The Manufacturers Life Insurance Company Boosts Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

The Manufacturers Life Insurance Company boosted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 48.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,028 shares of the construction company's stock after buying an additional 5,590 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.05% of Patrick Industries worth $1,415,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in PATK. Kestra Investment Management LLC purchased a new stake in Patrick Industries during the fourth quarter valued at about $25,000. Covestor Ltd lifted its position in Patrick Industries by 10,400.0% in the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after buying an additional 312 shares during the last quarter. Quadrant Capital Group LLC raised its stake in shares of Patrick Industries by 49.8% during the fourth 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. lifted its holdings in shares of Patrick Industries by 49.6% in 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 during the last quarter. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of Patrick Industries by 812.3% in 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 during the last quarter. Institutional investors own 93.29% of the company's stock.

Insider Buying and Selling

In other news, EVP Stacey L. Neu sold 2,885 shares of the business's 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 sale, the executive vice president now owns 18,044 shares in the company, valued at approximately $1,543,303.32. The trade was a 13.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director M Scott Welch bought 2,500 shares of Patrick Industries stock in a transaction dated Thursday, March 13th. The stock was acquired at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the completion of 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 ownership of the stock. The disclosure for this purchase can be found here. 4.40% of the stock is owned by insiders.

Patrick Industries Trading Up 1.8%

Shares of PATK stock traded up $1.55 during trading hours on Friday, reaching $88.53. The company's stock had a trading volume of 271,559 shares, compared to its average volume of 353,913. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a one year low of $67.72 and a one year high of $98.90. The stock has a market capitalization of $2.97 billion, a P/E ratio of 21.49, a P/E/G ratio of 1.41 and a beta of 2.05. The firm's fifty day simple moving average is $82.34 and its 200 day simple moving average is $86.79.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.13. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The business had revenue of $1 billion for the quarter, compared to analysts' expectations of $959.46 million. During the same quarter in the previous year, the business posted $1.79 earnings per share. The firm's revenue for the quarter was up 7.5% compared to the same quarter last year. Equities research analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Investors of record on Tuesday, May 27th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.81%. Patrick Industries's payout ratio is currently 38.37%.

Analyst Ratings Changes

PATK has been the topic of several recent research reports. Robert W. Baird reduced their target price on shares of Patrick Industries from $96.00 to $84.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. KeyCorp reduced their price objective on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Truist Financial decreased their price objective on Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a report on Monday, April 14th. StockNews.com upgraded Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Finally, Raymond James lowered their price objective on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, Patrick Industries has a consensus rating of "Moderate Buy" and an average price target of $96.29.

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.