Allspring Global Investments Holdings LLC Has $8.27 Million Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Allspring Global Investments Holdings LLC trimmed its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 2.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,340 shares of the construction company’s stock after selling 2,216 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.46% of Patrick Industries worth $8,267,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its position in Patrick Industries by 129.6% during the 1st quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock worth $34,000 after purchasing an additional 276 shares in the last quarter. Federated Hermes Inc. increased its position in Patrick Industries by 37.3% in the 1st quarter. Federated Hermes Inc. now owns 751 shares of the construction company’s stock valued at $52,000 after acquiring an additional 204 shares during the period. Gyon Technologies Capital Management LP acquired a new position in Patrick Industries in the 4th quarter valued at approximately $48,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Patrick Industries in the 2nd quarter valued at approximately $88,000. Finally, Quantbot Technologies LP acquired a new position in Patrick Industries in the 2nd quarter valued at approximately $71,000. 93.18% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Trading Up 2.8 %

NASDAQ:PATK opened at $77.23 on Thursday. The firm’s fifty day moving average is $76.50 and its 200-day moving average is $76.14. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.87 and a current ratio of 2.42. Patrick Industries, Inc. has a 52 week low of $44.08 and a 52 week high of $87.36. The firm has a market cap of $1.72 billion, a P/E ratio of 11.39, a P/E/G ratio of 3.75 and a beta of 1.92.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 26th. The construction company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.09. The business had revenue of $866.07 million for the quarter, compared to analyst estimates of $839.93 million. Patrick Industries had a net margin of 4.18% and a return on equity of 15.75%. Patrick Industries’s revenue was down 22.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.43 earnings per share. Equities analysts expect that Patrick Industries, Inc. will post 6.5 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Monday, August 28th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend was Friday, August 25th. Patrick Industries’s dividend payout ratio is presently 26.55%.

Insider Buying and Selling

In related news, Director Derrick B. Mayes sold 1,900 shares of the stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $77.42, for a total transaction of $147,098.00. Following the transaction, the director now directly owns 7,001 shares of the company’s stock, valued at $542,017.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 6.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PATK has been the subject of several recent research reports. KeyCorp upped their price target on shares of Patrick Industries from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, July 31st. Robert W. Baird upped their price target on shares of Patrick Industries from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, July 28th. Truist Financial decreased their price target on shares of Patrick Industries from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Tuesday, October 17th. DA Davidson upped their price objective on shares of Patrick Industries from $75.00 to $81.00 and gave the company a “neutral” rating in a research note on Tuesday, August 1st. Finally, Bank of America upped their price objective on shares of Patrick Industries from $63.00 to $75.00 and gave the company an “underperform” rating in a research note on Monday, August 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.20.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes components, building 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.