Pitcairn Co. Raises Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Pitcairn Co. grew its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 51.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,678 shares of the construction company’s stock after buying an additional 2,256 shares during the quarter. Pitcairn Co.’s holdings in Patrick Industries were worth $555,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Kestra Investment Management LLC bought a new position in Patrick Industries during the fourth quarter valued at $25,000. Nomura Asset Management Co. Ltd. grew its holdings in Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after purchasing an additional 114 shares during the last quarter. Smartleaf Asset Management LLC raised its position in Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock worth $49,000 after purchasing an additional 528 shares during the period. Quent Capital LLC bought a new stake in Patrick Industries in the fourth quarter worth about $53,000. Finally, Global Retirement Partners LLC grew its stake in shares of Patrick Industries by 44.8% during the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock valued at $53,000 after buying an additional 199 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Price Performance

NASDAQ PATK opened at $78.60 on Friday. The company has a market cap of $2.64 billion, a PE ratio of 19.08, a P/E/G ratio of 1.41 and a beta of 2.37. The firm’s 50 day moving average price is $89.94 and its 200-day moving average price is $89.66. 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, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating 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%. Sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 2.04%. Patrick Industries’s dividend payout ratio is presently 38.83%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on PATK shares. Truist Financial raised their price target on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. Raymond James upped their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Robert W. Baird reiterated a “neutral” rating and set a $96.00 price objective (down previously from $100.00) on shares of Patrick Industries in a report on Friday. Benchmark upped their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Finally, StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $99.29.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, Director M Scott Welch purchased 10,000 shares of Patrick Industries stock in a transaction dated Tuesday, March 11th. The shares were acquired at an average cost of $86.22 per share, with a total value of $862,200.00. Following the completion of the transaction, the director now owns 136,000 shares in the company, valued at approximately $11,725,920. This trade represents a 7.94 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was 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 $1,543,303.32. The trade was a 13.78 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.70% of the company’s stock.

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.