Two Sigma Securities LLC Takes Position in Patrick Industries, Inc. (NASDAQ:PATK)

Two Sigma Securities LLC acquired a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 4,021 shares of the construction company's stock, valued at approximately $334,000.

Several other institutional investors have also modified their holdings of PATK. Vanguard Group Inc. lifted its holdings in Patrick Industries by 49.3% in the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock valued at $193,266,000 after purchasing an additional 768,102 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Patrick Industries by 391.8% in the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock worth $168,462,000 after buying an additional 1,615,412 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Patrick Industries by 48.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock valued at $154,823,000 after purchasing an additional 609,036 shares in the last quarter. Capital World Investors raised its stake in shares of Patrick Industries by 50.0% in the 4th 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 in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Patrick Industries by 50.0% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Insider Activity at Patrick Industries

In related news, Director M Scott Welch bought 10,000 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were purchased at an average cost of $86.22 per share, with a total value of $862,200.00. Following the acquisition, the director now owns 136,000 shares of the company's stock, valued at $11,725,920. This represents a 7.94 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the business'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 transaction, the executive vice president now directly owns 18,044 shares in the company, valued at $1,543,303.32. This 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 owned by insiders.

Analysts Set New Price Targets

PATK has been the topic of several research reports. KeyCorp dropped their price objective on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Benchmark boosted their price objective on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. StockNews.com raised Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday. Robert W. Baird restated a "neutral" rating and issued a $96.00 target price (down from $100.00) on shares of Patrick Industries in a report on Friday, April 4th. Finally, Truist Financial lowered their price target on Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a report on Monday, April 14th. 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 an average rating of "Moderate Buy" and a consensus price target of $96.79.

Patrick Industries Stock Down 2.0 %

NASDAQ PATK traded down $1.54 during trading hours on Wednesday, reaching $76.98. 970,600 shares of the company's stock were exchanged, compared to its average volume of 350,281. Patrick Industries, Inc. has a one year low of $67.72 and a one year high of $98.90. The company's 50-day moving average is $83.45 and its two-hundred day moving average is $87.46. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 18.68, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. 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 (NASDAQ:PATK - Get Free Report) last released 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 net margin of 3.72% and a return on equity of 13.25%. On average, analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.08%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's payout ratio is 38.83%.

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.