Nuveen Asset Management LLC Raises Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Nuveen Asset Management LLC increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK – Get Rating) by 42.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 143,751 shares of the construction company’s stock after purchasing an additional 42,616 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.63% of Patrick Industries worth $6,302,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in PATK. Quantbot Technologies LP purchased a new stake in shares of Patrick Industries during the second quarter worth approximately $71,000. Captrust Financial Advisors increased its position in shares of Patrick Industries by 80.2% during the first quarter. Captrust Financial Advisors now owns 1,656 shares of the construction company’s stock worth $100,000 after purchasing an additional 737 shares in the last quarter. US Bancorp DE boosted its stake in Patrick Industries by 18.6% during the first quarter. US Bancorp DE now owns 2,024 shares of the construction company’s stock worth $122,000 after buying an additional 317 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Patrick Industries by 34.3% during the third quarter. Tower Research Capital LLC TRC now owns 2,893 shares of the construction company’s stock worth $127,000 after buying an additional 739 shares during the last quarter. Finally, Heritage Wealth Management LLC acquired a new position in Patrick Industries during the second quarter worth $134,000. 89.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Patrick Industries news, Director Todd M. Cleveland sold 10,000 shares of the company’s stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $74.63, for a total transaction of $746,300.00. Following the sale, the director now owns 127,916 shares in the company, valued at approximately $9,546,371.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Patrick Industries news, Director Todd M. Cleveland sold 10,000 shares of the company’s stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $74.63, for a total transaction of $746,300.00. Following the sale, the director now owns 127,916 shares in the company, valued at approximately $9,546,371.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Todd M. Cleveland sold 7,000 shares of the company’s stock in a transaction dated Tuesday, January 24th. The stock was sold at an average price of $67.83, for a total value of $474,810.00. Following the sale, the director now owns 140,916 shares in the company, valued at approximately $9,558,332.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,000 shares of company stock valued at $2,589,710. Corporate insiders own 6.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Robert W. Baird boosted their price objective on Patrick Industries from $74.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, February 10th. TheStreet raised Patrick Industries from a “c+” rating to a “b-” rating in a research note on Thursday, February 9th. Truist Financial boosted their price objective on Patrick Industries from $80.00 to $84.00 in a research note on Friday, February 17th. Finally, Roth Capital reaffirmed a “buy” rating on shares of Patrick Industries in a research note on Friday, February 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and an average target price of $71.33.

Patrick Industries Price Performance

PATK opened at $69.34 on Monday. The stock’s 50-day moving average price is $69.97 and its 200 day moving average price is $58.00. Patrick Industries, Inc. has a 12-month low of $41.75 and a 12-month high of $77.96. The company has a current ratio of 2.48, a quick ratio of 0.66 and a debt-to-equity ratio of 1.34. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of 5.16, a PEG ratio of 2.93 and a beta of 1.89.

Patrick Industries (NASDAQ:PATK – Get Rating) last posted its earnings results on Thursday, February 9th. The construction company reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.11. Patrick Industries had a return on equity of 38.26% and a net margin of 6.72%. The firm had revenue of $952.00 million for the quarter, compared to analyst estimates of $935.39 million. During the same quarter in the prior year, the company earned $2.55 EPS. Patrick Industries’s revenue was down 17.0% on a year-over-year basis. As a group, sell-side analysts expect that Patrick Industries, Inc. will post 7.83 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 6th. Investors of record on Tuesday, February 21st were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend was Friday, February 17th. Patrick Industries’s payout ratio is 13.39%.

About Patrick Industries

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Patrick Industries, Inc engages in the manufacture of components products and distribution of building products for industrial markets. It operates through the following segments: Manufacturing and Distribution. The Manufacturing segment includes laminated products what are utilized to produce furniture, shelving, walls, countertops, cabinet products, cabinet doors, fiberglass bat fixtures, hardwood furniture, vinyl printing, solid surface, granite, quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components, and other products.