Vanguard Group Inc. Has $124.08 Million Position in Patrick Industries, Inc. (NASDAQ:PATK)

Vanguard Group Inc. lessened its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 4.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,653,103 shares of the construction company's stock after selling 72,216 shares during the period. Vanguard Group Inc. owned 7.47% of Patrick Industries worth $124,082,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PATK. Advisor Group Holdings Inc. grew its position in shares of Patrick Industries by 2.8% during the 1st quarter. Advisor Group Holdings Inc. now owns 5,532 shares of the construction company's stock valued at $333,000 after buying an additional 149 shares during the last quarter. US Bancorp DE grew its position in shares of Patrick Industries by 18.6% during the 1st quarter. US Bancorp DE now owns 2,024 shares of the construction company's stock valued at $122,000 after buying an additional 317 shares during the last quarter. Citigroup Inc. grew its position in shares of Patrick Industries by 14.7% during the 1st quarter. Citigroup Inc. now owns 22,851 shares of the construction company's stock valued at $1,378,000 after buying an additional 2,928 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Patrick Industries during the 1st quarter valued at about $148,000. Finally, MetLife Investment Management LLC grew its position in shares of Patrick Industries by 54.6% during the 1st quarter. MetLife Investment Management LLC now owns 12,506 shares of the construction company's stock valued at $754,000 after buying an additional 4,417 shares during the last quarter. Institutional investors own 93.29% of the company's stock.

Patrick Industries Price Performance

PATK stock traded down $0.92 on Wednesday, hitting $116.31. 123,839 shares of the company's stock traded hands, compared to its average volume of 181,021. Patrick Industries, Inc. has a 1-year low of $63.57 and a 1-year high of $123.58. The stock has a fifty day moving average of $111.43 and a 200-day moving average of $94.14. The company has a current ratio of 2.38, a quick ratio of 0.73 and a debt-to-equity ratio of 0.97. The stock has a market cap of $2.60 billion, a price-to-earnings ratio of 17.87 and a beta of 1.72.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.10. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The business had revenue of $781.20 million for the quarter, compared to analyst estimates of $780.97 million. During the same quarter in the previous year, the business earned $1.82 earnings per share. The firm's revenue was down 17.9% compared to the same quarter last year. On average, analysts forecast that Patrick Industries, Inc. will post 7.84 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 4th. Stockholders of record on Tuesday, February 20th were issued a dividend of $0.55 per share. The ex-dividend date was Friday, February 16th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.89%. Patrick Industries's dividend payout ratio is currently 33.79%.

Analyst Ratings Changes

A number of research firms have issued reports on PATK. KeyCorp boosted their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the company an "overweight" rating in a research note on Friday, February 9th. BMO Capital Markets began coverage on shares of Patrick Industries in a research note on Thursday, December 7th. They issued an "outperform" rating and a $105.00 price target for the company. StockNews.com lowered shares of Patrick Industries from a "buy" rating to a "hold" rating in a research note on Thursday, March 21st. Truist Financial upped their price target on shares of Patrick Industries from $95.00 to $125.00 and gave the stock a "buy" rating in a research note on Tuesday, January 9th. Finally, Roth Mkm increased their target price on shares of Patrick Industries from $101.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, February 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $102.29.

Insider Activity

In other Patrick Industries news, Director Michael A. Kitson sold 3,290 shares of the company's stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $110.87, for a total value of $364,762.30. Following the transaction, the director now owns 8,553 shares in the company, valued at approximately $948,271.11. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Patrick Industries news, Director Michael A. Kitson sold 3,290 shares of the business's stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $110.87, for a total value of $364,762.30. Following the completion of the sale, the director now directly owns 8,553 shares of the company's stock, valued at $948,271.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kip B. Ellis sold 18,000 shares of the business's stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $115.00, for a total transaction of $2,070,000.00. Following the completion of the sale, the insider now directly owns 108,778 shares of the company's stock, valued at $12,509,470. The disclosure for this sale can be found here. Insiders have sold 48,873 shares of company stock worth $5,681,957 over the last 90 days. 6.80% of the stock is owned by company 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.