119,173 Shares in Patrick Industries, Inc. (NASDAQ:PATK) Acquired by Twin Lions Management LLC

Twin Lions Management LLC acquired a new position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 119,173 shares of the construction company's stock, valued at approximately $9,901,000. Patrick Industries accounts for approximately 9.6% of Twin Lions Management LLC's portfolio, making the stock its 7th biggest position. Twin Lions Management LLC owned 0.35% of Patrick Industries as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Kestra Investment Management LLC acquired a new stake in Patrick Industries during the fourth quarter worth $25,000. Covestor Ltd lifted its holdings 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 during the period. 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 valued at $27,000 after acquiring an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its stake in Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after acquiring an additional 114 shares during the period. Finally, Smartleaf Asset Management LLC raised its position in Patrick Industries by 812.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock worth $49,000 after purchasing an additional 528 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Trading Down 0.4 %

Shares of NASDAQ PATK traded down $0.29 during midday trading on Friday, hitting $79.67. The stock had a trading volume of 456,733 shares, compared to its average volume of 345,372. The firm has a market cap of $2.67 billion, a P/E ratio of 19.34, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The company's 50-day simple moving average is $84.33 and its 200 day simple moving average is $87.74.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Research analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.01%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's payout ratio is 38.83%.

Insider Activity

In related news, Director M Scott Welch bought 2,500 shares of Patrick Industries stock in a transaction on Thursday, March 13th. The shares were purchased at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the acquisition, the director now owns 2,961 shares in the company, valued at approximately $250,559.82. This represents a 542.30 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the sale, the executive vice president now directly owns 18,044 shares of the company's stock, valued at approximately $1,543,303.32. This trade represents 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.

Wall Street Analyst Weigh In

PATK has been the topic of several analyst reports. Raymond James upped their price objective on Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. Truist Financial cut their price target 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 reaffirmed a "neutral" rating and set a $96.00 price objective (down from $100.00) on shares of Patrick Industries in a research note on Friday, April 4th. StockNews.com cut shares of Patrick Industries from a "hold" rating to a "sell" rating in a research note on Thursday, January 16th. Finally, Benchmark increased their price target on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. One investment 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. Based on data from MarketBeat, Patrick Industries currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.79.

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.