Mariner LLC Boosts Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Mariner LLC increased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 56.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,414 shares of the construction company's stock after buying an additional 7,002 shares during the period. Mariner LLC owned about 0.06% of Patrick Industries worth $1,613,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PATK. Tidal Investments LLC purchased a new stake in shares of Patrick Industries in the 3rd quarter valued at approximately $271,000. DGS Capital Management LLC acquired a new position in shares of Patrick Industries in the 3rd quarter valued at $200,000. Principal Financial Group Inc. boosted its holdings in shares of Patrick Industries by 2.1% in the 3rd quarter. Principal Financial Group Inc. now owns 111,952 shares of the construction company's stock valued at $15,939,000 after buying an additional 2,275 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Patrick Industries by 61.2% in the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company's stock valued at $63,000 after buying an additional 290 shares in the last quarter. Finally, Park Avenue Securities LLC acquired a new position in shares of Patrick Industries in the 4th quarter valued at $217,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Robert W. Baird restated a "neutral" rating and issued a $96.00 target price (down previously from $100.00) on shares of Patrick Industries in a report on Friday, April 4th. KeyCorp decreased their price target on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Raymond James increased their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. Truist Financial decreased 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 note on Monday, April 14th. Finally, Benchmark increased their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research note 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. Based on data from MarketBeat.com, Patrick Industries has a consensus rating of "Moderate Buy" and a consensus price target of $96.79.

Patrick Industries Stock Performance

NASDAQ PATK traded down $1.54 on Wednesday, hitting $76.98. 970,600 shares of the company's stock were exchanged, compared to its average volume of 350,281. 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's 50-day moving average price is $83.45 and its two-hundred day moving average price is $87.46. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 18.68, a P/E/G ratio of 1.41 and a beta of 2.17.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. On average, research analysts expect 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 was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries's payout ratio is 38.83%.

Insiders Place Their Bets

In other news, Director M Scott Welch purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were acquired at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the acquisition, the director now directly owns 136,000 shares in the company, valued at approximately $11,725,920. The trade was a 7.94 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of 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 disclosure for this sale can be found here. 4.70% of the stock is currently owned by insiders.

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.