Two Sigma Securities LLC Makes New $334,000 Investment in Patrick Industries, Inc. (NASDAQ:PATK)

Two Sigma Securities LLC bought a new stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 4,021 shares of the construction company's stock, valued at approximately $334,000.

A number of other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Patrick Industries by 49.3% in the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock valued at $193,266,000 after buying an additional 768,102 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Patrick Industries by 391.8% during the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock worth $168,462,000 after purchasing an additional 1,615,412 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Patrick Industries by 48.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock worth $154,823,000 after purchasing an additional 609,036 shares during the last quarter. Capital World Investors grew its position in shares of Patrick Industries by 50.0% in the fourth quarter. Capital World Investors now owns 944,319 shares of the construction company's stock valued at $78,454,000 after purchasing an additional 314,773 shares during the period. Finally, Geode Capital Management LLC increased its stake in Patrick Industries by 50.0% in the fourth quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company's stock valued at $64,752,000 after purchasing an additional 259,783 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Insiders Place Their Bets

In related news, Director M Scott Welch acquired 10,000 shares of the firm's stock in a transaction on Tuesday, March 11th. The stock was bought at an average cost of $86.22 per share, with a total value of $862,200.00. Following the acquisition, the director now directly owns 136,000 shares in the company, valued at approximately $11,725,920. The trade was a 7.94 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the sale, the executive vice president now owns 18,044 shares in the company, valued at approximately $1,543,303.32. This trade represents a 13.78 % decrease in their position. The disclosure for this sale can be found here. 4.40% of the stock is owned by company insiders.

Patrick Industries Stock Up 1.5 %

Patrick Industries stock traded up $1.25 during midday trading on Friday, hitting $82.83. 536,619 shares of the company were exchanged, compared to its average volume of 352,222. The company has a market cap of $2.78 billion, a PE ratio of 20.10, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90. The company's fifty day moving average price is $83.07 and its 200-day moving average price is $87.22. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77.

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, 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 during the quarter, compared to the consensus estimate of $959.46 million. During the same period in the prior year, the firm earned $1.79 earnings per share. The business's quarterly revenue was up 7.5% compared to the same quarter last year. On average, research analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries's dividend payout ratio is currently 38.83%.

Analyst Upgrades and Downgrades

Several research firms have commented on PATK. Benchmark lifted their price target on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a report on Friday, February 7th. Raymond James dropped their price target on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research report on Friday. StockNews.com upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday. Truist Financial dropped 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. Finally, Robert W. Baird reduced their target price on Patrick Industries from $96.00 to $84.00 and set a "neutral" rating on the stock in a report on Friday. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Patrick Industries presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.29.

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.