Northern Trust Corp Increases Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Northern Trust Corp increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 80.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 414,055 shares of the construction company's stock after buying an additional 184,459 shares during the period. Northern Trust Corp owned 1.23% of Patrick Industries worth $34,400,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its holdings in shares of Patrick Industries by 48.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 17,028 shares of the construction company's stock valued at $1,415,000 after purchasing an additional 5,590 shares during the last quarter. Tudor Investment Corp ET AL acquired a new position in shares of Patrick Industries in the fourth quarter valued at $605,000. Aquatic Capital Management LLC acquired a new position in shares of Patrick Industries in the fourth quarter valued at $378,000. Two Sigma Securities LLC acquired a new position in shares of Patrick Industries in the fourth quarter valued at $334,000. Finally, Hancock Whitney Corp increased its holdings in shares of Patrick Industries by 62.3% in the fourth quarter. Hancock Whitney Corp now owns 2,509 shares of the construction company's stock valued at $208,000 after purchasing an additional 963 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PATK shares. Raymond James decreased their price target on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Truist Financial dropped their target price on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating for the company in a report on Monday, April 14th. Robert W. Baird dropped their price objective 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. StockNews.com raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Finally, Roth Mkm reissued a "buy" rating and issued a $100.00 price target (down previously from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $96.29.

Patrick Industries Stock Up 1.8%

Shares of NASDAQ PATK traded up $1.58 during trading on Friday, reaching $88.56. The company had a trading volume of 88,686 shares, compared to its average volume of 353,214. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. The stock has a market cap of $2.97 billion, a PE ratio of 21.38, a P/E/G ratio of 1.41 and a beta of 2.05. The business's 50-day moving average is $82.34 and its 200 day moving average is $86.79. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.98 by $0.13. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $959.46 million. During the same quarter in the prior year, the company earned $1.79 earnings per share. Patrick Industries's revenue was up 7.5% on a year-over-year basis. As a group, equities analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.81%. Patrick Industries's dividend payout ratio is presently 38.37%.

Insider Buying and Selling at Patrick Industries

In other news, Director M Scott Welch bought 2,500 shares of the firm'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 transaction, the director now directly owns 2,961 shares in the company, valued at approximately $250,559.82. This trade represents a 542.30% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the business's stock in a transaction 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 transaction, the executive vice president now directly owns 18,044 shares of the company's stock, valued at approximately $1,543,303.32. The trade was a 13.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.40% of the stock is currently 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.