,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of PATK. Arizona State Retirement System lifted its holdings in shares of Patrick Industries by 51.3% in the 4th quarter. Arizona State Retirement System now owns 9,271 shares of the construction company's stock worth $770,000 after acquiring an additional 3,143 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Patrick Industries by 27.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company's stock worth $10,222,000 after buying an additional 26,558 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Patrick Industries by 55.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company's stock worth $45,592,000 after buying an additional 195,138 shares during the period. Nuveen Asset Management LLC increased its stake in Patrick Industries by 495.5% in the 4th quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company's stock worth $28,730,000 after buying an additional 287,739 shares during the period. Finally, Xponance Inc. increased its stake in Patrick Industries by 13.8% in the 4th quarter. Xponance Inc. now owns 3,070 shares of the construction company's stock worth $255,000 after buying an additional 372 shares during the period. Institutional investors own 93.29% of the company's stock.

Patrick Industries Stock Up 0.4%

Shares of NASDAQ:PATK traded up $0.37 during trading on Friday, reaching $90.96. The stock had a trading volume of 38,879 shares, compared to its average volume of 373,257. Patrick Industries, Inc. has a one year low of $67.72 and a one year high of $98.90. The company has a market capitalization of $3.04 billion, a P/E ratio of 22.06, a PEG ratio of 1.41 and a beta of 2.05. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The firm's 50-day simple moving average is $82.83 and its 200 day simple moving average is $86.98.

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. The company 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 last year, the business earned $1.79 EPS. As a group, research analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a yield of 1.76%. The ex-dividend date is Tuesday, May 27th. Patrick Industries's payout ratio is 38.37%.

Insider Buying and Selling at Patrick Industries

In related news, Director Todd M. Cleveland acquired 1,000 shares of Patrick Industries stock in a transaction on Tuesday, June 3rd. The stock was bought at an average cost of $82.75 per share, for a total transaction of $82,750.00. Following the completion of the transaction, the director now owns 133,286 shares of the company's stock, valued at approximately $11,029,416.50. The trade was a 0.76% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available 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 shares were 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 of the company's stock, valued at approximately $250,559.82. This represents a 542.30% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 26,571 shares of company stock worth $2,279,714. Company insiders own 4.40% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Baird R W downgraded shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Benchmark raised their target price 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. Roth Mkm reissued a "buy" rating and set a $100.00 target price (down previously from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. KeyCorp cut their target price on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Raymond James cut their target price on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Patrick Industries currently has a consensus rating of "Moderate Buy" and an average price target of $95.67.

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.