Capital World Investors Buys 314,773 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Capital World Investors increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 50.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 944,319 shares of the construction company's stock after acquiring an additional 314,773 shares during the period. Capital World Investors owned about 2.81% of Patrick Industries worth $78,454,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Kestra Investment Management LLC acquired a new stake in shares of Patrick Industries during the 4th quarter worth approximately $25,000. Covestor Ltd boosted its position in shares of Patrick Industries by 10,400.0% during the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after acquiring an additional 312 shares in the last quarter. Quadrant Capital Group LLC boosted its position in shares of Patrick Industries by 49.8% during the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock worth $27,000 after acquiring an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its position in shares of Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after acquiring an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its position in shares of Patrick Industries by 812.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock worth $49,000 after acquiring an additional 528 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Insider Buying and Selling

In related news, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the transaction, the executive vice president now owns 18,044 shares of the company's stock, valued at $1,543,303.32. This trade represents a 13.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director M Scott Welch bought 2,500 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average cost of $84.62 per share, with a total value of $211,550.00. Following the purchase, the director now directly owns 2,961 shares of the company's stock, valued at $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PATK has been the topic of several analyst reports. KeyCorp reduced their price target 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. Truist Financial cut their target price on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. StockNews.com lowered shares of Patrick Industries from a "hold" rating to a "sell" rating in a research report on Thursday, January 16th. Raymond James raised their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. Finally, Baird R W lowered shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, Patrick Industries currently has a consensus rating of "Moderate Buy" and an average price target of $96.79.

Patrick Industries Trading Down 0.4 %

Shares of NASDAQ:PATK traded down $0.29 during mid-day trading on Friday, reaching $79.67. 456,733 shares of the company's stock were exchanged, compared to its average volume of 345,372. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 19.34, a PEG ratio of 1.41 and a beta of 2.17. The business's fifty day moving average price is $84.33 and its 200-day moving average price is $87.71. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. Patrick Industries, Inc. has a twelve month low of $67.72 and a twelve month high of $98.90.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. On average, research analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were issued a dividend of $0.40 per share. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.01%. Patrick Industries's dividend payout ratio (DPR) is presently 38.83%.

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.