Zurcher Kantonalbank Zurich Cantonalbank Raises Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 12.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 3,800 shares of the construction company’s stock after buying an additional 407 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Patrick Industries were worth $381,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Everence Capital Management Inc. purchased a new stake in Patrick Industries during the fourth quarter valued at about $243,000. Louisiana State Employees Retirement System purchased a new stake in shares of Patrick Industries in the fourth quarter worth about $1,044,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Patrick Industries by 2.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 106,006 shares of the construction company’s stock worth $10,638,000 after buying an additional 2,741 shares in the last quarter. Trust Point Inc. purchased a new stake in shares of Patrick Industries in the fourth quarter worth about $597,000. Finally, Pacer Advisors Inc. lifted its holdings in shares of Patrick Industries by 39.7% in the fourth quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock worth $104,972,000 after buying an additional 297,381 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Patrick Industries

In related news, Director Michael A. Kitson sold 3,290 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the completion of the transaction, the director now owns 8,553 shares in the company, valued at $948,271.11. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Patrick Industries news, Director Michael A. Kitson sold 3,290 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $110.87, for a total value of $364,762.30. Following the completion of the transaction, the director now directly owns 8,553 shares in the company, valued at approximately $948,271.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kip B. Ellis sold 18,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $115.00, for a total transaction of $2,070,000.00. Following the completion of the sale, the insider now directly owns 108,778 shares of the company’s stock, valued at $12,509,470. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,873 shares of company stock worth $5,681,957. 4.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PATK shares. Roth Mkm increased their price target on shares of Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Truist Financial reissued a “buy” rating and issued a $130.00 price target on shares of Patrick Industries in a report on Friday, April 12th. StockNews.com cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. KeyCorp upped their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, February 9th. Finally, BMO Capital Markets upped their price objective on shares of Patrick Industries from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $105.86.

Patrick Industries Stock Up 0.7 %

Shares of NASDAQ PATK opened at $111.13 on Friday. The company has a debt-to-equity ratio of 1.32, a current ratio of 2.38 and a quick ratio of 0.73. Patrick Industries, Inc. has a one year low of $63.57 and a one year high of $123.58. The stock has a market capitalization of $2.49 billion, a P/E ratio of 16.46, a PEG ratio of 0.69 and a beta of 1.73. The firm’s 50 day simple moving average is $112.17 and its two-hundred day simple moving average is $99.36.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.47. The company had revenue of $933.50 million during the quarter, compared to analyst estimates of $829.22 million. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The firm’s revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.35 EPS. As a group, analysts expect that Patrick Industries, Inc. will post 8 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.98%. The ex-dividend date was Friday, February 16th. Patrick Industries’s dividend payout ratio (DPR) is currently 32.59%.

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.