Allspring Global Investments Holdings LLC Acquires 2,741 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Allspring Global Investments Holdings LLC lifted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 2.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 106,006 shares of the construction company’s stock after acquiring an additional 2,741 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Patrick Industries were worth $10,638,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PATK. Millennium Management LLC raised its holdings in shares of Patrick Industries by 908.3% during the second quarter. Millennium Management LLC now owns 384,664 shares of the construction company’s stock valued at $19,941,000 after acquiring an additional 346,513 shares in the last quarter. Pacer Advisors Inc. grew its stake in 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 purchasing an additional 297,381 shares during the period. Norges Bank purchased a new stake in Patrick Industries in the fourth quarter worth $13,444,000. BlackRock Inc. grew its stake in Patrick Industries by 5.8% in the first quarter. BlackRock Inc. now owns 3,691,563 shares of the construction company’s stock worth $222,602,000 after purchasing an additional 201,274 shares during the period. Finally, Chartwell Investment Partners LLC purchased a new stake in Patrick Industries in the fourth quarter worth $7,057,000. Institutional investors own 93.29% of the company’s stock.

Insider Activity at Patrick Industries

In related news, insider Kip B. Ellis sold 18,000 shares of the stock in a transaction on 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 sale, the insider now directly owns 108,778 shares of the company’s stock, valued at $12,509,470. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Kip B. Ellis sold 18,000 shares of the stock in a transaction on 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 sale, the insider now directly owns 108,778 shares of the company’s stock, valued at $12,509,470. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael A. Kitson sold 3,290 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. Insiders have sold 48,873 shares of company stock valued at $5,681,957 over the last ninety days. Insiders own 4.70% of the company’s stock.

Patrick Industries Trading Down 0.7 %

NASDAQ PATK opened at $104.88 on Wednesday. Patrick Industries, Inc. has a 12 month low of $63.57 and a 12 month high of $123.58. The stock has a market cap of $2.35 billion, a P/E ratio of 16.11 and a beta of 1.72. The stock’s fifty day moving average price is $113.27 and its 200-day moving average price is $96.56. The company has a current ratio of 2.38, a quick ratio of 0.73 and a debt-to-equity ratio of 0.97.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 8th. The construction company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.10. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The firm had revenue of $781.20 million for the quarter, compared to analysts’ expectations of $780.97 million. During the same period in the prior year, the firm posted $1.82 earnings per share. The company’s quarterly revenue was down 17.9% on a year-over-year basis. As a group, equities analysts forecast that Patrick Industries, Inc. will post 7.84 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. Investors of record on Tuesday, February 20th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, February 16th. This represents a $2.20 annualized dividend and a dividend yield of 2.10%. Patrick Industries’s dividend payout ratio (DPR) is presently 33.79%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PATK shares. KeyCorp upped their price target on Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, February 9th. StockNews.com cut Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. Roth Mkm upped their price target on Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Finally, Truist Financial reissued a “buy” rating and issued a $130.00 target price on shares of Patrick Industries in a research note on Friday, April 12th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $103.00.

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.