Tudor Investment Corp ET AL Invests $605,000 in Patrick Industries, Inc. (NASDAQ:PATK)

Tudor Investment Corp ET AL purchased a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 7,280 shares of the construction company's stock, valued at approximately $605,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Arizona State Retirement System grew its holdings in shares of Patrick Industries by 51.3% in the fourth quarter. Arizona State Retirement System now owns 9,271 shares of the construction company's stock valued at $770,000 after acquiring an additional 3,143 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in Patrick Industries by 27.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company's stock worth $10,222,000 after purchasing an additional 26,558 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Patrick Industries by 55.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company's stock valued at $45,592,000 after purchasing an additional 195,138 shares during the period. Xponance Inc. increased its position in shares of Patrick Industries by 13.8% during the 4th quarter. Xponance Inc. now owns 3,070 shares of the construction company's stock valued at $255,000 after purchasing an additional 372 shares during the last quarter. Finally, IFP Advisors Inc raised its stake in shares of Patrick Industries by 35.8% during the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company's stock worth $87,000 after purchasing an additional 275 shares during the period. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PATK has been the topic of several research reports. 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. Raymond James dropped their price objective on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. KeyCorp decreased their target price on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Robert W. Baird dropped their price target on Patrick Industries from $96.00 to $84.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Finally, Truist Financial decreased their price objective on Patrick Industries from $120.00 to $110.00 and set a "buy" rating for the company in a report on Monday, April 14th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Patrick Industries currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.29.

Patrick Industries Price Performance

Shares of PATK traded down $0.58 during mid-day trading on Friday, reaching $82.82. 207,852 shares of the stock traded hands, compared to its average volume of 353,444. The company has a market cap of $2.78 billion, a price-to-earnings ratio of 20.10, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90. The firm has a fifty day moving average price of $82.34 and a 200 day moving average price of $86.83. 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 (NASDAQ:PATK - Get Free Report) last announced its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.13. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $959.46 million. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The company's quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.79 EPS. As a group, equities research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Insider Buying and Selling at Patrick Industries

In other news, Director M Scott Welch purchased 10,000 shares of the company's stock in a transaction on Tuesday, March 11th. The stock was purchased at an average price of $86.22 per share, with a total value of $862,200.00. Following the completion of the purchase, the director now directly owns 136,000 shares in the company, valued at approximately $11,725,920. This trade represents a 7.94 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction dated 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 owns 18,044 shares of the company's stock, valued at $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. 4.70% of the stock is currently owned by company insiders.

Patrick Industries 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.