Schroder Investment Management Group Takes Position in Patrick Industries, Inc. (NASDAQ:PATK)

Schroder Investment Management Group purchased a new stake in Patrick Industries, Inc. (NASDAQ:PATK) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 321,628 shares of the construction company’s stock, valued at approximately $26,602,000. Schroder Investment Management Group owned about 0.96% of Patrick Industries at the end of the most recent reporting period.

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

Insiders Place Their Bets

In related news, Director M Scott Welch bought 2,500 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The shares were bought at an average price of $84.62 per share, with a total value of $211,550.00. Following the completion of the transaction, the director now directly 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 legal filing with the SEC, which can be accessed through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.70% of the company’s stock.

Patrick Industries Trading Up 3.6 %

Shares of Patrick Industries stock opened at $88.15 on Thursday. The stock has a market capitalization of $2.97 billion, a PE ratio of 21.39, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90. The stock has a 50 day moving average price of $90.56 and a two-hundred day moving average price of $89.84. 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) 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%. As a group, equities analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 1.82%. Patrick Industries’s dividend payout ratio (DPR) is currently 38.83%.

Analysts Set New Price Targets

Several brokerages recently commented on PATK. Benchmark upped their target price on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a report on Friday, February 7th. StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. KeyCorp upped their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Raymond James boosted 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. Finally, Truist Financial raised their target price on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and an average price target of $97.96.

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.